Tag archives: IO

Iron Ore DCE Sep24 Daily Technical Review 07/06/24

Verdict- Neutral. DCE Sep24 rebounded as expected, however returned to last closing level. Hourly MACD narrowed in bullish territory. The intra-day high was only 1 yuan above the past R1, indicated iron ore saw effective resistance around 850.0 – 851.0. Hourly CCI corrected from overbought area to neutral area. Iron ore entered consolidation area in …

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Daily Virtual Steel Mill Report 07/06/24

Verdict: • Short-run Neutral to Bullish.   Macro: • European central bank became the second bank in G7 to announce rate cuts following Canada. The EBC cut major interest rate by 25 bps. Thus, global equities and commodities saw a growth yesterday. • The jobless files of US in last week reached 229,000, est. 220,000, …

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Daily Virtual Steel Mill Report 06/06/24

Verdict: • Short-run Neutral.   Macro: • Canada cut interest rate by 25 bps to 4.75%, became the first country to cut interest rate in G7. • EIA report indicated that US crude oil inventories up 1.233 million barrels to 456 million barrels, refreshed new high since March 31st, 2023.   Iron Ore Key Indicators: …

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