FIS API Blog
Chinese futures ended the afternoon session on gains and continued the rally seen last week in view of market optimism and possible supply tightness from Brazilian suppliers. The most-actively traded iron ore futures on the Dalian Commodity Exchange (DCE), for September delivery, rose by RMB 38 or 4.80% day-on-day to RMB 829 per tonne on …
Continue reading “DCE continues to rally from last week gains”
OPEC’s Joint Ministerial Monitoring Committee (JMMC) will meet on Tuesday and Wednesday to recommend the next level of cuts after compliance in the group hit 107% in June, up from 77% in May. Record high inventories in the US and a second wave contagion around the globe have added speculation that OPEC+ might yet …
Verdict – Short-term neutral to bullish. DCE iron ore rebounded and saw massive short covering during Asian hours. Daily candle successfully created new high and led iron ore to bullish territory in mid-run. However from hourly chart, slow stochastic KD is narrowing above over-bought area. CCI is correcting to 100 area from the weekly high. …
Continue reading “Iron Ore DCE September Daily Technical Review Jul 13th”
Ferrous Market Updates – Steelbank Inventory: rebar inventories 9.98 million tonnes, up 16.11% w-o-w. HRC 3.47 million tonnes, up 21.45%. – Mysteel early July crude steel production expected 2.93 million tonnes/daily, down 0.64% from end-June. – Brazil Miners Association president Flavio Penido said Brazil can run all iron ore miners and recover the production. Mining …
