Market Verdict on Iron Ore： • Neutral. Macro • China first quarter GDP 4.8%, est. 4.2%, fourth quarter GDP at 4.0% in 2021. • World bank set up global GDP growth rate target at 3.2%, previously 3.2%. • The U.S. Fed shift to the hawkish to accelerate raising interest rates by 50 basis points …
Tag archives: IO65
Iron Ore DCE September Daily Technical Review 18/04/22
Verdict – Short-term neutral. DCE iron ore September contract rebounded slightly during the day with expanding volume and new built positions, indicating a potential divergence at the current level. Thus the resistance in 934.0 – 944.0 area would test the resilience of the rebound trend created from last Thursday. Hourly MACD narrowed above 0 …
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Daily Virtual Steel Mill Report 18/04/22
Market Verdict on Iron Ore： • Neutral. Macro • Russian Ministry of Finance indicated the average price of Urals crude oil was $79.81 per barrel to $582.6 per barrel. Russian oil export tariff has been reduced by $11.6 to $49.6 per ton since May 1, 2022. The Iraqi oil minister said OPEC promised to …
Iron Ore DCE September Daily Technical Review 15/04/22
Verdict – Short-term neutral. DCE iron ore September contract tested high cautiously and gave back half of gains. The market volume decrease massively by 30% compared with yesterday indicate the current buyers were cautious to hold positions across weekends. Hourly CCI retreated from bullish territory while hourly slow stochastic KD approached overbought area. …
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Daily Virtual Steel Mill Report 15/4/22
Market Verdict on Iron Ore： • Neutral. Macro • China Central Bank held a press conference on financial statistics in the first quarter of 2022. Sun Guofeng, director of the Monetary Policy Department said that monetary policy tools such as RRR reduction should be used in a timely manner to further strengthen financial support …
Iron Ore DCE September Daily Technical Review 14/4/22
Verdict – Short-term neutral. DCE iron ore September contract tested high and rejected by 909.0. Both trading volume and open interest were thin compared to last 5 trading days. From hourly chart, MACD created gold cross. Hourly slow stochastic KD also created gold cross above overbought area in late morning. Technical signaling a potential to …
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Daily Virtual Steel Mill Report 14/04/22
Market Verdict on Iron Ore： • Neutral. Macro • China PM Li Keqiang presided over the executive meeting of the State Council, made timely use of monetary policy tools such as RRR reduction, further strengthened financial support for the real economy, especially industries seriously affected by the epidemic, small, medium-sized and micro enterprises and …
Daily Virtual Steel Mill Report 13/04/22
Market Verdict on Iron Ore： • Neutral to bearish. Macro • Experiencing the significant price increase on thermal coal and iron ore, China Disipline Inspection Comission urged the committee of the CSRC and DCE to earnestly fulfill their supervision responsibilities and potential risks of the commodity futures market, improving internal governance and effectively maintain …
Iron Ore DCE September Daily Technical Review 12/04/22
Verdict – Short-term neutral to bullish. DCE iron ore September contract rebounded massively and recovered the loss of yesterday. The active contract however created lower volume over the last three trading days. In short-run hourly candles entered a resisting area around 925.0 – 928.0. A rejection would indicate a potential correction. However an effective breakthrough …
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Daily Virtual Steel Mill Report 12/04/22
Market Verdict on Iron Ore： • Neutral. Macro • U.S. last week jobless claim reached 166,000, a new low since the year 1968. Est. 200,000, last 202,000. • China CSRC(China Security Regulation Commission) and other departments jointly issued documents to encourage capital market investment and the listed housing company transformation into dynamic businesses. …