Verdict – Short-term neutral. DCE iron ore January contract rebounded although with a low open during night session. Hourly slow stochastic KD left bearish territory. Hourly MACD potentially create gold cross. The next resistance on 5-10-20 MACD crossed near the 715.0- 716.0 area. Short-run neutral. The first support is 686.5. The first resistance is 715.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 14/10/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. September CPI up 8.2% y-o-y, est. 8.1%, last 8.3%. U.S. CPI up 0.4% m-o-m, est. 0.2%, last 0.1%. • China NBS: September CPI up 2.8%, refreshed high of the year, last 2.5%, est. 2.8%. China PPI September up 0.9%, est. 1.0%, last 2.3%. …
Iron Ore DCE January Daily Technical Review 12/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected during the day, however recovered some losses during the last trading hour. The iron ore potentially test next important support at 700.0. Hourly slow stochastic KD created gold cross. Hourly CCI left bearish territory to neutral territory. Short-run technicals were indicating an exhaustion on the …
Continue reading “Iron Ore DCE January Daily Technical Review 12/10/22”
Daily Virtual Steel Mill Report 12/10/22
Market Verdict on Iron Ore： • Neutral. Macro • China September social financing increased 3.53 trillion yuan, est. 2.75 trillion yuan, last 2.43 trillion yuan. • IMF estimated global economy growth at 3.2%, unchanged from previous estimation at July. However IMF lowered the global growth rate to 2.7% from 2.9% in 2023. Iron …
Iron Ore DCE January Daily Technical Review 11/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected massively and broke important support area from 728.0 -735.0 with increasing volume, which was bigger than last two trading days. The short-run intra-day support fell on 716.5- 717.0, however mid-run support on 700.0. Iron ore currently terminate the mid-run rebound, however maintain range bound from …
Continue reading “Iron Ore DCE January Daily Technical Review 11/10/22”
Daily Virtual Steel Mill Report 11/10/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Chicago Federal official Charles Evans indicated that extra supply-chain interactions were not an issue when the unemployment rate was around the same low level in 2019, with less inflationary impact. Evans believed that if this steeper-than-usual Phillips curve is generating much of the …
South African Kumba Iron Ore Delivery Distrupted On Rail Issue 11/10/22
S African Kumba iron ore volumes may fall on rail issue South African logistic utility Transnet’s force majeure declaration has disrupted shipments from UK-South African miner Anglo American’s Kumba iron ore operations in South Africa. Kumba received a notice of force majeure from Transnet on 7 October because of strike action by Transnet’s …
Continue reading “South African Kumba Iron Ore Delivery Distrupted On Rail Issue 11/10/22”
Iron Ore DCE January Daily Technical Review 10/10/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebounded significantly after broke important resistance area from 731.0- 736.0 area. However the price was almost unchanged during the last three hours. Hourly CCI potentially head back from bullish territory to neutral area. Hourly slow stochastic KD was still approaching overbought area. The …
Continue reading “Iron Ore DCE January Daily Technical Review 10/10/22”
Daily Virtual Steel Mill Report 10/10/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Chinese September Caixin PMI 49.3, first time below boom and bust line after June. Caixin Manufacturing PMI down 1.4% at 48.1. Iron Ore Key Indicators: • Platts62 $95.80, unchanged, MTD $95.62. The trade activity in general eased off before and during golden …
Daily Virtual Steel Mill Report 30/09/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • Before Chinese Golden Weeks, many cities start signing major projects, with a total investment of 3163.9 billion yuan. • The number of new claims for unemployment benefits for the first time last week was 193,000, est. 215,000, last 213,000. The U.S. economy growth …