Category archives: Ferrous

Iron Ore DCE May24 Daily Technical Review 06/02/24

Verdict- Neutral. DCE May24 contract corrected slightly but maintained in a neutral range as expected from yesterday. The decreasing interest indicated an exhaustion of current market. Hourly MACD created gold cross. Hourly slow stochastic went flat. The market potentially see consolidation in the next few sessions. First support 924.0. First resistance 958.5.  

Daily Virtual Steel Mill Report 06/02/24

Verdict: • Short-run Bearish.   Macro: • The OECD increased the global GDP growth rate from 2.7% to 2.9%. • The IMF estimated that the growth rate of China in 2024 expected to increase by 4.6%.   Iron Ore Key Indicators: • Platts62 $127.20, -0.80, MTD $129.33. Iron ore market suffered correction following the correction …

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