FIS API Blog
Verdict- Neutral to Bearish. DCE May24 contract corrected as expected. Iron ore saw increasing aggregated volume however a 13.7% open interest loss from January 13th , when iron ore May24 reached listed high. Hourly CCI reached bearish territory. Hourly MACD walked in bearish territory. Iron ore potentially test low in next few sessions. First support …
Continue reading “Iron Ore DCE May24 Daily Technical Review 15/01/24”
Verdict: • Short-run Bearish. Macro: • China Chief Economist Forum expected the infrastructure investment growth would reach 8%, CPI up 1.5% in 2024. • The escalation of RedSea confliction forced more ships changed routes to avoid RedSea in long-run. Iron Ore Key Indicators: • Platts62 $131.20, -4.55, MTD $138.94. As the winter stock …
Verdict- Neutral. DCE May24 contract reversed from periodic low at 952.5 created last night. Hourly MACD narrowed. Hourly slow stochastic KD rebounded fast after created gold cross in oversold area. Hourly CCI entered neutral area. The next resistance level at 990.0 potentially provide some pressure as price used to stay at this level for two …
Continue reading “Iron Ore DCE May24 Daily Technical Review 11/01/24”
Verdict: • Short-run Neutral. Macro: • The unexpected EIA report on the increasing oil inventories dragged down oil price by $1 overnight. Iron Ore Key Indicators: • Platts62 $139.10, -0.30, MTD $141.53. The prompt demand was weak given a decreasing pig iron production, when mills started maintenance. The demand for February laycans was …
Verdict- Neutral to Bearish. DCE May24 contract corrected as expected. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Iron ore broke important support at 969.0 with expand volume and loss on open interest. Iron ore potentially test low in next few sessions. First support 915.0. First resistance 969.0.
Verdict: • Short-run Bearish. Macro: • Rio Tinto started the world’s biggest mining project, Simandou Project, estimated to see the first delivery in 2025. The project estimated to produce 60 million tons of iron ore, accounted for 5% of total seaborne market. • World Bank published global economic outlook, estimated global GDP up 2.4%, …
Verdict- Neutral to Bearish. DCE May24 contract consolidate in narrow range during the day. Iron ore potentially saw some exhaustion at current level. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD rebounded after a gold cross created above oversold area. First support 969.0. First resistance 1009.5.
Verdict: • Short-run Bearish. Macro: • Dalian Commodity Exchange and Zhengzhou Commodity Exchange both cut commission rates for many products. However iron ore and coking coal maintain original rates. Iron Ore Key Indicators: • Platts62 $139.40, -0.90, MTD $142.01. The demand for IOCJ returned in short-term because of the decreasing supply of China …
Verdict- Neutral to Bearish. DCE May24 contract corrected as expected from previous report. Hourly MACD widened in bearish territory. Hourly slow stochastic KD corrected and close to oversold area. Hourly CCI entered bearish territory. Iron ore potentially test low in next session. First support 969.0. First resistance 1009.5.
Verdict: • Short-run Bearish. Macro: • China PBOC announced to promote loans for private enterprises and expanding financing venues for private enterprises. • US December ISM service index decreased to 50.6, lower than expected 52.5, created the sharpest drop over past three months. • Eurozone December CPI annual growth rate reached 2.9%, created the …
