Category archives: Ferrous

Iron Ore DCE Sep24 Daily Technical Review 10/04/24

Verdict- Neutral. DCE Sep24 contract slight corrected from last closing. The price movement saw some exhaustion with evaporation of open interest and volume. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. In short-run, iron ore is waiting for …

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Daily Virtual Steel Mill Report 10/04/24

Verdict: • Short-run Neutral to Bullish.   Macro: • The US Energy Information Agency (EIA) has lowered its global oil demand growth forecast for 2024 by 480,000 barrels per day to 950,000 barrels per day. The institution has also lowered its forecast for oil demand growth in 2025 by 30,000 barrels per day to 1.35 …

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Iron Ore DCE Sep24 Daily Technical Review 09/04/24

Verdict- Neutral to Bullish. DCE Sep24 contract rebounded as expected from the last report. A breakthrough on 819.0 potentially accelerates the growth. The intra-day high reached 817.5, which was only 1.5 yuan from the R1. Hourly MACD widened in bullish territory. Hourly slow stochastic KD reached bullish territory. First support 800.0. First resistance 819.0.  

Daily Virtual Steel Mill Report 09/04/24

Verdict: • Short-run Neutral to Bullish.   Macro: • Recently, many regions in China have introduced policies to optimize housing provident fund. The loan amount for purchasing green construction or low-energy related building increased by 400,000 yuan to 1.6 million yuan. Guangzhou increases the maximum amount of provident fund loans.   Iron Ore Key Indicators: …

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