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Verdict – Short-term neutral. DCE iron ore correct slightly during the whole trading day. From hourly chart, MACD is potential to create a dead cross. Slow stochastic KD created dead cross above overbought area. CCI has created new low in October. If iron ore breakdown 809.0 area potentially drive market to bearish territory, otherwise iron …
Continue reading “Iron Ore DCE January Daily Technical Review Oct 12th”
Ferrous Market – MySteel surveyed Tangshan winter production curb will decrease 2.7 million tonnes of steel production. In the year 2019 production curb impact 6.3 million tonnes. – Steelbank Inventory: construction steel inventories 7.31 million tonnes, down 0.91% compared to the week before golden weeks. HRC 2.5 million tonnes, up 17.17% to the week before …
Verdict – Short-term neutral. DCE iron ore rebounded during the day related to CNY and Shanghai equity rebound, indicate a recovery on investment market. Investors should be aware of reversal in following weeks. Technically entering a consolidation in mid-run since iron ore recovered 809.0 and 816.0 area. A breakthrough on 873.0 would bring market back …
Continue reading “Iron Ore DCE January Daily Technical Review Oct 9th”
Ferrous Market – MySteel Rebar Inventory: Rebar production 3.61 million tonnes, down 3.55% w-o-w. Mills inventory 3.68 million tonnes, up 9.29% w-o-w. Circulation inventory 8.32 million tonnes, up 4.41% w-o-w. – Ganggu Construction Steel Inventory: production 5.47 million tonnes, up 13,600 tonnes w-o-w. Mills inventory 5.09 million tonnes, up 605,700 tonnes w-o-w. Circulation …
Verdict – Short-term neutral. DCE iron ore rebound strongly during the day, majorly contributed by previous short covering and taking gains. In particular after 14:30 p.m., indicating money flow out to avoid cross holiday risk. After holiday expected a reverse on this speculation. A breakthrough on 809.0 would indicate market recovering to consolidation. A rejection …
Continue reading “Iron Ore DCE January Daily Technical Review Sep 30th”
Ferrous Market – Vale stopped Minas Gerais mining company Viga for 3 months, total impact 999,000 tonnes of pellitising iron ores. It is the second time of closure after Vale acquired this company from last August. However no direct impact on mid-stream concentrates. – Mysteel(Sep 21- 27th) Australia and Brazil iron ore total delivery at …
Iron ore futures rose above $116 on Tuesday as investors assessed potential impact after a Brazilian court ordered a shutdown of Vale’s operations at the Viga concentration plant; at the same time authorities in Australia are contending with a rising number of coronavirus cases. In a statement released by Vale, the Brazilian miner was …
Continue reading “Iron ore rises on potential Vale Viga shutdown”
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Verdict – Short-term neutral. DCE iron ore technically entered a consolidation range. Iron ore created long upper and lower shadow for previous five trading days, indicating long and short are in a conflicting sentiment. In particular, position level didn’t decrease significantly before golden weeks. From daily pattern, slow stochastic KD potential create gold cross below …
Continue reading “Iron Ore DCE January Daily Technical Review Sep 28th”
Ferrous Market – Steelbank Inventory: rebar inventories 7.37 million tonnes, down 0.33% w-o-w. HRC 2.13 million tonnes, up 0.29% w-o-w. – China HRC FOB SS400 Tianjin price at $505- 510, created global low currently. Export HRC started to grow and import steels come to an end. – Physical traders are interested in low aluminum concentrates …