Market Verdict on Iron Ore： • Neutral. Macro • U.S. July CPI up 8.5%, last 9.1%, est. 8.7%. China July CPI up 2.7 on the year, last 2.5%, est. 2.9%. • Chinese machinery sales in July turned from negative to positive, ended a negative number last for previous 14 months. Jan – Jul machinery …
Author archives: Hao Pei
U.S. Crude Production Hit New High Since April 2020 11/08/22
U.S. crude stocks up, output at highest level since April 2020 U.S. crude stocks rose in the most recent week while U.S. production hit its highest level since April 2020, a signal that high prices are driving further output in the world’s largest oil producer. Gasoline stocks fell sharply and demand rebounded modestly, though …
Continue reading “U.S. Crude Production Hit New High Since April 2020 11/08/22”
Iron Ore DCE January Daily Technical Review 10/08/22
Verdict – Short-term neutral. DCE iron ore January contract maintained neutral as expected, closed with a doji pattern. It is worth noticing that daily CCI and slow stochastic KD both created bearish divergence with iron ore price chart, which indicated that the current price was in testing mid-run bearish trend. However short-run signals were …
Continue reading “Iron Ore DCE January Daily Technical Review 10/08/22”
Daily Virtual Steel Mill Report 10/08/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China NBS published July CPI annual rate up 2.7%, expand 0.2% compared with June, refreshed the highest since August 2020. PPI July up 4.2%, narrowed 1.9% compared with June, created consecutive decrease for nine months. Both numbers were lower than expectations. Iron …
Iron Ore DCE January Daily Technical Review 09/08/22
Verdict – Short-term neutral. DCE iron ore January contract successfully broke through 745.0 level however corrected fast and gave back half gains created by yesterday. Market saw divergence views in near periodic high with expanding volume. Hourly slow stochastic KD created gold cross in overbought area. Hourly MACD created dead cross. Iron ore needs …
Continue reading “Iron Ore DCE January Daily Technical Review 09/08/22”
Daily Virtual Steel Mill Report 09/08/22
Market Verdict on Iron Ore： • Neutral. Macro • U.S. New York Federal survey indicated that the future three-year inflation expectation fell from 3.6% to 3.2%. Iron Ore Key Indicators: • Platts62 $108.80, +1.85, MTD $108.98. The term contract discounts for FMG in August widened in August, however market participants indicated that the …
EU Submits “Final Text” To Revive Iran Nuclear Accord 09/08/22
Oil dips on chance of Iran supply boost Oil prices pulled back slightly on Tuesday on the latest progress in last-ditch talks to revive the 2015 Iran nuclear accord, which would clear the way to boost its crude exports in a tight market. Brent crude futures fell 14 cents, or 0.1%, to $96.51 a …
Continue reading “EU Submits “Final Text” To Revive Iran Nuclear Accord 09/08/22″
Iron Ore DCE January Daily Technical Review 08/08/22
Verdict – Short-term neutral. DCE iron ore January contract rebounded significantly during Friday night session, however stay flat during most time of Monday. The previous high at 745.0- 745.5 level provided effective resistance. Thus iron ore needs to breakthrough 745.0 with expanding volume to return to the fast rebound tunnel. Hourly slow stochastic potentially …
Continue reading “Iron Ore DCE January Daily Technical Review 08/08/22”
Daily Virtual Steel Mill Report 08/08/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • EU started to ban Russian coals shipping from August 10th. • U.S. new added jobs in July created the biggest increase since February, which strengthened the expectation of 75 bps rate hike in September. Iron Ore Key Indicators: • Platts62 $106.95, +3.15, …
Iron Ore DCE January Daily Technical Review 05/08/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract recovered all loss created yesterday and moved back to the rebound trend. Hourly MACD created gold cross near 0 axis. Hourly slow stochastic KD created gold cross in oversold area. Hourly CCI reached bullish territory. Short-run technicals were indicating iron maintain rebound in …
Continue reading “Iron Ore DCE January Daily Technical Review 05/08/22”