Daily Virtual Steel Mill Report 26/09/23

Verdict: • Short-run Neutral to Bearish.   Macro: • ECB president Christian Lagarde indicated that the pre-historic high deposit rate could resist inflation to 2%, interest hike is still an option in rest of 2023. • Evergrande Real Estate failed to settle principal and interest payments with the bond code”20 Hengda 04”, which should be …

Iron Ore DCE January24 Daily Technical Review 25/09/23

Verdict- Neutral to Bearish. DCE Jan24 contract broke two important supports at 851.0 and 859.0 respectively. Hourly MACD widened in bearish area. Hourly slow stochastic KD created a dead cross. Hourly CCI entered bearish territory. In short-run, iron ore potentially test low in next few sessions. First support 823.5. First resistance 851.0.