Market Verdict on Iron Ore： • Neutral. Macro: • Citi Bank expected the global economy growth drop below 2% in 2023, similar to previous predictions by Morgan Stanley, Barkley, Goldman Sachs. • China November official PMI 48, est. 49, last 49.2. • U.S. Federal Jerome Powell indicated that potentially slow down December interest hike. …
Tag archives: IO65
Iron Ore DCE January Daily Technical Review 30/11/22
Verdict – Short-term neutral. DCE iron ore January contract tested low and recovered loss fast. Hourly MACD entered bearish territory. Hourly slow stochastic KD deepened correction. Short-run technical signals were indicating an exhaustion. Trading volume narrowed significantly. Market was in a watch-and-see mode. The first support is 758.5. The first resistance is 800.0
Daily Virtual Steel Mill Report 30/11/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • Germany October CPI up 10% on the year, lower than estimated 10.4%. • China November official PMI 48, est. 49, last 49.2. Iron Ore Key Indicators: • Platts62 $101.25, +2.35, MTD $92.88.China CSRC reopened the refinancing of property companies, the continuous sentiment …
Iron Ore DCE January Daily Technical Review 29/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebound significantly during the day with expanding new buyers built positions. However hourly chart saw four consecutive black candles, together with a narrowed MACD and dead cross in slow stochastic KD, the short-run exhaustion expected to happen. In mid-run iron ore was still in …
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Daily Virtual Steel Mill Report 29/11/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro: • China CSRC spokesman supported the refinancing function of properties and related listed companies. • China NBS: China industrial valued added amount above designated scale reached 6.98 trillion yuan from January to October, down 3% on the year. The ferrous metallurgical industries down 92.7% …
Iron Ore DCE January Daily Technical Review 28/11/22
Verdict – Short-term neutral. DCE iron ore January contract was traded in huge range during the day. The two rounds of intra-day rebound were rejected below 764.5, periodic high. The low 743.0 was also the important support of late half of last week. Hourly slow stochastic retreated from overbought area to neutral area. Hourly CCI …
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Daily Virtual Steel Mill Report 28/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • German Prime Minister Olaf Scholtz insisted on the ban on Russian oil at the end of this year. The German government plans to levy a profit tax of up to 33% on traditional fossil energy companies such as natural gas, oil and coal. • China …
Iron Ore DCE January Daily Technical Review 25/11/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebounded as expected. For many times, iron ore spiked during the last hour, approaching the half-year high at 757.5. Iron ore returned to the ascending trend. Hourly MACD expanded above 0 axis. Hourly slow stochastic KD approached overbought area. Hourly CCI created the highest …
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Daily Virtual Steel Mill Report 25/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • ECB indicated at the monetary conference that the bank would consider to “pause” QT if see serious economy recession in long-run. Iron Ore Key Indicators: • Platts62 $95.20, +1.00, MTD $91.42. The seaborne market saw less bids although macro environment recovered during last two …
Daily Virtual Steel Mill Report 24/11/22
Market Verdict on Iron Ore： • Neutral. Macro: • China State Council proposed to increase financial support for the real economy, appropriately use monetary policy tools such as reserve ratio reduction in due time, and maintain sufficient liquidity. The meeting stressed that it is necessary to promote major projects to speed up capital payment …