Verdict- Neutral. DCE Sep23 contract rebounded 1.5 yuan higher than last closing. The DCE market was in a neutral sentiment. Hourly MACD was in bullish territory, however close to the midline. Hourly CCI fell from bullish territory. Short-run technical was indicating that the market was waiting for direction. First support 822.0. First resistance 841.0.
Tag archives: IO65
Daily Virtual Steel Mill Report 06/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Federal Reserve indicated divisions over interest rate decision in June meeting, however all committing to hike again later this month to fight against inflation. • Eurozone PPI down 1.9% on the month est. down 1.8%, last down 3.2%. PPI down 1.% on the year, …
Daily Virtual Steel Mill Report 05/07/23
Market Verdict on Iron Ore： • Neutral to Bearish. Macro： • The Manufacturing PMI in June reached 53.9, down 3.2 from last month. The index maintained above boom and bust line for consecutive six months. Iron Ore Key Indicators: • Platts62 $110.50, -0.05, MTD $110.53. The BRBF source became tight in the next …
Iron Ore DCE September23 Daily Technical Review 04/07/23
Verdict- Neutral. DCE Sep23 contract closed slightly below the open. The trades and positions were crowded in the range 814.0- 830.0. Hourly MACD was in bearish area. Iron ore maintain neutral in short-run unless a break on the trading range mentioned above. First support 800.0. First resistance 830.0.
Daily Virtual Steel Mill Report 03/07/23
Market Verdict on Iron Ore： • Neutral. Macro： • The U.S. Markit Manufacturing PMI in June was 46.3, est. 46.3, last 48.4. Eurozone Manufacturing PMI 43.4, est. 43.6, last 43.6. Iron Ore Key Indicators: • Platts62 $110.55, -1.05, MTD $110.55. Tangshan restriction official carried out, limited trading activities observed on Chinese ports and …
Iron Ore DCE September23 Daily Technical Review 03/07/23
Verdict- Neutral to Bearish. DCE Sep23 contract corrected slightly during the trading day. The intra-day support was on 814.0, observed from hourly candles. The periodic resistance was on 830.0 level, price accelerated correction after a rejection. Hourly slow stochastic KD deepened correction. Hourly CCI left bearish territory to neutral area. First support 800.0. First resistance …
Continue reading “Iron Ore DCE September23 Daily Technical Review 03/07/23”
Daily Virtual Steel Mill Report 03/07/23
Market Verdict on Iron Ore： • Neutral to bearish. Macro： • The U.S. PCE index in May up 4.6% on the year, est. 4.7%, last 4.7%. The index up 0.3% on the month, est. 0.3%, last 0.4%. Iron Ore Key Indicators: • Platts62 $111.60, -1.90, Jun Avg $112.57. The rumors on Tangshan restriction …
Daily Virtual Steel Mill Report 27/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • EU extended sanctions on imports of products from Russia, including steel and materials. Importers are required to prove that the materials they have used are not from Russia. • The USD/CNH once reached new high at 7.24 since November 30th in 2022, because of the …
Iron Ore DCE September23 Daily Technical Review 26/06/23
Verdict- Neutral. DCE Sep23 contract opened low at 785.0 and closed high at 797.0. Hourly MACD narrowed in bearish territory. Hourly slow stochastic KD created higher gold cross in neutral area. Hourly CCI broke bearish territory and entered neutral area. Be aware of 812.5, which was the major resistance level from Jun 19th. First support …
Continue reading “Iron Ore DCE September23 Daily Technical Review 26/06/23”
Daily Virtual Steel Mill Report 26/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. PMI in June at 53.0, refreshed three month low, however maintained above 50 for five consecutive months. Iron Ore Key Indicators: • Platts62 $112.15, -0.25, MTD $112.68. Some Chinese sintered facilities suspension, following with macro change including U.S. interest hike and Chinese LPR decrease …