Market Verdict on Iron Ore： • Neutral. Macro: • China State Council proposed to increase financial support for the real economy, appropriately use monetary policy tools such as reserve ratio reduction in due time, and maintain sufficient liquidity. The meeting stressed that it is necessary to promote major projects to speed up capital payment …
Tag archives: IO62
Iron Ore DCE January Daily Technical Review 23/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract opened low and closed high, the loss was majorly recovered during afternoon session. The contract resisted by 747.5, a second high periodically. The lower supported by 714.0. Hourly slow stochastic KD created gold cross above oversold area. Short-run technicals indicated a continious rebound potentially. …
Continue reading “Iron Ore DCE January Daily Technical Review 23/11/22”
Daily Virtual Steel Mill Report 23/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • OECD predicted that the global economy growth rate could slow down from 3.1% to 2.2% in 2023. • ECB officer Holzmann supported the interest hike of 75 bps in December. Iron Ore Key Indicators: • Platts62 $94.20, -2.05, MTD $91.18.The seaborne market saw less …
Iron Ore DCE January Daily Technical Review 22/11/22
Verdict – Short-term neutral. DCE iron ore January contract corrected significantly in the afternoon. In short-run iron ore reached a neckline area at 725.0- 727.0 level, a breakdown on this area would initiate a potential drop targeting 697.0-700.0 area. Iron ore entered oversold area from hourly CCI. Hourly MACD widened below 0 axis. The first …
Continue reading “Iron Ore DCE January Daily Technical Review 22/11/22”
Daily Virtual Steel Mill Report 21/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • Multiple Chinese departments indicated that to support housing development and resolve financing and restructures. • U.S. houses sales decreased for nine month consecutively, however house price up 128 months consecutively. The 30-year mortgage rate reached 20-year-high. Iron Ore Key Indicators: • Platts62 $96.25, -2.85, …
Iron Ore DCE January Daily Technical Review 21/11/22
Verdict – Short-term neutral. DCE iron ore January contract tested low and recovered most of loss during the day. In short-run MACD potentially re-enter into bullish territory. However buyers should be aware of the short-run money taking gains after filled up the technical gap created in Asia morning. If a breakthrough on 750.0 would indicate …
Continue reading “Iron Ore DCE January Daily Technical Review 21/11/22”
Daily Virtual Steel Mill Report 21/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • U.S. Atlantic Federal president Raphael Bostic indicated that he decided to “give up” 75 interest hike in December FOMC, and believed that target policy interest rate of the Federal Reserve only needs to be raised by no more than 100 bps to fight inflation. • …
India Withdraws Export Duties On steel, Iron ore 21/11/22
The Indian government has removed export duties on steel products and iron ore imposed in late-May effective from Saturday, the country’s Ministry of Finance said in a notification. The government said the amendments have been made “on being satisfied that it is necessary in the public interest to do so”. Export duties on nine steel …
Continue reading “India Withdraws Export Duties On steel, Iron ore 21/11/22”
Iron Ore DCE January Daily Technical Review 18/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebounded as expected, breakthrough 745.5 and 755.5 during one trading day. Hourly slow stochastic KD approahced bullish territory. Hourly MACD widened in bullish area. Short-run signals were indicating a rebound in continue. The first support is 742.5 The first resistance is 787.5
Daily Virtual Steel Mill Report 18/11/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • Euro Zone October CPI 10.6% on the year, est. 10.7%, refreshed historical high. CPI up 1.5% on the month. The food and energy price were still major contributors to support Euro Zone inflation. • China automobile production 2.559 million units, up 8.6% on …