FIS API Blog
Verdict- Neutral. DCE May24 contract retreated from a slight high open by closing time. Hourly MACD corrected after a volume boost. Hourly CCI retreated to neutral area from bullish territory. The current area from 818.5 – 837.0 became a rangebox. A breakthrough on the boundary of the box would indicate a new trend in short-run. …
Continue reading “Iron Ore DCE May24 Daily Technical Review 20/03/24”
Verdict: • Short-run Neutral to Bullish. Macro: • Bank of Japan announced an interest rise by 10bps to 0% – 0.1%. The eight-year length negative interest rate officially terminated. Iron Ore Key Indicators: • Platts62 $107.90, +2.65, MTD $111.33. The fast recovery on derivatives market as well as the return of China demand …
Verdict: • Short-run Neutral to Bullish. Macro: • From January to February, China’s pig iron production reached 140.73 million tons, a year-on-year decrease of 0.6%. The crude steel production was 167.96 million tons, a year-on-year increase of 1.6%; The steel production was 21.343 million tons, a year-on-year increase of 7.9%. China’s coal production above …
Verdict- Neutral to Bullish. DCE May24 contract recovered all losses created on last Friday and this morning. Hourly MACD widened in bullish area. Hourly slow stochastic KD created gold cross in oversold area and climbed up fast to approach overbought area. Hourly CCI was approaching bullish area. First support 787.5. First resistance 822.0.
Verdict: • Short-run Neutral. Macro: • China National Statistics Bureau: China industrial value added amount above designated size up by 7% in January and February, up 0.2% from last December. • A statistic from BOE indicated that the expected inflation rate during the past three month had dropped from 3.3% to 3.0%. The long-run …
Verdict- Neutral. DCE May24 contract corrected during the trading day after a short-run recovery during last night. Hourly MACD narrowed. Hourly slow stochastic KD entered oversold territory. Hourly CCI entered bearish territory. Both open interest and volume increased. If iron ore gained support around 800.0 level, the market potentially see reversal. Otherwise iron ore maintains …
Continue reading “Iron Ore DCE May24 Daily Technical Review 13/03/24”
Verdict: • Short-run Neutral. Macro: • US Labour department statistics indicated February CPI up 0.4% on the month, up 3.2% on the year, both fell into expectations. The strong CPI indicated a stubborn inflation condition, which decreased the probability to see interest cut before June. • EIA increased daily oil production by 90,000 barrels/day, …
Verdict: • Short-run Neutral. Macro: • The State Administration of Financial Supervision of China is researching to reduce the down payment of purchasing passenger cars and further optimise the pricing mechanism of new energy vehicles. • US whitehouse expected a slow down on economy growth with stubborn inflation, and predicted CPI growth by 2.9% …
Verdict- Neutral to Bearish. DCE May24 contract saw two major corrections during last few minutes on Friday and Asian afternoon session on Monday respectively. The correction was not over for mid-run as expected from previous reports. However, if iron ore recover the upside of the gap at 856.0, it will indicate a short-run stablisation. Otherwise …
Continue reading “Iron Ore DCE May24 Daily Technical Review 11/03/24”
Verdict: • Short-run Neutral. Macro: • The US February non-agricultural payrolls up 275,000, however the labor market potentially hide the softening, given a 3.9% increase on jobless rate. • China NBS announced that the February CPI up 0.7%, higher than 0.3% estimated by Reuters. The fast growth ended the four consecutive decrease and created …
