Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. However, the upward trend is slowing down. Iron ore saw intra-day resistance from 902.5- 904.0. Hourly MACD created dead cross. Hourly CCI entered bullish territory from neutral area. Short-run technical signals were indicating an exhaustion in current level. First support 881.5. First resistance 920.
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Daily Virtual Steel Mill Report 31/10/23
Verdict: • Short-run Neutral. Macro: • Canada central bank indicated the resilience of inflation would enable the monetary department to hike interest rate in Q4. ECB indicated that the bank will see current rate enough in December. • China Manufacturing PMI fell under boom and bust line at 59.5. Iron Ore Key Indicators: …
Fertilizer Market Report 30/10/23
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Brent Dec 23 Morning Technical Comment – 240 Min 30/10/23
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Iron Ore DCE January24 Daily Technical Review 30/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract rebounded as expected. The 901.0 became an intra-day resistance as iron ore was rejected by this level four times in hourly chart. Hourly MACD widened during the night session in Friday and maintained at high level in Monday. Hourly slow stochastic KD entered overbought area. Iron ore potentially …
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Daily Virtual Steel Mill Report 30/10/23
Verdict: • Short-run Neutral. Macro: • US September PCE index up 3.7% on the year, created the lowest since May 2021, est. 3.7%, last 3.9%. PCE up 0.3% m-o-m, est. 0.3%, last 0.1%. Iron Ore Key Indicators: • Platts62 $121.80, +2.80, MTD $118.50. PBF saw active demand in market after a significant decrease …
Base Morning Technical Report 30/10/23
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Fertilizer Market Report 27/10/23
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Iron Ore DCE January24 Daily Technical Review 27/10/23
Verdict- Neutral to Bullish. DCE Jan24 contract broke important resistance at 881.5 and entered the second acceleration period. Hourly MACD widened above 0 axis. Hourly CCI entered bullish area. Iron ore potentially maintain bullish above 881.5 area. First support 881.5. First resistance 900.
Daily Virtual Steel Mill Report 27/10/23
Verdict: • Short-run Neutral to Bullish. Macro: • US GDP accelerated to 4.9% in the third quarter, more than doubled the growth rate in last quarter and created the fastest growth rate in past two years, powered by spike in consumer spending. Economists generally expected that the growth rate to slow in Q4. …