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Verdict – Short-term neutral. DCE iron ore pushed with increasing new open long positions. However daily high is rejected by yesterday high at 859.5. The 840.5 was a strong support area observed during this week. Short run iron ore needs to breakthrough the consolidation box from 808.0- 859.5, otherwise potentially consolidating currently. The return to …
Continue reading “Iron Ore DCE January Daily Technical Review Sep 2nd”
Ferrous Market – Mysteel surveyed Australia port overhaul potentially impact 1.37 million tonnes of delivery. In addition, Geraldton No.5 port delivery is impacted by sea wave. – Tangshan Fengrun area execute environment production curb from September 1st to 15th, majorly restricting blast furnace, steel-making and rolling mills. – MySteel 45 ports iron ore arrived 24.55 …
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Verdict – Short-term neutral. DCE iron ore September decreased positions massively since this is the last trading day for individual clients before entering delivery month at sep contract. The fall of September contract indicated there is no delivery profits for September buyers after market pushed high earlier today. At the same time, jan contract is …
Continue reading “Iron Ore DCE January Daily Technical Review Aug 31st”
Ferrous Market – China August Manufacture PMI 51.0, est. 51.2, last 51.1. – Tangshan execute environment production restriction on August 31st, the third environment curb over past two weeks. Physical steels push up significantly after hearing the curb. Northern ports operation are impacted by typhoon weather over weekends and expected to recover on Tuesday after …
Verdict – Short-term neutral. DCE iron ore followed the rebound of shanghai equity, which has corrected over the entire week. Be aware of short-run money game since the volume boost up in some typical time spots of scalpers, for example, Asian opening, before T-break and after Afternoon starts. Iron ore September contract push up more, …
Continue reading “Iron Ore DCE January Daily Technical Review Aug 28th”
Ferrous Market – MySteel 45 ports iron ore inventory at 113.1 million tonnes, up 687,600 tonnes w-o-w. Daily evacuation 3.11 million tonnes down 167,000 tonnes w-o-w. Australia iron ore on ports at 57.35 million tonnes down 504,700 tonnes w-o-w. Brazil iron ore on ports at 29.80 million tonnes up 1.35 million tonnes w-o-w. 188 ships …
Verdict – Short-term bearish. DCE iron ore daily chart created five waves according to Elliot theory. Currently entering the first correction phase. Any rebound is opportunity for short position. However a rebound above 851.5 could be a level to reverse. From hourly chart, 807.5- 811.0 is an area support iron ore market for many times …
Continue reading “Iron Ore DCE January Daily Technical Review Aug 27th”
Ferrous Market – MySteel researched 64 steel mills import iron ore concentrates at 16.71 million tonnes. Iron ore turnover in 25 days. – Iron ore traded actively in Corex yesterday, most are port trades. Current market is reluctant to accept higher iron ore price, trade volume become light each time after iron ore rebound since …
Verdict – Short-term neutral. DCE iron ore rebound after a streak of losses over previous five trading days. Iron ore Jan created higher lows compared to last trading day. Current effective support at 808.0, which was tested in early August as well for many times. Hourly MACD created gold cross, however in the late market. …
Continue reading “Iron Ore DCE January Daily Technical Review Aug 26th”