Iron ore futures inched up amid mixed market outlook, in view of slowing demand approaching holidays and expectation of more production curbs during Winter Olympics. The futures of Dalian Commodity Exchange (DCE) for January delivery then increased by 1.30% day-on-day or up RMB 9.50 to RMB 742/mt, during the day trading session on Thursday. The …
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Iron Ore DCE May Daily Technical Review 19/1/22
Verdict – Short-term neutral, be aware of top reversal. DCE iron ore May22 contract yet to test high in 741.5. If a failure to reach this level, iron ore would confirm periodic high at 748.5 and potentially enter a correction phase. A breakthrough on 741.5 would increase chances to refresh new high and bring the …
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Daily Virtual Steel Mill Report 19/1/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro • China central bank held a conference to decrease the deposit reserve ratio, maintain leverage ratio, decrease Loan Prime Rate, and increase fulfillment of local debts. • U.S. New York January PMI fell from 31.9 to -0.7, est. 25, the unexpected negative number was first …
Daily DCE Review 19/1/22
Iron ore futures rose further on higher steel prices, though market had concerned over steel demand after the Spring festival holiday season. The futures of Dalian Commodity Exchange (DCE) for January delivery then increased by 4.26% day-on-day or up RMB 30 to RMB 735/mt, during the day trading session on Wednesday. The rebar futures also …
Daily DCE Review 17/1/22
Iron ore futures fell due to waning pre-Lunar New Year restocking activities and slower steel demand. The futures of Dalian Commodity Exchange (DCE) for January delivery then dropped by 2.35% day-on-day or down RMB 17 to RMB 705/mt, during the day trading session on Monday. The rebar futures also dipped by 2.04% day-on-day or down …
Ferrous Trade Weekly Review 14/1/22
A total of 1.13 million mt of iron ores was traded for the week ended Jan 14, down 10.32% on-week, as restocking activities slowed down. As most of the mills were heard to complete their pre-Lunar New Year procurement, though some market participants expected some purchases for smaller lots. During the week, the trades volume …
Daily DCE Review 14/1/22
Iron ore futures suffered a hiccup from previous rally, due to market uncertainty over steel demand and lower imports data. The futures of Dalian Commodity Exchange (DCE) for January delivery then dropped by 2.30% day-on-day or down RMB 17 to RMB 722/mt, during the day trading session on Friday. The rebar futures also dipped slightly …
Iron Ore DCE May Daily Technical Review 14/1/22
Verdict – Short-term bearish. DCE iron ore May22 corrected weakly during the day. The daily support fell on 713.0 – 714.0. Hourly MACD deepened correction. Hourly slow stochastic KD approached oversold area. Hourly CCI consolidated near bearish territory. Short-run correction if seeing lower lows and highs. The first support is 693.0, the first resistance is …
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Daily Virtual Steel Mill Report 14/1/22
Daily Virtual Steel Mill Report 14/1/22 Market Verdict on Iron Ore： • Neutral to bearish. Macro • U.S. Federal official Harker indicated that the Federal potentially increase interest rate by 25 basis points after decreasing the debt purchase in March. • Chinese Academy of Science estimated that China GDP growth rate in the year 2022 …
Iron Ore DCE May Daily Technical Review 13/1/22
Verdict – Short-term bearish. DCE iron ore May22 contracted gave back all gains created overnight during the afternoon. If a breakdown on 722.0 during the day, iron ore potentially will accelerate the correction. Hourly MACD created dead cross. Hourly slow stochastic KD created dead cross on overbought area. Hourly CCI corrected from bullish territory to …
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