Market Verdict on Iron Ore： • Neutral. Macro： • China BO’AO Asian Forum expected Asian countries potentially contribute a 4.5% GDP growth in 2023. Iron Ore Key Indicators: • Platts62 $123.7, +2.05, MTD $127.10. The iron ore market was back to normal as the risk appetite shift back. Physical trades on both float …
Tag archives: IO65
Iron Ore DCE May23 Daily Technical Review 28/03/22
Verdict- Bearish in Short-run. DCE May23 contract re-entered bullish trend in short-run, as daily successfully broke important resistance at 883.0 and closed on 1 yuan below. Iron ore largely break the resistance again in the next session and approach 900.0. Hourly slow stochastic KD entered over-bought area. Hourly CCI entered bullish territory. Hourly MACD moved …
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Daily Virtual Steel Mill Report 28/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • China Jan-Feb industrial net income above designated scale reached 887.21 billion yuan, down 22.9% on the year • U.S. Insurance company FDIC said that First Citizens Bank & Trust Co. would take over all deposits and loans from Silicon Valley Bank (SVB), which may ease …
Iron Ore DCE May23 Daily Technical Review 27/03/22
Verdict- Bearish in Short-run. DCE May23 contract didn’t create deeper correction as expected last Friday. Iron ore stablised and recovered major support area from 855.0 – 860.0. The next resistance from 883.0 would potentially provide strong pressure, which was a neckline in mid-run. A rejection on 883.0 potentially bring iron ore back to correction phase. …
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Daily Virtual Steel Mill Report 27/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. Market Manufacturing PMI at 49.3, refreshed the highest since October 2022, est. 47, last 47.3. • China central bank PBOC officially cut RRR by 25 bps on March 27th, equivalent to 600 billion yuan of mid-term liquidity. Iron Ore Key Indicators: • Platts62 …
Iron Ore DCE May23 Daily Technical Review 24/03/22
Verdict- Neutral in Short-run. DCE May23 contract tested low and recovered loss. The rolling was slower than previous years, expected to complete in late next week. Hourly iron ore completed a 5 wave correction, yet to see a mid-run satblisation. Hourly slow stochastic created gold cross in oversold area. Hourly MACD created gold cross. Iron …
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Daily Virtual Steel Mill Report 24/03/22
Market Verdict on Iron Ore： • Neutral. Macro： • The Bank of England announced a 25 basis point increase in its benchmark interest rate to 4.25%, in line with market expectations. This is the 11th consecutive interest rate hike by the Bank of England since December 2021. The Bank of England said signs of …
Iron Ore DCE May23 Daily Technical Review 23/03/22
Verdict- Bearish in Short-run. DCE May23 contract maintained correction as expected. The stochastic signals lost the sensitivity in a single direction trend after many days. Hourly MACD was closed to neutral area. Hourly stochastic KD was moving along the oversold boundary. The next two support used to be a periodic low previously, which could only …
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Daily Virtual Steel Mill Report 23/03/22
Market Verdict on Iron Ore： • Neutral to Bearish. Macro： • U.S. Federal hiked 25 bps interest rate to reach 4.75- 5%, as expected from Fed tools. The market expected a interest decrease before the end of 2023 to stimulate economy growth. • U.S. lowered GDP growth rate to 0.4% in 2023, previously estimated …
Iron Ore DCE May23 Daily Technical Review 22/03/22
Verdict- Bearish in Short-run. DCE May23 contract entered a correction phase as expected. The current iron ore accelerated correction each time broke important support level. All support level from our reports become the significant intra-day support. Hourly MACD in bearish territory. Hourly CCI maintained in bearish territory. The market potentially stay in bearish mode without …
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