Verdict: • Short-run Neutral to Bearish. Macro: • US jobless claims last week at 231,000, refreshed the highest since August 19th, est. 220,000, last 218,000. Iron Ore Key Indicators: • Platts62 $132.40, +0.40, MTD $128.38. Iron ore saw some BHP cargoes trade and low grade trade yesterday. MACF was traded at $130.9/mt. NHGF …
Tag archives: IO62
Iron Ore DCE January24 Daily Technical Review 16/11/23
Verdict- Neutral. DCE Jan24 contract recovered most of losses during trading day. Hourly KD created gold cross above oversold area. Hourly MACD widened in bearish territory. Short-run neutral from technical signals. First support 947.0. First resistance 995.0.
Daily Virtual Steel Mill Report 16/11/23
Verdict: • Short-run Neutral to Bearish. Macro: • US PPI up 1.3% in October, lower than estimated 1.9%, last 2.2%. • China NDRC pricing department started co-working with DCE to research on the monitoring irregular movement of iron ore. Iron ore margin in exchange level raised from 13% to 15% in DCE effective after …
Iron Ore DCE January24 Daily Technical Review 15/11/23
Verdict- Neutral. DCE Jan24 contract created listed high and corrected 3 hours after that, gave back most of gains. Hourly CCI dropped from 389.0, a year-high to 0 level. Hourly MACD created dead cross. Iron ore potentially entered consolidation range after the fast up and downs in past few hours. First support 954.5. First resistance …
Continue reading “Iron Ore DCE January24 Daily Technical Review 15/11/23”
Daily Virtual Steel Mill Report 15/11/23
Verdict: • Short-run Neutral. Macro: • US October inflation up 3.2% on the year, created the lowest over the last seven months, lower than estimated 3.3%, last 3.7%. Core CPI 4%, created the lowest since September 2021. Traders were bet the inflation cycle should be over, US equities S&P500 grew 1.91% while debt yield …
Iron Ore DCE January24 Daily Technical Review 14/11/23
Verdict- Neutral. DCE Jan24 contract maintained lower volatility in narrowed range. Hourly MACD moved slower in bearish territory. Hourly CCI weakened in neutral area. Iron ore needs to break 954.5 – 973.5 to see a directional change. First support 954.5. First resistance 973.5.
Daily Virtual Steel Mill Report 14/11/23
Verdict: • Short-run Neutral. Macro: • China M2 supply up 10.3% in October, the growth rate was flat to last month, however 1.5% lower than last October. Social finance amount reached 1.85 trillion yuan, up 910.8 billion yuan on the year, or 9.3%. • The economists from Goldman Sachs expected that the US federal …
Iron Ore DCE January24 Daily Technical Review 13/11/23
Verdict- Neutral. DCE Jan24 contract tested two-year-high during the day. The 970.0- 973.5 created intra-day resistance. Hourly MACD narrowed above 0 axis. Hourly CCI corrected from overbought area to neutral area. In short-run, the technical signals are indicating an exhaustion. First support 954.5. First resistance 973.5.
Daily Virtual Steel Mill Report 13/11/23
Verdict: • Short-run Neutral. Macro: • ECB banker Christian Lagarde said that the disappear on base effect will naturally control inflation from increasing in mid-run. Thus, the further interest hike potentially become avoidable. • China Ministry of Housing and Urban Rural Development stated that the new housing strategies in China had taken effect. From …
Daily Virtual Steel Mill Report 10/11/23
Verdict: • Short-run Neutral. Macro: • Last week, the number of initial claims for unemployment benefits in the United States was 217,000, with an estimated 219,000, compared to 217,000. • According to data released by the China National Bureau of Statistics, in October, the national CPI decreased by 0.2% year-on-year and 0.1% month on month. …