Daily Virtual Steel Mill Report 06/08/24

Verdict: • Short-run Neutral.   Macro: • Global equity market saw a “Black Monday” because of unwind on carry trades, which led to equity and some commodity drop. Nikkei index once dropped by 13%, created the biggest single day correction from 1987. However, traders bet on US emergent interest cut or market stimulus, which help …

Iron Ore DCE Jan25 Daily Technical Review 06/08/24

Verdict- Neutral. DCE iron ore corrected during the day and bring price trend back to consolidation. From hourly chart, a failure to recover 781.0 in the next session would indicate that iron ore potentially entered a “b wave” of correction phase. Otherwise, iron ore stay in the rangebox from 748.0 – 795.5. Hourly MACD widened …