Category archives: Ferrous

Iron Ore DCE Sep24 Daily Technical Review 18/06/24

Verdict- Neutral. DCE Sep24 rebounded during trading day however gave back some gains before closing. Hourly slow stochastic KD created dead cross. Hourly CCI dropped from bullish territory to neutral area. Hourly MACD narrowed in bullish territory. If iron ore stand on 797.0, then market potentially see reversal. First support 797.0. First resistance 836.5.  

Daily Virtual Steel Mill Report 18/06/24

Verdict: • Short-run Neutral.   Macro: • India steel maker Vedanta Sesa Goa subsidiary Wester Cluster Ltd announced to invest $2 billion dollars in Lybia to support its iron ore production.   Iron Ore Key Indicators: • There was no Platts index due to Singapore holiday. Thus, the trade was quiet on ports and seaborne. …

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Iron Ore DCE Sep24 Daily Technical Review 17/06/24

Verdict- Neutral. DCE Sep24 corrected significantly during the trading day. Hourly MACD created dead cross. Hourly CCI approached oversold area after a dead cross. CCI reached the boundary of bearish territory. The technical chart indicated iron ore potentially build a second low after June 13th. Standing on last low at 797.0 would mean iron ore …

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Daily Virtual Steel Mill Report 17/06/24

Verdict: • Short-run Neutral.   Macro: • China M2 for May up 7.0% on the year, M1 down 4.2% on the year. M2- M1 spread widened to 11.2%, refreshed the highest since January 2022. • China May Industrial Value Added Amount above designated scale up 5.6%, last 6.7%.China May House developing investment down 10.1%, last …

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