Verdict- Neutral. Iron ore corrected dragged by weak global equity market and commodity sector. Hourly slow stochastic KD narrowed in bearish territory. Hourly candles saw support above 761.0. A stand on 761.0 would probably see some bounce back. First support 750.0. First resistance 791.0.
Category archives: Ferrous
Daily Virtual Steel Mill Report 25/07/24
Verdict: • Short-run Neutral. Macro: • EIA reported that as of the week of July 19th, US crude oil inventories decreased by 3.7 million barrels to 436.5 million barrels. Previously, Reuters survey analysts estimated a decrease of 1.6 million barrels. • China Ministry of Finance statistic indicated that H1 2024 state-owned companies total revenues …
European Close 24/07/24
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London Iron Ore Report 24/07/24
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Singapore Iron Ore Report 24/07/24
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Iron Ore DCE Sep24 Daily Technical Review 24/07/24
Verdict- Neutral. Iron ore tested low and closed 1 yuan/ton above last closing. Hourly MACD narrowed in bearish territory. Hourly CCI entered neutral area from bearish area. Hourly slow stochastic KD created gold cross in oversold area. Technical signals were indicating a consolidation. First support 750.0. First resistance 791.0.
Daily Virtual Steel Mill Report 24/07/24
Verdict: • Short-run Neutral. Macro: • According to NAR, US home sales at 3.89 million units in June, down 5.4% on the month, refreshed lowest since December, 2023. • Russia reimposes gasoline export ban for August, potentially extend this ban for further months if necessary. Iron Ore Key Indicators: • Platts62 $100.40, -2.80, …
Iron Ore Offshore Aug 24 Morning Technical Comment – 240 Min Chart 24/07/24
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European Close 23/07/24
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London Iron Ore Report 23/07/24
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