Market Verdict on Iron Ore： • Neutral to bullish. Macro • China Auto Sales recover significantly in May. According to China Automobile Association statistics, China may vehicle sales 1.76 million units, up 49.59% from April, down 17.06% y-o-y. China January to May sales 9.45 million units, down 13.11% y-o-y. • Russia announced that the …
Tag archives: IO62
Daily Virtual Steel Mill Report 02/06/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China Automobile Association suggested that the 50% cut on vehicle purchase tax would increase 2 million sales units, equal to 300 – 350 billion yuan. • EU sets harshest Russian sanctions targeting oil and insurance. Iron Ore Key Indicators: • Platts62 $136.55, …
Iron Ore DCE September Daily Technical Review 02/06/22
Verdict – Short-term neutral to bullish. DCE iron ore September contract rebounded significantly with short position cut loss before the long weekends. Hourly MACD widened above 0 axis. Hourly slow stochastic KD widened above overbought area. Hourly CCI maintained in bullish territory. Be aware of the gains taking approaching listed high at 944.5 in …
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Iron Ore DCE September Daily Technical Review 01/06/22
Verdict – Short-term neutral. DCE iron ore September refreshed new high, however the last two-day rebound was along with significant smaller rebound. Thus, the extension of bullish run needs to see massive changing hands in the next few sessions. Hourly techncial signals were starting to show bearish divergence with price movement. Hourly MACD narrowed …
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Daily Virtual Steel Mill Report 01/06/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Eurozone May adjusted CPI up 8.1% y-o-y, refreshed record high. Est. 7.8%, last 7.5%. • U.S. president Joe Biden held a rare meeting with Federal Reserve Chair Jerome Powell to tackle decades-high inflation ahead of the November midterm and simultaneously maintain the independence …
Iron Ore DCE September Daily Technical Review 31/05/22
Verdict – Short-term neutral. DCE iron ore September breakthrough important resistance area at 887.5 and brought iron ore into a strong trend with narrowing volume. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD created consolidated above oversold area. Hourly CCI entered bullish territory during early session however corrected back fast. With narrowing …
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Daily Virtual Steel Mill Report 31/05/22
Market Verdict on Iron Ore： • Neutral. Macro • German CPI refreshed 50-year-high, supported the rationale to increase 50 basis points in July. • The EU agreed to ban 90% of Russia’s oil imports by the end of 2022. Iron Ore Key Indicators: • Platts62 $136.60, +2.15, MTD $133.34. Seaborne PBF gathered interests …
Iron ore headed for three weeks high as China starts to reopen 30/05/22
Iron Ore Rises With Copper on China’s Waning Virus Outbreak Iron ore headed for its highest close in three weeks as industrial materials gained on hopes that China’s easing of virus curbs will herald a demand recovery. Beijing relaxed movement restrictions in several districts as new local cases in the capital declined to only …
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Iron Ore DCE September Daily Technical Review 30/05/22
Verdict – Short-term neutral. DCE iron ore September rebounded significantly during the day, however with flat volume. Hourly MACD narrowed above 0 axis. Hourly slow stochastic KD created dead cross and corrected to neutral area. Hourly CCI entered neutral area. Short-run technical signals were indicating exhaustion. The return to bullish need to confirm an …
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Daily Virtual Steel Mill Report 30/05/22
Market Verdict on Iron Ore： • Neutral. Macro • Shanghai government issued a note to accelerate economy recovery including 50 rules of financial relief. Cancel “white list on resumption” and restrictions of work resumption from June 1st. Allocate a one-time 10,000 yuan subsidy on replacement from fuel vehicles to new energy vehicles. Implement the …