Verdict: • Short-run Neutral. Macro: • ECB governor Joachim Nagel believed that there was increasing probability for a rate cut in June. However the decision needed to confirm the inflation rate is really going down by then. Iron Ore Key Indicators: • Platts62 $116.60, +6.20, MTD $106.13. The resumption of production in China …
Tag archives: iron ore
Iron Ore DCE Sep24 Daily Technical Review 17/04/24
Verdict- Neutral to Bullish. DCE Sep24 reversed the correction and created periodic high. Hourly MACD created gold cross. Hourly CCI entered bullish territory. Hourly slow stochastic KD was approaching overbought area. Iron ore was in acceleration phase. However be aware of the taking gains by looking at open interest movement. First support 847.0. First resistance …
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Daily Virtual Steel Mill Report 17/04/24
Verdict: • Short-run Neutral. Macro: • Vale’s Q1 iron ore production was 70.837 million tons, a decrease of 20.8% month on month and a year-on-year increase of 6.1%. In the first quarter, the sales of iron ore were 63.83 million tons, a decrease of 29.3% compared to the previous quarter and a year-on-year increase …
Iron Ore DCE Sep24 Daily Technical Review 16/04/24
Verdict- Neutral. DCE Sep24 corrected during the trading day, after when we mentioned be aware of market change yesterday. Hourly MACD widened in bearish territory. Hourly CCI entered bearish territory. As said in the last article, iron ore growth shouldn’t be sustainable because the past rebound witnessed 20% of OI loss from April 1st, which …
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Daily Virtual Steel Mill Report 16/04/24
Verdict: • Short-run Neutral. Macro: • China March CPI fell 1.0% on the month, up 0.1% on the year. • After the sanction imposed from UK and US on Russia aluminum, Russian Aluminium giant Rusal said that new sanctions would have no impact on its supply to world market. Iron Ore Key Indicators: …
Iron Ore DCE Sep24 Daily Technical Review 15/04/24
Verdict- Neutral. DCE Sep24 contract rebounded by 2.18% from last settlement, however only increased by 2 yuan/ton from last closing. Hourly slow stochastic KD reached overbought area. Hourly CCI maintained in bullish territory. However be aware of the sensitivity loss on technical charts. In fact, DCE iron ore loss 7.5% on OI since the first …
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Daily Virtual Steel Mill Report 15/04/24
Verdict: • Short-run Neutral to Bullish. Macro: • UK and US imposed sanctions on Russia metals including copper, aluminum and nickel. LME announced a suspension of warehouse warrant for Russian metals produced after April 13th. • From April 1st, China Shanxi province raised mineral resource tax from 8% to 10%, processing tax from 1.5% …
Iron Ore DCE Sep24 Daily Technical Review 10/04/24
Verdict- Neutral. DCE Sep24 contract slight corrected from last closing. The price movement saw some exhaustion with evaporation of open interest and volume. Hourly MACD narrowed in bullish territory. Hourly slow stochastic KD created dead cross in overbought area. Hourly CCI corrected from bullish area to neutral area. In short-run, iron ore is waiting for …
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Daily Virtual Steel Mill Report 10/04/24
Verdict: • Short-run Neutral to Bullish. Macro: • The US Energy Information Agency (EIA) has lowered its global oil demand growth forecast for 2024 by 480,000 barrels per day to 950,000 barrels per day. The institution has also lowered its forecast for oil demand growth in 2025 by 30,000 barrels per day to 1.35 …
Iron Ore DCE Sep24 Daily Technical Review 09/04/24
Verdict- Neutral to Bullish. DCE Sep24 contract rebounded as expected from the last report. A breakthrough on 819.0 potentially accelerates the growth. The intra-day high reached 817.5, which was only 1.5 yuan from the R1. Hourly MACD widened in bullish territory. Hourly slow stochastic KD reached bullish territory. First support 800.0. First resistance 819.0.