Verdict – Short-term neutral to bullish.
DCE iron ore Jan contract created yearly high again during the day. A correction above 874.0 should be consider as a normal correction and market remain bullish. At the same time, DCE iron ore may contract was weaker since the long jan-may arbitraging. The key driver of ferrous growth was the spike of DCE coke, in line with physical increase. From hourly chart, slow stochastic KD is potential to reach overbought area. Hourly MACD is reopening.
The first support is 871.0. The first resistance is 915.0
