Market Verdict on Iron Ore： • Neutral. Macro： • China announced support for property construction by saying the government will boost the renovation of urban villages. It will also seek more private capital in the projects to expand domestic demand and push forward development of cities. Iron Ore Key Indicators: • Platts62 $115.35, …
Tag archives: IO65
Iron Ore DCE September23 Daily Technical Review 21/07/23
Verdict- Neutral. DCE Sep23 contract tested high and corrected approaching the level of last closing. Iron ore was rejected by 851.5-854.5 area for four trading days out of the last six trading days. A breakthrough of this area potentially accelerates the rebound, with previous buyers cut loss. However, the market saw exhaustion on the current …
Continue reading “Iron Ore DCE September23 Daily Technical Review 21/07/23”
Daily Virtual Steel Mill Report 21/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • Bloomberg: major economists believed that the next interest rate increase would ended 16 months interest hike. • Platts62 $116.25, +2.25, MTD $111.87. Seaborne market became quiet during the past two days. There was secondary trade on PBF at $1.1 based on August Index. Be aware …
Iron Ore DCE September23 Daily Technical Review 20/07/23
Verdict- Neutral. DCE Sep23 contract traded in wide rangebound during this week, however the intraday high broke periodic high at 851.5. Hourly slow stochastic KD reached overbought area. Hourly CCI reached bullish territory. First support 823.5. First resistance 852.5
Daily Virtual Steel Mill Report 20/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • Bloomberg: China mulls mortgage easing to spur home purchases in Tier I cities including Beijing and Shanghai. Iron Ore Key Indicators: • Platts62 $114.00, -1.85, MTD $111.53. The seaborne iron ore suddenly muted yesterday after a big day before, indicating that the market yet …
Iron Ore DCE September23 Daily Technical Review 19/07/23
Verdict- Neutral. DCE Sep23 contract gave back all gains on last trading day, as expected the iron ore traded in rangebound however returned to the level at last Thursday. Hourly CCI left bearish territory and entered neutral area. Hourly MACD widened in bearish territory. A breakdown on 830.5(neckline level) would confirm entrance of mid-run correction. …
Continue reading “Iron Ore DCE September23 Daily Technical Review 19/07/23”
Daily Virtual Steel Mill Report 19/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • JPM said that the China housing turmoil raised chance for lower down payment ratios. Previously, the huge debt default risk in Evergrande failed analysts expectations. Iron Ore Key Indicators: • Platts62 $115.85, +0.80, MTD $111.33. The seaborne trade refreshed the most active day of …
Iron Ore DCE September23 Daily Technical Review 10/07/23
Verdict- Bearish. DCE Sep23 contract extended the weak sentiment last Friday. Iron ore broke mid-run level support, or the neckline around 814.0-816.0. The last rebound reached 816.0, however iron ore accelerated correction after lost the neckline area. Hourly slow stochastic KD entered bearish territory after creating several dead crosses. Hourly MACD widened in bearish territory. …
Continue reading “Iron Ore DCE September23 Daily Technical Review 10/07/23”
Daily Virtual Steel Mill Report 10/07/23
Market Verdict on Iron Ore： • Neutral to Bearish. Macro： • China June CPI unchanged on the year, down 0.2% from May. China June PPI down 5.4% on the year, down 0.8% from May. • Initial jobless claim in U.S. for the week ended July 1st increased by 12,000 to 248,000, est. 245,000, indicating …
Daily Virtual Steel Mill Report 07/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • The number of ADP employment in the US increased by 497,000 in June, the highest level since February last year, much higher than the expected 225,000 and far ahead of the expected 278,000. The yield of US two-year treasury bond bonds rose to 5.084%, the …