Verdict: • Short-run Neutral to Bullish. Macro: • Recently, many regions in China have introduced policies to optimize housing provident fund. The loan amount for purchasing green construction or low-energy related building increased by 400,000 yuan to 1.6 million yuan. Guangzhou increases the maximum amount of provident fund loans. Iron Ore Key Indicators: …
Tag archives: IO62
Iron Ore DCE Sep24 Daily Technical Review 08/04/24
Verdict- Neutral to Bullish. DCE Sep24 contract rebounded massively during the day and breakthrough important resistance at 780.0 and 800.0. In short-run maintain the rebound view. Hourly MACD widened in bullish territory. Hourly CCI rebounded to bullish territory. The huge spike was contributed by fast taking gains to cover short positions. First support 742.0. First …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 08/04/24”
Daily Virtual Steel Mill Report 08/04/24
Verdict: • Short-run Neutral. Macro: • The employment growth in the US in March far exceeded expectations, and wages steadily increased, indicating a stable economic performance at the end of the first quarter, which may cause the Federal Reserve to delay the expected interest rate cut. The highly anticipated employment report on Friday also …
Iron Ore DCE Sep24 Daily Technical Review 03/04/24
Verdict- Neutral. DCE Sep24 contract corrected significantly, indicating a taking gains sentiment before China Qingming holiday. Hourly MACD created dead cross. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI entered bearish territory. A support near 728.0 would potentially bring market back to rebound. The intra-day high was resisted around 780.0. Thus, …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 03/04/24”
Daily Virtual Steel Mill Report 03/04/24
Verdict: • Short-run Neutral. Macro: • US Federal Governor Loretta Mester indicated that it is less likely to see interest cut in or before May, however possible in June. Mester expected three interest cut in 2024. Iron Ore Key Indicators: • Platts62 $102.25, -0.25, MTD $102.38. The market saw active trade before China …
Iron Ore DCE Sep24 Daily Technical Review 02/04/24
Verdict- Neutral to Bullish. DCE Sep24 contract consolidated during the trading day, maintain a slight bullish outlook in short-run. Hourly stochastic KD entered overbought area. Hourly MACD widened in bullish territory. The intraday high reached 775.5. The next breakthrough on 780.0 potentially lead to an acceleration of rebound. First support 728.0. First resistance 780.0. …
Continue reading “Iron Ore DCE Sep24 Daily Technical Review 02/04/24”
Iron Ore DCE May24 Daily Technical Review 26/03/24
Verdict- Neutral to Bearish. DCE May24 contract broke previous support at 827.5 and accelerated correction. From hourly chart, MACD widened in bearish territory. Hourly slow stochastic KD deepened correction after three lower dead cross from Mar 22nd to Mar 26th. Hourly CCI was in bearish territory. Short-run signals indicated a lower area in the next …
Continue reading “Iron Ore DCE May24 Daily Technical Review 26/03/24”
Daily Virtual Steel Mill Report 26/03/24
Verdict: • Short-run Neutral. Macro: • The World Steel Association statistic indicated that total crude steel production at 148.8 million tons, up 3.7% on the year. Iron Ore Key Indicators: • Platts62 $108.80, -0.30, MTD $110.73. The MACF was traded at fixed price at $107.3 yesterday. All rest of concentrates were facing oversupply …
Iron Ore DCE May24 Daily Technical Review 22/03/24
Verdict- Neutral. DCE May24 contract during last night however recovered most of loss during day session. Iron maintain neutral verdict. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD created lower dead crosses during past ten trading hours. Hourly CCI was in neutral area. Be aware of an exhaustion in high area. However there …
Continue reading “Iron Ore DCE May24 Daily Technical Review 22/03/24”
Daily Virtual Steel Mill Report 22/03/24
Verdict: • Short-run Neutral. Macro: • US jobless claims last week at 210,000, estimated 213,000, last 209,000. Iron Ore Key Indicators: • Platts62 $110.65, +4.15, MTD $110.96. The procurement of iron ore was majorly based on real-demand. The market participants agreed a slow demand for iron ore compared to past five years during …