Market Verdict on Iron Ore： Neutral to bullish. Macro To stabilize foreign exchange market expectations and strengthen macro prudential management, the People’s Bank of China has decided to raise the foreign exchange risk reserve ratio of forward exchange surrendering from 0-20%. U.S. Nasdaq corrected 5.03% during last week, total down 16.7% from August 12th, …
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Iron Ore DCE January Daily Technical Review 23/09/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract corrected significantly during the last trading hour, gave back major gains from yesterday. Iron ore expected to consilidate in 700.0 – 728.0 range area in short-run. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD created dead cross below overbougt area. Hourly …
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Daily Virtual Steel Mill Report 23/09/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • BOE hiked interest rate by 50 bps to 2.25%, in line with expectations. • The Asian Development Bank released a report of Asian Development Outlook 2022, and lowered the economic growth forecast of developing Asian economies to 4.3% this year, compared with 5.2% …
Iron Ore DCE January Daily Technical Review 22/09/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract closed high with new built open interest, however the new positions increased was slight smaller than the positions left yesterday. The money movement was suggesting the current market was cautious on the growth as mid-run. Hourly MACD and CCI both entered bullish territory. …
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Daily Virtual Steel Mill Report 22/09/22
Market Verdict on Iron Ore： Neutral to bullish. Macro: U.S. Federal increased 75 bps in September FOMC to 3.00-3.25%. Powell quoted the interest plot matrix that the Federal potentially increase 100-125 bps for the remaining of 2022. The Asian Development Bank released a report of Asian Development Outlook 2022, and lowered the economic growth …
Iron Ore DCE January Daily Technical Review 21/09/22
Verdict – Short-term neutral. DCE iron ore January contract tested low and recovered as expected with expanding volunme. However iron ore needs to test the effectiveness of major support at 700.0 level. Hourly CCI moved from bearish territory to neutral area. Hourly slow stochastic KD created gold cross in oversold area. Technical signals were …
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Daily Virtual Steel Mill Report 21/09/22
Market Verdict on Iron Ore： Neutral. Macro European Central Bank President Lagarde is expected to further increase interest rates. ECB indicated that the inflation prospect will determine the terminal point of interest rate. Canada August CPI up 7% on the year, lower than 7.6% in July, lower than estimated 7.3%. Japan core CPI up …
Iron Ore DCE January Daily Technical Review 20/09/22
Verdict – Short-term neutral. DCE iron ore January contract recovered from the low open during the day, however hit down last half trading hour. Iron ore technically entered a desending tunnel from hourly candles. However there was chance to see slight rebound as previous four rounds in this chart. Hourly MACD remained in bearish …
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Daily Virtual Steel Mill Report 20/09/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China NDRC would accelerate financial investment tools total amount 300 billion yuan to help infrastructure projects landing. • Moody decreased global GDP to 2.4% from 2.9% in June, dragged by the energy crisis in Europe, inflation and tightened monetary policies in global countries. …
Iron Ore DCE January Daily Technical Review 19/09/22
Verdict – Short-term neutral. DCE iron ore January contract entered a descending tunnel as lower highs and lows during past three trading days. However the last two day saw decreasing volume. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD created dead cross below overbought area. Once iron ore broke down 700.0 with …
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