Iron ore futures fell on Monday, over market concerns of tightening steel outputs, despite better steel prices. The futures of Dalian Commodity Exchange (DCE) then slumped down by 6.65% day-on-day or RMB 51.50 to RMB 723/mt, during the morning trading session on Monday. The rebar futures, however went up by 1.71% day-on-day or RMB 92 …
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Iron Ore DCE Jan Daily Technical Review 6/9/21
Verdict – Short-term neutral to bearish. DCE iron ore January contract slumped during the Asian day session. Iron ore re-entered into to falling tunnel. Jan-21 iron ore refreshed the lowest since listed. Daily CCI entered a bearish territory. Daily MACD created dead cross. Iron ore will continue to correct fast unless create a new platform …
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Daily Virtual Steel Mill Report 6/9/21
Market Verdict on Iron Ore： · Neutral. Macro · China PM Li Keqiang indicated to explore and develop carbon emission industry and environment protection industry, and control high energy consumption and emission. · U.S. new added job roles 235,000, estimated 733,000, last 943,000. The significant low expectation would potentially slow down the exit of T-Bond …
Daily DCE Review 3/9/21
Iron ore futures rebounded from previous slump on Friday day session, despite market sentiments were dampened by stringent output cuts. The futures of Dalian Commodity Exchange (DCE) then rose by 1.42% day-on-day or RMB 11 to RMB 786/mt, during the day trading session on Friday. The rebar futures also went up by 2.37% day-on-day or …
Iron Ore DCE Jan Daily Technical Review 3/9/21
Verdict – Short-term neutral. DCE iron ore January contract created the second day of rebound, however resisted below 789.5, which was an important short-run resistance level. A breakthrough on this level would mean a continuous strong rebound. Hourly slow stochastic KD potentially enter an overbought area. Hourly CCI entered bullish territory and widened. Hourly MACD …
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Daily DCE Review 2/9/21
Iron ore futures inched down slightly on Thursday, after a sharp fall yesterday, as market braced for more steel output cuts during the peak steel demand season. The futures of Dalian Commodity Exchange (DCE) then inched down by 0.58% day-on-day or RMB 4.50 to RMB 773.50/mt during the day trading session on Thursday. The rebar …
Iron Ore DCE Jan Daily Technical Review 2/9/21
Verdict – Short-term neutral. DCE iron ore January contract tested high and correct, as predicted yesterday as an oversold rebound. The hourly MACD potentially create gold cross in bearish area. However slow stochastic KD and CCI from hourly level were flattened. Short-run consolidating in the range box of 757.5- 789.5. The first support is 757.5, …
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Daily Virtual Steel Mill Report 2/9/21
Market Verdict on Iron Ore： · Neutral. Macro · U.S. ISM announced last month U.S. PMI reached 59.9. However the price indicator of Manufacturing industry dropped from 85.7 to 79.4 from July to August, created the eight month low, which potentially symbolized that inflation reached a roof area. · Germany central bank indicated that European …
Daily DCE Review 1/9/21
Iron ore futures fell further after poor China economic indicators, while market concerns on the ever-expanding steel output cuts that limited demand for the upcoming construction peak season. The futures of Dalian Commodity Exchange (DCE) for September delivery then dropped by 7.78% day-on-day or down RMB 64.50 to RMB 765/mt, during the day trading session …
Iron Ore DCE Jan Daily Technical Review 1/9/21
Verdict – Short-term neutral to bearish. DCE iron ore January contract corrected massively by 7.78%. The last five trading hours with very small volume indicated current market entered a correction trend. However hourly technical were indicating and exhaustion of the correction. Hourly CCI potentially leave bearish area. Hourly slow stochastic KD potentially create gold cross …
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