FIS API Blog
Verdict – Short-term neutral to bullish. DCE iron ore January contract successfully created periodic high, however resisted by 736.5 during the day. A breakthrough on 736.5 with expanding volume would indciate a continious fast pick up. Hourly MACD narrowed above 0 axis. Hourly CCI and slow stochastic KD both flattened. Technical signals were indicating …
Continue reading “Iron Ore DCE January Daily Technical Review 13/09/22”
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China NBS:Chinese August PPI up 2.5% on the year, down 1.2% on the month. Chinese August CPI up 2.5% on the year, down 0.1% on the month. Chinese August M2 supply up 12.2% on the year, est. 12.2%, last 12%. Iron Ore …
UK-Australian firm Rio Tinto has resumed operations on a rail line that connects its 43mn t/yr Gudai Darri mine to port in the Pilbara region of Western Australia (WA), after 20 wagons derailed on 3 September. The 10-day disruption to railings will make it more difficult for Rio Tinto to meet its guidance of …
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Verdict – Short-term neutral. DCE iron ore January contract was rejected by important resistance level at 700.0 yuan for consecutive three trading days. However the contract was also supported by important support level at 675.0. Thus, iron ore would remain in narrow area if failed to break the boundary area from 675.0 – 700.0 …
Continue reading “Iron Ore DCE January Daily Technical Review 07/09/22”
Market Verdict on Iron Ore： • Neutral. Macro • British new PM Elizabeth Truss said that she will prioritise economic growth, tackling energy crisis and improving access to health service. • From January to August, China imported 723 million tons of iron ores, down 3.1% on the year. China imported 61.33 million tons of …
Verdict – Short-term neutral. DCE iron ore January contract was rejected by important resistance at 700.0 for the second day. Thus iron ore potentially remain in the rangebound from 685.0- 700.0. Hourly MACD narrowed above 0 axis. Hourly CCI fell from overbought area to neutral area. Short-run technical signals were indicating an exhaustion on …
Continue reading “Iron Ore DCE January Daily Technical Review 06/09/22”
Market Verdict on Iron Ore： • Neutral to bullish. Macro • China PBOC decreased foreign reserve ratio from 8% to 6% to neutralise the depreciation risk on Chinese Yuan, which was the second time cut on this ratio within the year. • Chinese financial department statistics indicated that total debt issuance at 352 million …
Verdict – Short-term neutral to bullish. DCE iron ore January contract spiked and reversed the bearish sentiment during the day. However the intra-day high was resisted by major resistance level from 697.5-700.0. Hourly MACD widened above 0 axis. Hourly CCI was in bullish territory. Short-run technical signals were indicating a potential to test high …
Continue reading “Iron Ore DCE January Daily Technical Review 05/09/22”
Market Verdict on Iron Ore： • Neutral. Macro • An official from the Ministry of Industry and Information Technology (MIIT) said at the raw material industry high-quality development press conference that the prices of steel, copper, aluminum, cement and other products have declined recently, and that the MIIT will continue to ensure supply and …
Leading steelmaker ArcelorMittal is going to idle blast furnace three at its Bremen site in Germany from the end of September indefinitely, due to unsustainable energy costs in Europe. The furnace can produce 1.2mn t/yr of pig iron. The producer will also stop a direct reduction plant in Hamburg, where it produces wire rod, …
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