Market Verdict on Iron Ore： • Neutral. Macro： • The Presiden of Indonesia, Joko Widodo, said that his country would stop exporting refined copper, because this metal would be processed into cathode copper domestically. It is understood that Free economic zone Indonesia and Amman Mineral Internal will complete the construction of smelters next year, …
Tag archives: IO62
European Close 20/06/23
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Iron Ore DCE September23 Daily Technical Review 20/06/23
Verdict- Neutral. DCE Sep23 contract corrected for the second trading day. A further breakdown on 799.0 potentially drive iron ore to a correction. Hourly MACD stayed in bearish area for 90% of times from June 9th. Hourly CCI rebounded from bearish territory to neutral area. Short-run technical was indicating a neutral sentiment at the moment. …
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Daily Virtual Steel Mill Report 20/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • China 1-year length and 5-year length Loan Prime Rate down 10 bps, previously maintained unchanged for 9 months. • China NBS: China produced 16,613 units of excavators, down 25.9% on the year. Total produced 117,524 units of excavators, down 17.8% on the year. Iron …
Iron Ore DCE September23 Daily Technical Review 19/06/23
Verdict- Neutral. DCE Sep23 contract corrected the growth of Friday. As expected, iron ore in DCE maintained a neutral sentiment during the past four trading days. The periodic high became the first resistance level. The first support at 802.0 became a neckline level from hourly chart. Hourly MACD widened in bearish territory. Hourly CCI approached …
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Daily Virtual Steel Mill Report 19/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • Christine Lagarde expected the high inflation would maintain at high level in very long times, ECB potentially increase interest rate in July. • China NBS: China exported 4.57 million tons of flat steel, up 0.7% on the year. Jan-May total exported 23.56 million tons of …
Iron Ore DCE September23 Daily Technical Review 15/06/23
Verdict- Neutral. DCE Sep23 contract rebounded slightly during the trading day, a further breakthrough on 820.5 would potentially drive iron ore into a fast growing phase. Otherwise iron ore is expected to build a periodic roof area from 802.0 – 820.5. Hourly CCI fell out of bullish territory. Hourly MACD was flat during past 4-5 …
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Daily Virtual Steel Mill Report 15/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. lowered the unemployment rate expectation to 4.1%, est. 4.5%. U.S. PPI in May up 1.1%, refreshed new low since December 2020, est. 1.5%, last 2.3%. PPI down 0.3% on the month, est. down 0.1%, last increase 0.2%. • U.S. FOMC announced to maintain unchanged …
Iron Ore DCE September23 Daily Technical Review 14/06/23
Verdict- Neutral. DCE Sep23 contract tested high and correct back. The contract was rejected below the important level at 812.5. Hourly slow stochastic KD created a dead cross below overbought area. The hourly MACD was neutral. Hourly CCI fell out of bullish territory. The next support was maintained at 781.0, which was a neckline area. …
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Daily Virtual Steel Mill Report 14/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. CPI annual rate up 4% in May, created an 11 month drop in a roll, refreshed new low since March 2021, est. 4.1%, last 4.9%. The market expected that the U.S. Federal would skip interest hike in June. • China central bank PBOC lowered …