Category archives: Ferrous

Iron Ore DCE May24 Daily Technical Review 06/03/24

Verdict- Neutral. DCE May24 contract traded in smaller range as expected. From hourly chart, the support was clearly at 860.5, which was the lower bound of the rangebox. However the high of rangebox decreased from 905.0 to 895.5 and 885.5 gradually. The good news is that hourly MACD created gold cross, along with CCI left …

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Daily Virtual Steel Mill Report 06/03/24

Verdict: • Short-run Neutral.   Macro: • China Government Report set target in 2024: GDP growth target 5%, 12 million new urban jobs, unemployment rate 5.5%, consumer price increase of about 3%, grain output 6500 billion tons, energy consumption per unit reduced by 2.5%, and improve the quality of the ecological environment. • China government …

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Daily Virtual Steel Mill Report 05/03/24

Verdict: • Short-run Neutral.   Macro: • Fed governor Rafeal Bostic said that inflation is expected to “slowly” return to the 2% target. Thus it would be appropriate for the Fed to cut interest rates twice by 25 basis points before the end of this year. • China government work report indicated the GDP growth …

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