Market Verdict on Iron Ore： • Neutral. Macro • The US Senate on Thursday approved Powell’s second four-year term as the chairman of Federal Reserve. Powell reiterated his expectation that the Fed would raise interest rates by 50 basis points in the next two FOMC meetings, and promised to take more actions if the …
Author archives: Hao Pei
Iron Ore DCE September Daily Technical Review 12/05/22
Verdict – Short-term neutral. DCE iron ore September contract fell into the correction tunnel during the day. Hourly candles indicated that iron ore has created three lower highs and two lower lows from April 19th. If breaking through major support from 783.0- 800.0 area, iron ore potentially testing periodic low. Otherwise, iron ore would …
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Daily Virtual Steel Mill Report 12/05/22
Market Verdict on Iron Ore： • Neutral. Macro • U.S. April CPI up 8.3% y-o-y, narrowed from March at 8.5%. Core CPI up 6.2% y-o-y, higher than expected 6%. Iron Ore Key Indicators: • Platts62 $133.50, +5.40, MTD $136.78. Seaborne iron ores such as PBF saw several interests based on sales with discount. …
Iron Ore DCE September Daily Technical Review 11/05/22
Verdict – Short-term neutral. DCE iron ore September contract rebounded and ended the previous correction after broke through the important resistance at 783.0 and made it to a support. The 783.0 level has been support and resistance level for many times. Hourly MACD created gold cross. Slow stochastic KD rebounded significantly. Hourly CCI reached …
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Daily Virtual Steel Mill Report 11/05/22
Market Verdict on Iron Ore： • Neutral. Macro • Biden said White House could drop Trump Tariffs on China started in 2018 to lower consumer prices and fight inflation in U.S. • China NDRC and other four departments jointly sent notice to lower the enterprise cost in 2022 and strengthen commodity market supervision. • …
Iron Ore DCE September Daily Technical Review 10/05/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract corrected as expected. Iron ore tested resistance of 783.0, however rejected. Hourly slow stochastic KD created gold cross in oversold area, however the KD has yet left oversold area. Hourly MACD narrowed below 0 axis. Hourly CCI created bullish divergence with price. Technical …
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Iron Ore DCE September Daily Technical Review 09/05/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract tanked during the first few minutes this morning however resisted by 796.0- 800.0 area. Hour CCI rebounded from bearish territory temproraly to a neutral area. Hourly slow stochastic KD potentially create gold cross in oversold area. New sellers built positions in iron ore …
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Daily Virtual Steel Mill Report 09/05/22
Market Verdict on Iron Ore： • Neutral. Macro • Shanghai: the first batch of “white list” for the resumption of work and production has been announced. CATL, leading battery maker of China indicated that Shanghai factory had resumed 90% of work force. The production capacity has returned to the pre-epidemic level. The factory planed …
Iron Ore DCE September Daily Technical Review 06/05/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract tested important resistance level in 883.0- 884.5, rejected and corrected massively after then. As a result, 883.0 – 884.5 was still a major resistance area for iron ore. It is worth noting that iron ore aggregated open interest increased by 5% during the …
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Daily Virtual Steel Mill Report 06/05/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • BOE increased interest rate by 25 basis points to 1% as expected, which was the fourth increase from last December. BOE base interest rate reached the highest over the last 13 years. • China Transportation Department announced that the high way tolls and …