Tag archives: IO

Iron Ore DCE May24 Daily Technical Review 07/02/24

Verdict- Neutral. DCE May24 contract consolidated in narrow range with much lower volatility ahead of Chinese New Year. Hourly MACD widened in bullish territory. Hourly CCI started to rebound gradually. The open interest started to decrease. Iron ore potentially maintain narrow trade range this week. First support 924.0. First resistance 958.5.  

Daily Virtual Steel Mill Report 07/02/24

Verdict: • Short-run Neutral.   Macro: • In 2023, the domestic production of the top three coal producers worldwide all reached historic highs. China’s coal production reached 4.66 billion tons, a year-on-year increase of 2.9%. In 2023, India’s coal production reached 1.011 billion tons, a year-on-year increase of 10.9%. Indonesia’s coal production reached a historic …

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Iron Ore DCE May24 Daily Technical Review 06/02/24

Verdict- Neutral. DCE May24 contract corrected slightly but maintained in a neutral range as expected from yesterday. The decreasing interest indicated an exhaustion of current market. Hourly MACD created gold cross. Hourly slow stochastic went flat. The market potentially see consolidation in the next few sessions. First support 924.0. First resistance 958.5.  

Daily Virtual Steel Mill Report 06/02/24

Verdict: • Short-run Bearish.   Macro: • The OECD increased the global GDP growth rate from 2.7% to 2.9%. • The IMF estimated that the growth rate of China in 2024 expected to increase by 4.6%.   Iron Ore Key Indicators: • Platts62 $127.20, -0.80, MTD $129.33. Iron ore market suffered correction following the correction …

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