Category archives: Ferrous

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 …

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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 …

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Iron Ore DCE Jan25 Daily Technical Review 05/08/24

Verdict- Neutral to Bullish. DCE iron ore tested high however dragged by the weak Asian equities during afternoon session. Daily slow stochastic created gold cross in oversold area from last Wednesday. Daily MACD created gold cross today. Iron ore should have upside room in mid-run. From hourly chart, MACD widened in bullish territory. Hourly candles …

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Daily Virtual Steel Mill Report 05/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • US jobless rate up by 4.3% in July, refreshed three-year-high, strengthening the concerns on recession. US Labor Department published non-farm payrolls increased by 114,000 in July, est. 175,000. The expectation on interest cut increased after traders saw these data. • According to a Reuters survey, the …

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