Verdict- Neutral. Iron ore returned to neutral area after a rebound during the day. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI entered neutral area from bearish area. Hourly MACD narrowed in bearish area. First support 816.5. First resistance 851.0.
Author archives: Hao Pei
Daily Virtual Steel Mill Report 09/07/24
Verdict: • Short-run Neutral. Macro: • China central bank PBOC announced to carry out a new tool: an afternoon window for reverse repo operations to help manage intra-day liquidity and ease market panic for potential funding tension. Iron Ore Key Indicators: • Platts62 $108.65, -1.85, MTD $111.21. Iron ore market entered watch and …
Iron Ore DCE Sep24 Daily Technical Review 08/07/24
Verdict- Neutral to Bearish Iron ore price increased as expected from last report. Hourly MACD widened in bullish territory. Hourly slow stochastic KD entered overbought area. Hourly CCI approached the high created on June 26th. Iron ore potentially maintain bullish in next few sessions. First support 800.0. First resistance 851.0.
Daily Virtual Steel Mill Report 08/07/24
Verdict: • Short-run Neutral. Macro: • US non-agricultural payroll grew 206,000, estimated 190,000, last 272,000. The unexpected unemployment rate reached 4.1%, refreshed new high from June 2021. • The new-built commercial houses trades in area created new high in 2024 for Beijing, Shanghai, Guangzhou and Shenzhen in June, grew by 21%, 66%, 48% and …
Iron Ore DCE Sep24 Daily Technical Review 03/07/24
Verdict- Neutral to Bullish. Iron ore price increased as expected from last report. Hourly MACD widened in bullish territory. Hourly slow stochastic KD entered overbought area. Hourly CCI approached the high created on June 26th. Iron ore potentially maintain bullish in next few sessions. First support 848.5. First resistance 870.0.
Daily Virtual Steel Mill Report 03/07/24
Verdict: • Short-run Neutral to Bullish. Macro: • The United Nations conference on trade and development predicted that the global GDP growth will be around 3% in 2024, the short-term trade outlook is cautiously optimistic. Global trade volume may reach 32 $trillion in 2024, however lower than record high at 2022. • US Federal …
Iron Ore DCE Sep24 Daily Technical Review 02/07/24
Verdict- Neutral to Bullish. Iron ore rebound with high open as expected from last report, however consolidated around 836.5- 846.5 during most of the time during the day. A breakdown on 836.5 potentially indicate a return to neutral. Otherwise iron ore maintain bullish. First support 836.5. First resistance 850.0.
Daily Virtual Steel Mill Report 02/07/24
Verdict: • Short-run Neutral. Macro: • China Caixin markit PMI up to 51.8 in June, refreshed new high from June in 2021, indicating the manufacturing operation entered an expansion period. • On Monday, iron ore, major commodities and equity market spiked supported by Chinese central bank PBOC plan to borrow government bonds from primary …
Iron Ore DCE Sep24 Daily Technical Review 01/07/24
Verdict- Neutral to Bullish. Iron ore rebounded significantly and reached important resistance at 840.0. Hourly MACD widened in bullish territory. Hourly CCI reached bullish area. Iron ore potentially test high in next few sessions. First support 821.5. First resistance 850.0.
Daily Virtual Steel Mill Report 01/07/24
Verdict: • Short-run Neutral. Macro: • US PCE index for May grew 2.6% on the year, flat from estimation, which supported the interest cut expectation. The interest cut probability raised from 64% to 68% after the news. • Panama Canal began to gradually increase daily transits from July 22nd. The Canal expected to increase …