Market Verdict on Iron Ore： • Neutral. Macro： • Following the state-owned banks rates cut, twelve China’s key joint-stock banks cut deposit rates, ranged from 5 -15 bps. • Jonathan Haskel, rate setter of BOE, said further increased in interest rate cannot be ruled out given a high inflation rate. Iron Ore Key …
Tag archives: IO65
Iron Ore DCE September23 Daily Technical Review 12/06/23
Verdict- Neutral to Bearish. DCE Sep23 contract created the biggest single day correction in June by 1.81%, along with a massive 80,000 lots of decrease on open interests. The trading volume increased for consecutive three days, indicating a confliction a periodic high level. Hourly slow stochastic KD deepened correction after creating dead cross in overbought …
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Daily Virtual Steel Mill Report 12/06/23
Market Verdict on Iron Ore： • Neutral. Macro： • The global PMI in May was 48.3%, down 0.3% from April, created consecutive decrease for the previous three months. The index was lower than 50% for the past eight months. The index refreshed new low since June, 2020. Iron Ore Key Indicators: • Platts62 …
Iron Ore DCE September23 Daily Technical Review 08/06/23
Verdict- Bullish. DCE Sep23 contract maintained in bullish run as expected. Hourly MACD maintained flat in 2-3 days. Hourly CCI consolidated along the bullish boundary. Technical signals were indicating an exhaustion and slow down on the current price trend. However, iron ore is expected to maintain rebound along the bullish trend till a clear reversal …
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Daily Virtual Steel Mill Report 05/06/23
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • U.S. May non-farm payrolls increased by 339,000, refreshed the biggest increase since January 2023, est. 195,000, last 294,000. • After OPEC+ conference, Saudi Arab announced cut 1 million barrels/day in addition to the original cut in July. In a previous meeting, OPEC+ extended …
Iron Ore DCE September23 Daily Technical Review 02/06/23
Verdict- Bullish. DCE Sep23 contract maintained in bullish run as expected. Hourly slow stochastic KD entered bullish area. Hourly CCI entered bullish territory. Technical signals were indicating the bullish run in continuance. First support 732.0. First resistance 794.5.
Daily Virtual Steel Mill Report 02/06/23
Market Verdict on Iron Ore： • Neutral to bullish. Macro： • MySteel estimated 45 Chinese iron ore ports total inventories at 127.52 million tons, down 412,900 tons. Daily evacuation at 2.9099 million tons, down 7,200 tons on the week. • Eurozone May inflation rate decreased from 7% to 6.1%, lower than expected 6.3%. The …
Iron Ore DCE September23 Daily Technical Review 31/05/23
Verdict- Neutral to bullish. DCE Sep23 contract rebounded as expected yesterday. Hourly MACD created gold cross. Hourly slow stochastic KD created gold cross above oversold area. Hourly CCI rebound fast and approached mid-area. Short-run technical signals were indicating a sustainability on the current trend. First support 700.0. First resistance 733.0.
Daily Virtual Steel Mill Report 31/05/22
Market Verdict on Iron Ore： • Neutral. Macro： • China official manufacturing PMI 48.8, est. 49.5, last 49.2. • Fedwatch tools indicated that the probability of 25bps interest hike in June reached 63%. Iron Ore Key Indicators: • Platts62 $102.65, -1.80, MTD $105.16. The mid-grade interests dominate seaborne market yesterday. BHP sold fixed …
Iron Ore DCE September23 Daily Technical Review 30/05/23
Verdict- Neutral to bullish. DCE Sep23 contract corrected, however maintain neutral to bullish view in short-run as the low was standing above important support at 700.0. Hourly slow stochastic KD deepened correction after creating dead cross. Hourly CCI entered neutral area. First support 700.0. First resistance 733.0.