Tag archives: IO

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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Iron Ore DCE May24 Daily Technical Review 05/02/24

Verdict- Neutral to Bearish. DCE May24 contract potentially see a periodic bottom area. Hourly slow stochastic KD created gold cross in oversold area. Hourly MACD created gold cross. However the intraday resisted by 958.5. Market participants maintain watch and see mode before long holiday with narrowing volume. First support 933.5. First resistance 958.5.  

Daily Virtual Steel Mill Report 06/02/24

Verdict: • Short-run Neutral.   Macro: • The UN statistics indicated that thee ships passed by Suez Cannel down 42% during the past two months. • The IMF estimated that the growth rate of China in 2024 expected to increase by 4.6%.   Iron Ore Key Indicators: • Platts62 $128.00, -4.80, MTD $130.40. Iron ore …

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