Market Verdict on Iron Ore： • Neutral to bullish. Macro • China PM Li Keqiang held conference after the political conference held last week to promote investment and consumption, including acceleration on local debts, investment projects in the central budget, automobile consumption, green energy home appliances and green building materials. • China July PMI …
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Iron Ore DCE September Daily Technical Review 29/07/22
Verdict – Short-term neutral. DCE iron ore September corrected with both decreasing open interest and volume. Thus, iron ore potentially faces a correction or consolidation. Hourly slow stochastic KD corrected to neutral area after a dead cross created in overbought area. Hourly MACD created dead cross. The first support is 755.5. The first …
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Daily Virtual Steel Mill Report 29/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China and U.S. held tele-conference to discuss on the cooperation in economy development in future, and noted the tariff exemption to alleviate the inflation in U.S. Iron Ore Key Indicators: • Platts62 $117.95, +6.90, MTD $106.86. The term contract discounts for BHP’s …
Iron Ore DCE September Daily Technical Review 28/07/22
Verdict – Short-term bullish. DCE iron ore September recovered loss from yesterday and refreshed new high from June 30th with expand volume. The breakthrough on resistance of 822.5 would confirm the price movement remaining strong. Otherwise, rejection would mean a considerable correction because current indicators were showing big volatilities rather than a flat structure. …
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Daily Virtual Steel Mill Report 28/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • U.S. Federal increased 75 basis points in last FOMC to 2.25-2.5%, as expected. • G7 revealed to set up a price-ceiling for Russian oil effective from December 5th. Iron Ore Key Indicators • Platts62 $111.05, -0.65, MTD $106.24. The term contract discounts …
Iron Ore DCE September Daily Technical Review 27/07/22
Verdict – Short-term neutral. DCE iron ore September failed to break through the concentrated trading level around 750.0 by closing. Thus, iron ore potentially reached periodic high area. Slow stochastic KD created dead cross in overbought area and deepened correction. Hourly CCI created bearish divergence. Hourly MACD potentially creating dead cross. Technical signals were …
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Daily Virtual Steel Mill Report 27/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • IMF decreased global GDP growth in 2022 from 3.6% to 3.2%. • U.S. white house indicated that the country would release 20 million barrels of crude oil supply from its national reserve, 1 million barrels on daily basis. • Chinese Machinery Association statistic …
Iron Ore DCE September Daily Technical Review 26/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September maintained strong as expected. Hourly MACD widened above 0 axis. Hourly CCI stayed in bullish territory. Iron ore hourly candles rebounded following a ladder shaped ascending structure. Short-run technical signals were indicating continuing rebound. The first support is 703.5. The first resistance is …
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Daily Virtual Steel Mill Report 26/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • ECB official Kazaks indicated that the big interest hike expected to continue. • China Industry of Steel Association and India Steel Association held video conference to communicate the future corporation in iron ore and coals. • China Evergrande group, the house developer with …
Iron Ore DCE September Daily Technical Review 25/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September maintained strong and created the second big spike with a gap by opening and increasing trading volume. The next resisting level fell in 735.5- 740.0, which used to be an area with massive trading volume. The iron ore expected to maintain bullish if the …
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