Category archives: Ferrous

Iron Ore DCE May24 Daily Technical Review 01/02/24

Verdict- Neutral. DCE May24 contract saw an exhaustion after a round of correction by early half of the week. From hourly chart, MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross in oversold area and rebounded to neutral area. Hourly CCI escaped from bearish territory. Iron ore potentially starts consolidation before a …

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Daily Virtual Steel Mill Report 01/02/24

Verdict: • Short-run Neutral to Bearish.   Macro: • The FOMC indicated an unchanged interest rate at 5.25%- 5.5%, fell into previous expectation. The US Federal believed the interest cut is inappropriate before the inflation rate reached the target area. • The manufacturing PMI reached 49.2%, up 0.2% on the month, indicating a recovery of …

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