Iron ore futures extended bullish run and closed the session on gains, after stabilization of Covid cases in major cities like Shanghai and Beijing suggested some easing of pandemic restrictions. The futures of Dalian Commodity Exchange (DCE) for May delivery rose by 3.53% day-on-day or up RMB 29 to RMB 851.50/mt, during the day trading …
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Iron Ore DCE September Daily Technical Review 27/04/22
Verdict – Short-term neutral. DCE iron ore September contract inched up during the day, with flat volume compared with yesterday. Iron ore created higher highs and lows, however resisted by import level at 836.0, which was the upper boundary of a previous gap. CCI, slow stochastic KD and MACD in hourly chart all became …
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Daily DCE Review 27/04/22
Iron ore futures settled for gains after a choppy day session, amid lockdown worries in China and poor steel margins. The futures of Dalian Commodity Exchange (DCE) for May delivery rose by 2.61% day-on-day or up RMB 21 to RMB 826.50/mt, during the day trading session on Wednesday. The rebar futures also inched up by …
Iron Ore DCE September Daily Technical Review 26/4/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract rebounded slightly, however trading volume slumped by 30%, indicating the market currently has limited motive to reverse market back to bull. Hourly MACD potentially create gold cross. Hourly slow stochastic KD rebound fast after created a gold cross in oversold area. However the …
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Daily Virtual Steel Mill Report 26/4/22
Market Verdict on Iron Ore： • Neutral. Macro • China central bank PBOC decided to decrease foreign exchange deposit rate by 1% to 8%, effective from May 15th. CNH appreciated 389 basis points after a 1766 depreciation over the previous four trading days. • US Treasury Secretary Yellen hinted that in order to get …
Iron Ore DCE September Daily Technical Review 25/4/22
Verdict – Short-term bearish. DCE iron ore September contract reached limited-down several times during the day and closed only 2 yuan above limited down level. The trading volume increased significantly. Iron ore entered a mid-run bearish market. Hourly CCI refreshed new low since the Sep22 contract listed. Hourly MACD fell fast in bearish territory. …
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Daily Virtual Steel Mill Report 25/4/22
Market Verdict on Iron Ore： • Bearish. Macro • EU issued a guidance document saying that it is feasible to pay on Russian natural gas with rubles, without violating the sanctions. • US Treasury Secretary Yellen hinted that in order to get rid of the highest inflation in 40 years, the United States is …
Iron Ore DCE September Daily Technical Review 22/4/22
Verdict – Short-term bearish. DCE iron ore September contract broke the important support level at 885.0 – 887.0, entering a correction phase. A further breakdown on 876.0 potentially initiate an acceleration of correction. Hourly MACD tested 0 axis and corrected back. However CCI approached the boundary of neutral and bearish territory. Short-run bearish. The first …
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Daily Virtual Steel Mill Report 22/4/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro • CNH depreciated 300 basis points at 6.45, refreshed six-month records. • U.S. Federal official Mary Darly indicated that the 50 basis points interest rate increase was “very possible” in May. U.S. Federal potentially to raise interest rate to a neutral level. • Germany …
Iron Ore DCE September Daily Technical Review 21/04/22
Verdict – Short-term neutral. DCE iron ore September contract tested a lower high compared to yesterday, however also supported by major level above important level 887.0. Iron ore hourly MACD corrected below 0 axis. Hourly CCI once approached the overbought level and corrected back to bearish territory. The support and resistance remain unchanged from …
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