FIS API Blog
Verdict- Neutral. DCE Jan24 contract rebounded slightly during the day as the looming China holiday. The trading volume narrowed for two consecutive trading days. Hourly MACD created gold cross. Hourly slow stochastic KD created a gold cross in oversold area and rebounded fast. Hourly CCI entered bullish territory. The high was rejected by 851.0 -851.5 …
Continue reading “Iron Ore DCE January24 Daily Technical Review 27/09/23”
Verdict: • Short-run Neutral. Macro: • The US New Home Sales Administration annualized 675,000 new houses sold, with an expected 700,000 houses, last 739,000 houses, the data had dropped to the lowest level since May. Iron Ore Key Indicators: • Platts62 $117.40, -1.40, MTD $121.06. The negative steel margin lowered the demand for …
Verdict- Neutral to Bearish. DCE Jan24 contract corrected as expected, however the market technical was indicating an exhaustion. Hourly slow stochastic KD created a gold cross in oversold area. Hourly MACD narrowed in bearish territory. If price level holds up 835.0, iron ore potentially win some consolidation time instead of heading south immediately. First support …
Continue reading “Iron Ore DCE January24 Daily Technical Review 26/09/23”
BEIJING, Sept 25 (Reuters) – Iron ore futures fell on Monday, as traders were worried about weaker-than-expected steel consumption in the peak construction season and possible steel output curbs during winter in top consumer China, and as pre-holiday restocking came to an end. The most-traded January iron ore on China’s Dalian Commodity Exchange (DCE) DCIOcv1 ended daytime trading 2.03% …
Continue reading “Iron Ore Hits 2-week Low On Weak Demand, Possible Steel Output Curbs”
Verdict: • Short-run Neutral to Bearish. Macro: • ECB president Christian Lagarde indicated that the pre-historic high deposit rate could resist inflation to 2%, interest hike is still an option in rest of 2023. • Evergrande Real Estate failed to settle principal and interest payments with the bond code”20 Hengda 04”, which should be …
Verdict- Neutral to Bearish. DCE Jan24 contract broke two important supports at 851.0 and 859.0 respectively. Hourly MACD widened in bearish area. Hourly slow stochastic KD created a dead cross. Hourly CCI entered bearish territory. In short-run, iron ore potentially test low in next few sessions. First support 823.5. First resistance 851.0.
Verdict: • Short-run Neutral to Bearish. Macro: • China and US will officially launch two new working groups on economic and financial issues, aiming to provide a regular policy communication forum for the two countries and will hold regular meetings. • US Federal Reserve Governor Bowman stated that the inflation was too high and …
Verdict- Neutral to bearish. DCE Jan24 contract corrected and broke the previous lower boundary of the range box. Thus, previous support at 859.5 became the new resistance. A rejection on this level in next few sessions would indicate a correction in continuance. First support 823.5. First resistance 859.5.
Verdict: • Short-run Neutral. Macro: • US Federal maintained interest rate from 5.25- 5.5% unchanged in the FOMC meeting in September, fell in the expectation of economists. • UK inflation rate refreshed an 18-month low, which decreased expectations on further hikes. Iron Ore Key Indicators: • Platts62 $124.65, +1.90, MTD $121.42. JMBF discount …
Verdict- Neutral. DCE Jan24 contract rebounded slightly, however maintained in the range from 859.0 -881.5. A breakthrough on the range box would potentially mean a reversal, otherwise iron ore maintain neutral. Hourly slow stochastic KD weakened. Hourly CCI approached bullish area. Hourly MACD narrowed in bearish area. First support 859.0. First resistance 881.5.
