Market Verdict on Iron Ore： • Neutral. Macro: • U.S. dollar index depreciated fast from 113.93 to 109.53 since Oct 21st. Non-U.S. currency appreciated significantly during this week. Chinese yuan appreciated over 1200 bps yesterday. • World Bank: Due to the EU embargo, insurance and shipping restrictions, Russia’s oil exports may decrease by up …
Author archives: Hao Pei
Iron Ore DCE January Daily Technical Review 26/10/22
Verdict – Short-term neutral. DCE iron ore January contract broke the long-run support level at 662.5, however recovered to this level before closing. Iron ore potentially maintain range bounds near this level. Hourly MACD volatility decreased significantly. Hourly CCI corrected to bearish territory. Technical signals were indicating a potential narrowing in range bounds in the …
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Daily Virtual Steel Mill Report 26/10/22
Market Verdict on Iron Ore： • Neutral. Macro: • The Chinese central bank and the foreign exchange bureau said that they should maintain the healthy development of the stock market, bond market and property market. They should keep the exchange rate basically stable at a reasonable and balanced level. The CBRC stressed that the …
Iron Ore DCE January Daily Technical Review 25/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected, however recovered some losses during the day. Short-run supported by 662.5- 664.0 area, initiated two rounds of rebound during the past five trading days. Hourly slow stochastic KD potentially create gold cross near oversold area. Hourly CCI potentially breakthrough from bearish territory to neutral area. …
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Daily Virtual Steel Mill Report 25/10/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • U.S. October Manufacturing PMI 49.9, refreshed new low since June 2020. • Chinese January to September crude steel production 780.83 million tons, down 4.3% on the year. Total coal production 3320 million tons, up 11.2% on the year. Total crude oil production 153.75 …
Iron Ore DCE January Daily Technical Review 24/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected after a systematic correction over entire secondary market in Asian morning. However expected to recover some gains and continue to test high in the following sessions. A breakthrough on next high at 694.0 would create signals of a big rebound. Otherwise iron ore maintain consolidate …
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Daily Virtual Steel Mill Report 24/10/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Federal was considering lower the December interest hike to 50 bps from 75 bps, however the final interest rate would increase in 2023. At least 6 ECB officials support a 75 bps interest hike by the end of 2022. • China first three quarter …
Iron Ore DCE January Daily Technical Review 21/10/22
Verdict – Short-term neutral. DCE iron ore January contract consolidated during the day as expected. Tested high however rejected by previous strong resistance at 687.0. Hourly slow stochastic KD approached bullish territory and created dead cross. Hourly MACD narrowed above 0 axis. Short-run maintain neutral sentiment. The first support is 652.0. The first resistance is …
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Daily Virtual Steel Mill Report 21/10/22
Market Verdict on Iron Ore： • Neutral. Macro： • CSRC allowed real estate company to finance in A share if meet with required conditions. • China Securities Finance lowered the overall refinancing rate by 40bps to meet with the low cost financing of security companies • New projects started concentrated in mid-China with total …
Iron Ore DCE January Daily Technical Review 20/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected significantly with expanding volume. Hourly iron ore fell back to a descending trend. Hourly MACD widened in bearish territory. Hourly slow stochastic KD dropped to oversold area. Hourly CCI dropped to bearish territory. A breakdown on 652.0 level would indicate iron ore went back to …
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