Market Verdict on Iron Ore： • Neutral. Macro • OPEC: Global oil supply tension yet to resolve. OPEC expected oil demand increase by 2.7 million barrels/day in 2023, with total demand at 30.10 million barrels, up 900,000 barrels/day from 2022. • Goldman Sachs expected copper average price at $6700/mt, $7600/mt and $9000/mt in the …
Tag archives: IO62
Daily Virtual Steel Mill Report 12/07/22
Market Verdict on Iron Ore： • Neutral. Macro • Chinese M2 supply up 11.4% in June, last 11.1%, est. 11.1%, beyond expectations. • The Nord Stream I natural gas pipeline, Russia’s main gas pipeline to Europe, has begun annual maintenance and suspended gas transmission. Iron Ore Key Indicators: • Chinese steel mills expected …
Iron Ore DCE September Daily Technical Review 11/07/22
Verdict – Short-term neutral. DCE iron ore September retreated following the general correction of commodities, however return to its independent logic in the last trading hour and recovered some losses. Iron ore gained support on 722.5 area, which became the first support. Hourly slow stochastic KD potentially create gold cross above overbought area. Hourly …
Continue reading “Iron Ore DCE September Daily Technical Review 11/07/22”
Daily Virtual Steel Mill Report 11/07/22
Market Verdict on Iron Ore： • Neutral. Macro • Chinese CPI in June up 2.5%, up 0.4% from May, refreshed the highest since August. PPI up 6.1% in June, down 0.3% from May, created eight months consecutive drop. • U.S. strong June job statistic supported the 75 basis points of interest rate increase in …
Iron Ore DCE September Daily Technical Review 07/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September rebounded as expected in last few days, created higher highs and higher lows. Hourly CCI entered bullish territory. Hourly slow stochastic KD flattened below overbought area. Hourly MACD flattened after a quick expansion above 0 axis. The rebound saw exhaustion, potentially entering a slow …
Continue reading “Iron Ore DCE September Daily Technical Review 07/07/22”
Daily Virtual Steel Mill Report 07/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Balkin, Secretary General of OPEC, said that the oil and gas industry was being “Besieged” due to years of insufficient investment. He added that if Iran and Venezuela were allowed to bring more supplies, the shortage could be alleviated. Balkin predicted that the …
Iron Ore DCE September Daily Technical Review 05/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September contract filled the first gap after broke through the resistance at 735.5. Iron ore rebounded with significantly increased volume and open interest, indicating the reversal of a trend approaching. If breakthrough next gap resistance around 786.0, iron ore expected to accelerate rebound. The …
Continue reading “Iron Ore DCE September Daily Technical Review 05/07/22”
Daily Virtual Steel Mill Report 05/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Global June PMI 52.3, down 0.1 from May. U.S. PMI 56.1 down 3.1, lower than estimated 54.5. Euro Zone PMI 52.1, fell in estimation. U.K. PMI 52.8, refreshed new low from the June 2020. New emerging economies PMI 51.7, first time on mid …
Iron Ore DCE September Daily Technical Review 04/07/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract corrected during the day as expected from previous report. Iron ore created two gaps during the past three trading days. As a result, the current two resistance were consisted of the lower boundary of last two gaps. Hourly MACD narrowed below 0 axis. …
Continue reading “Iron Ore DCE September Daily Technical Review 04/07/22”
Daily Virtual Steel Mill Report 04/07/22
Market Verdict on Iron Ore： • Neutral. Macro • China 100 cities new built houses traded 28.37 million square meters in June, up 37% from May, down 34% on the year. The year-on-year growth slowed down. Iron Ore Key Indicators: • Platts62 $116.45, -3.65, Jul Avg $116.45. The physical July and August iron …