Market Verdict on Iron Ore： • Neutral to bearish. Macro • CNH depreciated 300 basis points at 6.45, refreshed six-month records. • U.S. Federal official Mary Darly indicated that the 50 basis points interest rate increase was “very possible” in May. U.S. Federal potentially to raise interest rate to a neutral level. • Germany …
Author archives: Hao Pei
Iron Ore DCE September Daily Technical Review 21/04/22
Verdict – Short-term neutral. DCE iron ore September contract tested a lower high compared to yesterday, however also supported by major level above important level 887.0. Iron ore hourly MACD corrected below 0 axis. Hourly CCI once approached the overbought level and corrected back to bearish territory. The support and resistance remain unchanged from …
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Daily Virtual Steel Mill Report 21/04/22
Market Verdict on Iron Ore： • Neutral. Macro • China Loan Prime Rate at 1 year unchanged at 3.7%, est. 3.65%, last 3.7%. Five-year LPR at 4.6%, est. 4.55, last 4.6%. • U.S. Federal official Mary Darly indicated that the 50 basis points interest rate increase was “very possible” in May. U.S. Federal potentially …
Iron Ore DCE September Daily Technical Review 19/04/22
Verdict – Short-term bearish DCE iron ore September contract collapsed as the China MIIT announced a decrease on crude steel production before noon. Iron ore broke the major resistance at 900.0 and erasing all growth on previous three trading days. Hourly CCI created the lowest since April 11th. Hourly slow stochastic KD created …
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Daily Virtual Steel Mill Report 19/04/22
Market Verdict on Iron Ore： • Neutral. Macro • China first quarter GDP 4.8%, est. 4.2%, fourth quarter GDP at 4.0% in 2021. • World bank set up global GDP growth rate target at 3.2%, previously 3.2%. • The U.S. Fed shift to the hawkish to accelerate raising interest rates by 50 basis points …
Iron Ore DCE September Daily Technical Review 18/04/22
Verdict – Short-term neutral. DCE iron ore September contract rebounded slightly during the day with expanding volume and new built positions, indicating a potential divergence at the current level. Thus the resistance in 934.0 – 944.0 area would test the resilience of the rebound trend created from last Thursday. Hourly MACD narrowed above 0 …
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Daily Virtual Steel Mill Report 18/04/22
Market Verdict on Iron Ore： • Neutral. Macro • Russian Ministry of Finance indicated the average price of Urals crude oil was $79.81 per barrel to $582.6 per barrel. Russian oil export tariff has been reduced by $11.6 to $49.6 per ton since May 1, 2022. The Iraqi oil minister said OPEC promised to …
Iron Ore DCE September Daily Technical Review 15/04/22
Verdict – Short-term neutral. DCE iron ore September contract tested high cautiously and gave back half of gains. The market volume decrease massively by 30% compared with yesterday indicate the current buyers were cautious to hold positions across weekends. Hourly CCI retreated from bullish territory while hourly slow stochastic KD approached overbought area. …
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Daily Virtual Steel Mill Report 15/4/22
Market Verdict on Iron Ore： • Neutral. Macro • China Central Bank held a press conference on financial statistics in the first quarter of 2022. Sun Guofeng, director of the Monetary Policy Department said that monetary policy tools such as RRR reduction should be used in a timely manner to further strengthen financial support …
Iron Ore DCE September Daily Technical Review 14/4/22
Verdict – Short-term neutral. DCE iron ore September contract tested high and rejected by 909.0. Both trading volume and open interest were thin compared to last 5 trading days. From hourly chart, MACD created gold cross. Hourly slow stochastic KD also created gold cross above overbought area in late morning. Technical signaling a potential to …
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