Category archives: Ferrous

Iron Ore DCE May24 Daily Technical Review 05/02/24

Verdict- Neutral to Bearish. DCE May24 contract potentially see a periodic bottom area. Hourly slow stochastic KD created gold cross in oversold area. Hourly MACD created gold cross. However the intraday resisted by 958.5. Market participants maintain watch and see mode before long holiday with narrowing volume. First support 933.5. First resistance 958.5.  

Daily Virtual Steel Mill Report 06/02/24

Verdict: • Short-run Neutral.   Macro: • The UN statistics indicated that thee ships passed by Suez Cannel down 42% during the past two months. • The IMF estimated that the growth rate of China in 2024 expected to increase by 4.6%.   Iron Ore Key Indicators: • Platts62 $128.00, -4.80, MTD $130.40. Iron ore …

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

Verdict- Bearish. DCE May24 contract returned to bearish tunnel after breakdown the intra-day support level by 955.0. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered oversold area. Hourly CCI entered bearish territory. Iron ore finally ended with slower rebound during last hour, however the 935.5 was an intra-day level support. First support …

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Daily Virtual Steel Mill Report 02/02/24

Verdict: • Short-run Neutral to Bearish.   Macro: • US jobless claim reached 224,000, refreshed new high since the week consecutive on November 11th in 2023, est. 212,000, last 214,000. • BOE maintained unchanged interest rate at 5.25%, as expected from the market. The bankers indicated a interest rate cut would happen only if the …

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