Category archives: Ferrous

Iron Ore DCE May24 Daily Technical Review 07/12/23

Verdict- Neutral to Bullish. DCE May24 contract rebounded as expected from last technical report. Hourly MACD widened in bullish territory. Hourly slow stochastic KD entered overbought area. Iron ore is approaching listed high. Be aware of the taking gains activities around listed high at 958.0. First support 927.5. First resistance 958.0.  

Daily Virtual Steel Mill Report 07/12/23

Verdict: • Short-run Neutral.   Macro: • The surge in US gasoline inventories raised concerns about sluggish demand, with investors questioning whether OPEC+production cuts can offset the impact of oversupply from other oil producing countries. WTI crude oil fell below the $70 mark for the first time since early July, 4% drop at $69.36 per …

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Daily Virtual Steel Mill Report 06/12/23

Verdict: • Short-run Neutral.   Macro: • The cooling on the job market intensified the correction on US bond, eyeing three-month low of 10-year US bond yield at 4.167%. US dollar index rebounded to 104, refreshed new high since November 22nd.   Iron Ore Key Indicators: • Platts62 $131.40, +0.35, MTD $131.90. There was no …

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