Market Verdict on Iron Ore： • Neutral. Macro： • The new British Chancellor of the exchequer overturned Prime Minister Truss’s huge energy subsidy plan. Supported by the news, the British pound rose 1.54%, and the FTSE index was nearly 1% by closing. • U.S. EIA report indicated the biggest shale oil basin production estimated …
Tag archives: IO65
Iron Ore DCE January Daily Technical Review 17/10/22
Verdict – Short-term neutral. DCE iron ore January recovered most of loss created in the first half hour of this morning during the last trading hour. In short-run, MACD narrowed below 0 axis. Hourly slow stochastic KD potentially create gold cross on oversold area. CCI approached neutral area from bearish territory. Short-run technical signals were …
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Daily Virtual Steel Mill Report 17/10/22
Market Verdict on Iron Ore： • Neutral. Macro： • The first day of Chinese National Congress stressed emphasis on real economy support, accelerating the industrialisation, manufacturing, product quality, aerospace, and digital development. • ECB official indicated that the 75 bps hike in October was appropriate. BOE indicated that interest rate should be raised to …
Iron Ore DCE January Daily Technical Review 14/10/22
Verdict – Short-term neutral. DCE iron ore January contract rebounded although with a low open during night session. Hourly slow stochastic KD left bearish territory. Hourly MACD potentially create gold cross. The next resistance on 5-10-20 MACD crossed near the 715.0- 716.0 area. Short-run neutral. The first support is 686.5. The first resistance is 715.0.
Daily Virtual Steel Mill Report 14/10/22
Market Verdict on Iron Ore： • Neutral. Macro： • U.S. September CPI up 8.2% y-o-y, est. 8.1%, last 8.3%. U.S. CPI up 0.4% m-o-m, est. 0.2%, last 0.1%. • China NBS: September CPI up 2.8%, refreshed high of the year, last 2.5%, est. 2.8%. China PPI September up 0.9%, est. 1.0%, last 2.3%. …
Iron Ore DCE January Daily Technical Review 12/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected during the day, however recovered some losses during the last trading hour. The iron ore potentially test next important support at 700.0. Hourly slow stochastic KD created gold cross. Hourly CCI left bearish territory to neutral territory. Short-run technicals were indicating an exhaustion on the …
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Daily Virtual Steel Mill Report 12/10/22
Market Verdict on Iron Ore： • Neutral. Macro • China September social financing increased 3.53 trillion yuan, est. 2.75 trillion yuan, last 2.43 trillion yuan. • IMF estimated global economy growth at 3.2%, unchanged from previous estimation at July. However IMF lowered the global growth rate to 2.7% from 2.9% in 2023. Iron …
Iron Ore DCE January Daily Technical Review 11/10/22
Verdict – Short-term neutral. DCE iron ore January contract corrected massively and broke important support area from 728.0 -735.0 with increasing volume, which was bigger than last two trading days. The short-run intra-day support fell on 716.5- 717.0, however mid-run support on 700.0. Iron ore currently terminate the mid-run rebound, however maintain range bound from …
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Daily Virtual Steel Mill Report 11/10/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Chicago Federal official Charles Evans indicated that extra supply-chain interactions were not an issue when the unemployment rate was around the same low level in 2019, with less inflationary impact. Evans believed that if this steeper-than-usual Phillips curve is generating much of the …
Iron Ore DCE January Daily Technical Review 10/10/22
Verdict – Short-term neutral to bullish. DCE iron ore January contract rebounded significantly after broke important resistance area from 731.0- 736.0 area. However the price was almost unchanged during the last three hours. Hourly CCI potentially head back from bullish territory to neutral area. Hourly slow stochastic KD was still approaching overbought area. The …
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