Category archives: Ferrous

Iron Ore DCE Jan27 Daily Technical Review 02/09/24

Verdict- Neutral. DCE iron ore corrected with increasing volume. The open interest decreased because of long covering. Hourly MACD widened in bullish territory. Hourly slow stochastic KD reached bearish territory. Hourly CCI reversed from bearish territory and approached neutral territory. In short-run, iron ore potentially test low in next session. First support 714.0. First resistance …

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Daily Virtual Steel Mill Report 02/09/24

Verdict: • Short-run Neutral.   Macro: • China NBS: China manufacturing PMI August at 49.1%, down 0.3% on the month. • Reuters: Six OPEC+ sources indicated to increase oil production as planned from October, as Libya suspended production and some member countries promise to cut production to fill up for excess quotas, offsetting the impact …

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Iron Ore DCE Jan27 Daily Technical Review 30/08/24

Verdict- Neutral. DCE iron ore corrected during the day. Iron ore was traded in 747.5- 767.5 range during past four trading days. Hourly MACD widened in bearish territory. Hourly CCI moved from neutral area to bearish territory. A breakthrough on either upper side of lower side of the rangebox would initiate a directional movement. Otherwise …

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Daily Virtual Steel Mill Report 30/08/24

Verdict: • Short-run Neutral to Bullish.   Macro: • US jobless claims past week reached 231,000, est. 232,000, last 232,000.   Iron Ore Key Indicators: • Platts62 $101.25, +0.80, MTD $98.63. There were many fixed trades and premium concentrates traded during this week, indicating a strong restocking. Thus, price gained support from current level. MACF …

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