Verdict: • Short-run Neutral to Bearish. Macro: • US April PPI up 0.5% on the month, est. 0.3%, last 0.2%. US April PPI up 2.2% on the year, est. 2.2%, last 2.1%. • US president Joe Biden was raising levies on semi-conductors, batteries, solar cells and some critical minerals, in addition to last reported …
Tag archives: IO65
Iron Ore DCE Sep24 Daily Technical Review 14/05/24
Verdict- Neutral. DCE Sep24 gave back all gains created yesterday. Iron ore still consolidate in the range from 855.0- 891.0 from April 24th. Hourly MACD created dead cross, however seeing flatter movement. Hourly slow stochastic KD corrected after a dead cross. Hourly CCI was approaching oversold boundary. Maintain neutral unless an effective breakdown on 855.0. …
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Daily Virtual Steel Mill Report 14/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • Anglo American rejected second offer of $42.7 billion from BHP, saying the undervalue of the company. Iron Ore Key Indicators: • Platts62 $117.25, +0.65, MTD $117.33. There was lack of concentrates trade yesterday, given a derailment news from Rio Tinto. China total iron ore arrivals …
Iron Ore DCE Sep24 Daily Technical Review 08/05/24
Verdict- Neutral to Bearish. DCE Sep24 corrected in the last hour with escaping long positions. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. Hourly slow stochastic KD corrected after a dead cross in overbought area. Short-run signals indicating a potential correction in further sessions. First support 846.5. First resistance 876.0.
Daily Virtual Steel Mill Report 08/05/24
Verdict: • Short-run Neutral to Bearish. Macro: • The European stock market hit a record high, with strong performance from UBS and UniCredit, boosting optimism about interest rate cuts. The STOXX 600 index rose 1.1%, marking its best daily performance in over three months. The Spanish stock index rose 1.5%. The French stock CAC-40 …
Iron Ore DCE Sep24 Daily Technical Review 07/05/24
Verdict- Neutral. DCE Sep24 gave back most of gains created on Monday, as expected. Hourly CCI corrected from bullish territory to neutral area. Hourly MACD potentially create dead cross. A further breakdown in the daily low at 882.0 would initiate a fast correction. Otherwise iron ore maintains consolidation. First support 862.0. First resistance 902.0. …
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Daily Virtual Steel Mill Report 07/05/24
Verdict: • Short-run Neutral. Macro: • China Daily: Xi says there is no such thing as “China overcapacity” in a China-France-EU trilateral meeting with French President Emmanuel Macron and European Commission President Ursula von der Leyen, and urged to increase cooperation in green and data transition and decrease trade barriers. • US Federal Williams …
Iron Ore DCE Sep24 Daily Technical Review 29/04/24
Verdict- Neutral. DCE Sep24 corrected slightly, however in the consolidation range in general. Iron ore saw lower lows and lower highs for the past two trading days. A breakdown at 846.5 level potentially initiate a mid-run correction. Otherwise iron ore maintain consolidation. First support 846.5. First resistance 895.5.
Daily Virtual Steel Mill Report 29/04/24
Verdict: • Short-run Neutral. Macro: • World Steel Association statistic indicated that the total pig iron production reached 318 million tons in Q1 among the 37 major countries, down 1.4% on the year. These 37 major countries accounted for 98.25% of capacities over the world. • Russia announced to cancel tariffs on the thermal …
Iron Ore DCE Sep24 Daily Technical Review 26/04/24
Verdict- Neutral. DCE Sep24 consolidated with loss on both OI and volume. Hourly slow stochastic KD created gold cross above oversold area. Hourly MACD narrowed in bearish territory. Hourly candles indicated a potential roof area if rejected by last high at 906.5 in few more trading days. Market entered holiday mode, be aware of mid-run …
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