Verdict: • Short-run Neutral. Macro: • The unchanged 5-year LPR versus 10 bps decrease on 10-year LPR indicated a limited liquidity of China commercial banks. However commercial banks need to maintain the resilience of liquidity supply to real entities. The market expect more rate cuts in the following months in H2. Iron Ore …
Tag archives: IO65
Iron Ore DCE January24 Daily Technical Review 21/08/23
Verdict- Neutral. DCE Jan24 contract rebounded slightly as expected. Hourly MACD narrowed in bullish area. Hourly candles indicated that iron ore pulled back to last support area from 770.0 –777.0. The short-run resistance was 789.0, which was the last high created in June 26hth. Short-run technical signals were indicating a consolidation. First support 759.0. First …
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Daily Virtual Steel Mill Report 21/08/23
Verdict: • Short-run Neutral. Macro: • Beijing planned to allow local governments to sell 1.5 trillion yuan of special bounds to repay debts. Banks cut key lending rates by 15 bps this week. Iron Ore Key Indicators: • Platts62 $109.35, +0.55, MTD $105.60. The traders were concerning about the fast uptick on low …
Iron Ore DCE January24 Daily Technical Review 04/08/23
Verdict- Neutral to Bearish. DCE active contract tested high and retreated as expected. The high of the day was slight lower than resistance at 744.0. Hourly CCI entered bearish territory. Hourly MACD flattened in bearish territory. The market would maintain slight bearish unless breakthrough the strong resistance area from 743.5 -759.5. First support 697.0. First …
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Daily Virtual Steel Mill Report 04/08/23
Macro: • BOE hiked interest rate by 25bps to 5.25%, which was the 14th interest hike since December 2021. Iron Ore Key Indicators: • Platts62 $103.75, -3.20, MTD $106.75. The seaborne trade was light this week. However Fe60.5% JMBF discount narrowed from $4.4 to $3.95. The steel margin recovery potentially support the resilient demand …
Iron Ore DCE January24 Daily Technical Review 03/08/23
Verdict- Neutral to Bearish. DCE active contract was rolled from Sep23 to Jan24 today, seeing a bigger trading volume and open interest in Jan24. MACD corrected in bearish territory from hourly chart. Slow stochastic KD entered bearish territory in hourly chart. Hourly CCI once tested year-low during the market hours at -362. First support 697.0. …
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Daily Virtual Steel Mill Report 03/08/23
Verdict: Neutral to Bearish Macro: • China CISA proposes cancelling night trading of iron ore, rebar, coking coal and related nine ferrous products. • U.S. ADP in July new jobs increased by 324,000, est. 190,000, last 497,000. Iron Ore Key Indicators: • Platts62 $109.55, -0.50, MTD $109.55. The seaborne trade was light this …
Iron Ore DCE September23 Daily Technical Review 02/08/23
Verdict- Neutral. DCE Sep23 contract corrected during the day, potentially test low at important support at 822.0. Hourly MACD narrowed. Hourly slow stochastic KD corrected after a dead cross. Hourly CCI corrected to bearish territory. First support 822.0. First resistance 849.0.
Daily Virtual Steel Mill Report 02/08/23
Macro: • The China National Development and Reform Commission: select projects with healthy income to encourage the enrollment of private capital, by increasing issuance REITs in infrastructure, promoting qualified private investment projects to issue infrastructure REITs. Iron Ore Key Indicators: • Platts62 $109.55, -0.50, MTD $109.55. Seaborne iron ore market was quiet from last …
Iron Ore DCE September23 Daily Technical Review 01/08/23
Verdict- Neutral. DCE Sep23 contract tested high and returned growth to slight lower closing compared to last trading day at 838.5. Hourly MACD flattened in bullish territory. Hourly CCI tested the bullish boundary and rejected. Iron ore potentially maintain no trend unless creating breakthrough on the range 822.5 – 849.0 in short-run. First support 822.0. …
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