Market Verdict on Iron Ore： • Neutral. Macro： • The prosperity index of Eurozone reached 1.3 in January, refreshed new high since July 2022, last -1.5, est. -0.6. • China January Manufacturing PMI 50.1, est. 49.8, last 47. China industrial amount above designated scale at 8.4 trillion yuan in 2022, down 4% from 2021. …
Author archives: Hao Pei
Iron Ore DCE May23 Daily Technical Review 17/01/22
Verdict – Short-term neutral. DCE iron ore May23 contract consolidated and closed with a doji. Trading volume decreased with slower price movement and stable open interest, indicating the volatility of iron ore in short-run potentially decrease. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI left bearish territory. The first support is …
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Daily Virtual Steel Mill Report 17/01/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro: • The China Banking and Insurance Regulatory Commission issued a message that it should focus on expanding domestic demand and lead the banking and insurance industry to give priority to supporting recovery and expanding consumption, including issuing relevant financial products, supporting consumption in housing, …
Iron Ore DCE May23 Daily Technical Review 16/01/22
Verdict – Short-term neutral to bearish. DCE iron ore May23 contract corrected as expected last week, the open positions decreased by 100,000 lots during the day with massive retreat in short-run investors before Chinese New Year. Hourly CCI entered bearish territory. Hourly slow stochastic KD corrected after a dead cross created above overbought area. …
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Daily Virtual Steel Mill Report 16/01/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro： • China exported 3.32 million automobiles in 2022, up 56.8% on the year. Import 878,000 vehicles, down 6.2% on the year. China produced 27.02 million automobiles, up 3.4% on the year. Sales at 26.86 million vehicles, up 2.1% on the year. • The initial …
Daily Virtual Steel Mill Report 13/01/22
Market Verdict on Iron Ore： • Neutral. Macro: • The annual rate of CPI in the U.S. in December was 6.5%, expected 6.50%, and the previous value was 7.10%. • Research Center of the Chinese Academy of Sciences: China’s economy condition maintain resilient in 2023, and the annual GDP growth rate is expected to …
Iron Ore DCE May23 Daily Technical Review 12/01/22
Verdict – Short-term neutral. DCE iron ore May23 contract broke important resistance at 856.0. The contract was only 11.5 yuan from listed high. Hourly MACD widened in bullish territory. Hourly KD reached oversold area after two gold crosses created during the past two trading days. CCI entered bullish territory. Short-run signals were indicating potential to …
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Daily Virtual Steel Mill Report 12/01/22
Market Verdict on Iron Ore： • Neutral. Macro: • China National Bureau of Statistics: China PPI in December down 0.7% on the year, down 0.5% on the month. CPI up 1.8% in December, flat from last month. • China’s regulatory authorities have preliminarily determined the list of high-quality developers to implement the “Balance Sheet …
Iron Ore DCE May23 Daily Technical Review 11/01/23
Verdict – Short-term neutral. DCE iron ore May23 contract rebounded and maintained strong for the second trading day. However the strength of the rebound need to test important resistance at 856.0 level. Hourly MACD was stable above 0 axis. Hourly slow stochastic KD potentially create dead cross in overbought area. Iron ore open positions …
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Daily Virtual Steel Mill Report 11/01/22
Market Verdict on Iron Ore： • Neutral. Macro: • China PBOC statistic indicated that December M2 up 11.8%, up 2.8% on the year, lower than 12.4% in November. Iron Ore Key Indicators: • Platts62 $118.70, -1.10, MTD $118.07.Seaborne saw the most active trade in January yesterday. IOCJ traded at $137.2. MACF traded at …