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 …
Tag archives: IO62
Iron Ore DCE May24 Daily Technical Review 02/02/24
Verdict- Bearish. DCE May24 contract returned to bearish tunnel after breakdown the intra-day support level by 955.0. Hourly MACD widened in bearish territory. Hourly slow stochastic KD entered oversold area. Hourly CCI entered bearish territory. Iron ore finally ended with slower rebound during last hour, however the 935.5 was an intra-day level support. First support …
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Daily Virtual Steel Mill Report 02/02/24
Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claim reached 224,000, refreshed new high since the week consecutive on November 11th in 2023, est. 212,000, last 214,000. • BOE maintained unchanged interest rate at 5.25%, as expected from the market. The bankers indicated a interest rate cut would happen only if the …
Iron Ore DCE May24 Daily Technical Review 01/02/24
Verdict- Neutral. DCE May24 contract saw an exhaustion after a round of correction by early half of the week. From hourly chart, MACD narrowed in bearish territory. Hourly slow stochastic KD created gold cross in oversold area and rebounded to neutral area. Hourly CCI escaped from bearish territory. Iron ore potentially starts consolidation before a …
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Daily Virtual Steel Mill Report 01/02/24
Verdict: • Short-run Neutral to Bearish. Macro: • The FOMC indicated an unchanged interest rate at 5.25%- 5.5%, fell into previous expectation. The US Federal believed the interest cut is inappropriate before the inflation rate reached the target area. • The manufacturing PMI reached 49.2%, up 0.2% on the month, indicating a recovery of …
Iron Ore DCE May24 Daily Technical Review 25/01/24
Verdict- Be Aware of Reversal. DCE May24 contract opened high however retreated all gains compared with high open last night. From hourly chart, MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. The upward movement of iron ore saw exhaustion. …
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Daily Virtual Steel Mill Report 25/01/24
Verdict: • Short-run Neutral. Macro: • OECD published reports that the global crude steel production reached 2.499 billion tons in 2023, up 57.1 million tons on the year, or 2.3%, up 91.6 million tons from 2019. • Eurozone January Manufacturing PMI reached 46.6, created 10-year-high, estimated 44.8, last 44.4. Iron Ore Key Indicators: …
Iron Ore DCE May24 Daily Technical Review 24/01/24
Verdict- Neutral. DCE May24 contract rebounded following Asian equity warming. In hourly chart, CCI returned to bullish territory. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD entered overbought area. The open interest of May 24 contract was almost unchanged from late December, suggesting that the market was lack of long-term investment. Thus, a …
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Daily Virtual Steel Mill Report 24/01/24
Verdict: • Short-run Neutral. Macro: • The Bank of Japan announced that it will maintain its current monetary policy unchanged and continue to adhere to the inflation control target of 2%. The Bank of Japan kept the short-term interest rate at negative 0.1% and kept the long-term interest rate at zero by purchasing long-term …
Iron Ore DCE May24 Daily Technical Review 23/01/24
Verdict- Neutral. DCE May24 contract rebounded during the trading day. However it is hard to confirm a bullish run since the last four hours candles were on consolidating in a narrow rangebound. Hourly CCI retreated from bullish area to neutral area. First support 945.5. First resistance 971.5.