Iron Ore DCE September Daily Technical Review 21/06/22

Verdict – Short-term neutral.   DCE iron ore September contract terminated the consecutive eight corrective trading days and closed with the first white candle today. The price movement potentially keep in the higher and lower of the day in the next few trading days if volume start to decrease. The long position would need to …

Daily Virtual Steel Mill Report 21/06/22

Market Verdict on Iron Ore: • Neutral.   Macro • President of the Cleveland Federal Reserve Bank said that it would take two years for the inflation rate to fall to the Fed’s target of 2%, adding that the inflation rate would gradually “move down” from the current level. • The United States is considering …

Iron Ore DCE September Daily Technical Review 20/06/22

Verdict – Short-term bearish.   Iron ore corrected as expected. September contract reached limit-down at 746.0 in the afternoon session. Iron ore created a normal gap from 775.0 – 790.0 area, a rejection in the gap area in mid-run would confirm another round of correction. However in short-run, as the aggregated open interest reached , …

Daily Virtual Steel Mill Report 20/06/22

Market Verdict on Iron Ore: • Bearish.   Macro • U.S. Energy Department indicated that U.S. appeal to increase oil production. A tanker carrying 650,000 barrels of Venezuelan crude oil destined Europe . This is the first time that Venezuela, under US sanctions, has exported crude oil to Europe in the past two years. • …

Iron Ore Future Drop To Six-Month Low On Worries About China’s Demand 20/06/22

Iron Ore Plunges Below $120 Amid Fresh Pessimism About Demand   Iron ore has given up all its gains made earlier this year, with fresh demand pessimism triggering Monday’s decline of more than 5% amid reports that blast furnaces are idling plants. The lack of a meaningful buy-side recovery, slow end-user demand and a weak …