Iron Ore DCE May Daily Technical Review 17/12/21

Verdict – Short-term neutral. DCE iron ore May22 contract pushed high in night session however gave back all gains in the following day session with increasing volume compared to last trading day, indicating a potential divergence on the market sentiments. Hourly slow stochastic KD created dead cross below overbought boundary. Hourly CCI fell fast from …

Daily Virtual Steel Mill Report 17/12/21

Market Verdict on Iron Ore: • Neutral. Macro • The Bank of England unexpectedly raised interest rates by 15 basis points in borrowing costs for the first time in the current three years, due to a concerns over pandemic and the highest inflation for the past decade. • From December 15th, China central bank PBOC …

Daily DCE Review 17/12/21

Iron ore futures ended the week on surplus, with market optimism over better steel demand in the new year with improving margins. The futures of Dalian Commodity Exchange (DCE) for January delivery then jumped by 1.88% day-on-day or up RMB 12.50 to RMB 676.50/mt, during the day trading session on Friday. The rebar futures also …

Daily DCE Review 16/12/21

Iron ore futures rebounded despite slow steel demand as margins improved, which might result in better restocking activities. The futures of Dalian Commodity Exchange (DCE) for January delivery then jumped by 2.75% day-on-day or up RMB 18 to RMB 673/mt, during the day trading session on Thursday. The rebar futures also went up by 2.44% …

Iron Ore DCE May Daily Technical Review 16/12/21

Verdict – Short-term neutral. DCE iron ore May22 contract created big rebound during the day, however rejected by 675.0-677.0 area by the third time. Iron ore in short-run was close to the end of an ascending triangle pattern. A further rejection on major resistance would exhaust the motive of rebound and bring iron ore back …

Daily Virtual Steel Mill Report 16/12/21

Market Verdict on Iron Ore: • Neutral. Macro • U.S. FOMC decided maintain the interest rate range at 0-0.25%, which fell in the expectation of market. Federal accelerate the Taper and decrease 30 billion U.S. dollars equivalent debt purchases each month, previous decrease by 150 billion dollars. The FOMC matrix indicated that commissioners expected three …