Iron ore futures inched down into losses as market optimism waned over slow steel demand in the physical market. The futures of Dalian Commodity Exchange (DCE) for January delivery then inched down by 0.61% day-on-day or down RMB 4 to RMB 650.50/mt, during the day trading session on Tuesday. The rebar futures, however, went up …
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Iron Ore DCE May Daily Technical Review 13/12/21
Verdict – Short-term neutral to bullish. DCE iron ore May22 contract created the biggest single day increase over the past four trading days however rejected by major resistance at 676.0 area. Iron ore market potentially test high and break 676.0, price movement expected to accelerate after the breakthrough. Hourly slow stochastic KD approached overbought area. …
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Daily Virtual Steel Mill Report 13/12/21
Market Verdict on Iron Ore： • Neutral to bullish. Macro • S&P 500 have created the biggest single week growth in percentage since February 5th, 2021. Market recovered sentiments and inflation statistic fell in expectation range. • China political conference during weekends revealed positive signals on stablising infrastructure demand, which stimulate the industrial commodities pushing …
Daily DCE Review 13/12/21
Iron ore futures rebounded from losses last week, amid market optimism over better monetary and fiscal policy pledged by Beijing policymakers. The futures of Dalian Commodity Exchange (DCE) for January delivery then rose by 5.03% day-on-day or up RMB 32 to RMB 668.50/mt, during the day trading session on Monday. The rebar futures also went …
Daily Virtual Steel Mill Report 10/12/21
Market Verdict on Iron Ore： · Neutral to bearish. Macro · U.S. previous week initial jobless claim reached 184,000, created the lowest since the year 1969. Estimated 220,000, last 222,000. · China central bank decided to increase foreign exchange deposit reserve rate from 7% to 9%, to hedge the appreciation risk of Chinese Yuan, CNH …
Daily DCE Review 10/12/21
Iron ore futures dropped amid market uncertainty over winter stocking activities and slow steel demand. The futures of Dalian Commodity Exchange (DCE) for January delivery then dipped slightly by 0.70% day-on-day or down RMB 4.50 to RMB 639.50/mt, during the day trading session on Friday. The rebar futures also went down slightly by 0.25% day-on-day …
Daily DCE Review 9/12/21
Iron ore futures retreated into losses after steady gains for the week, as trade participants found misalignment between the recent paper rally and the lacklustre physical market. The futures of Dalian Commodity Exchange (DCE) for January delivery then decreased by 3.17% day-on-day or down RMB 21 to RMB 642.50/mt, during the day trading session on …
Iron Ore DCE May Daily Technical Review 09/12/21
Verdict – Short-term neutral to bearish. DCE iron ore May22 contract started a short-run correction after breakdown the import support around 644.0- 645.0. However currently become neutral and in the phase of testing low. A breakdown on 632.0 would indicate a mid-run correction start. Hourly CCI correct fast from bullish territory to bearish territory from …
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Daily Virtual Steel Mill Report 9/12/21
Market Verdict on Iron Ore： · Neutral. Macro · China PBOC RRR released four positive signals including the stable economy growth, hedge the downside risk of economy, create a beneficial monetary environment for enterprises and indicate a manageable liquidity policy. · The two parties of U.S. reached a consensus to increase the maximum debt ceiling …
Iron Ore DCE May Daily Technical Review 08/12/21
Verdict – Short-term neutral. DCE iron ore May22 contract finally closed 5 yuan slight lower than opening of the day. Daily high and low were 676.0 and 652.5 respectively, which also became the first resistance and support. Hourly CCI started to weaken and diverge with iron ore price since December 6th. Hourly slow stochastic KD …
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