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Verdict – Short-term neutral. DCE iron ore pick up fast this afternoon however correct back few minutes after. U.S. Dollar linked metal indicated very high correlation over the entire February. U.S. dollar broke important level at 90 at noon. Hourly candles were in the consolidation range. Hourly MACD was narrowing below 0 axis. Hourly CCI …
Continue reading “Iron Ore DCE May Daily Technical Review 25/2/21”
Ferrous Market – South Africa invested 250 million U.S. dollars into a new iron ore separation method(UHDMS) to increase the quality of Sishen mines, which expected to increase the mining cycle by 4 years to the year 2039. The project was approved by Kumba commission. – Tangshan 10 sample steel mills pig iron before tax …
Iron ore futures moved flattish in choppy session and spotted a gain after a late rally in the afternoon session. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE), then rose slightly by 0.44% day-on-day or RMB 5 to RMB 1,129.50/mt on Wednesday. The steel rebar contract on the Shanghai Futures Exchange …
Verdict – Short-term neutral. DCE iron ore consolidated in narrow range after a big movement before and after Powell’s speech. Be aware of the lower lows and lower highs created over the three trading days of the week. A breakdown on 1089- 1090 area would potentially initiate a correction and chances to fill the gap …
Continue reading “Iron Ore DCE May Daily Technical Review 24/2/21”
Ferrous Market – Brazil miner CSN Q4 iron ore production 9.47 million tonnes, down 18% from Q3, down 11.4% y-o-y. Q4 iron ore sales 8.64 million tonnes, down 6% from Q3, down 16.4% y-o-y. – MySteel estimate year 2021 iron ore delivery increase 96.3 million tonnes, major contributed by Brazil, India, and U.S.. Q1 supply …
Iron ore futures opened high in the morning session, only to fall later at the afternoon session, due to steel output restriction in Tangshan. The most-traded May iron ore contract on China’s Dalian Commodity Exchange (DCE), then fell by 2.94% day-on-day or RMB 33.50 to RMB 1,107/mt on Tuesday. The steel rebar contract on the …
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Verdict – Short-term neutral. DCE iron ore create historical high during the first 3 minutes by Asian opening, however gave back most of gains during the day. Hourly MACD softened below 0 axis. Hourly CCI potentially create a bearish divergence with iron ore price. The after CNY iron ore growth was majorly contributed by the …
Continue reading “Iron Ore DCE May Daily Technical Review 22/2/21”
Ferrous Market – Steelbank construction steels inventory 8.98 million tonnes, up 45.17% compared with the week before Chinese New Year. HRC inventories 3.398 million tonnes, up 50.57% compared with the week before Chinese New Year. – Heard Tangshan potentially execute harsh environment cut on steel rolling mills, some mills stop selling steels after hearing this …
Verdict – Short-term neutral. DCE iron ore corrected back after created new high since late December. The correction also trigger some divergence on market sentiment. A rejection on 1145.0- 1147.0 would indicate iron ore need more time to find the new direction. Hourly MACD dead cross below 0 axis. Hourly KD create dead cross above …
Continue reading “Iron Ore DCE May Daily Technical Review 19/2/21”