Market Verdict on Iron Ore： • Neutral. Macro • U.S. CPI refreshed 40 -year-high at 9.1%, last 8.6%, est. 8.8%. However U.S. president Joseph Biden believed that the oil price has fallen recently, which yet to reflect in the inflation statistics. • Goldman Sachs expected copper average price at $6700/mt, $7600/mt and $9000/mt in …
Tag archives: iron ore
Iron Ore DCE September Daily Technical Review 13/07/22
Verdict – Short-term neutral. DCE iron ore September slumped yesterday however recovered most losses during the day. Thus, maintain neutral in short-run. The effective support area range from 693.0 – 703.5 have created four reversals within the previous four weeks. The resistance in 786.0 was strong as well, which used to be the upper …
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Daily Virtual Steel Mill Report 13/07/22
Market Verdict on Iron Ore： • Neutral. Macro • OPEC: Global oil supply tension yet to resolve. OPEC expected oil demand increase by 2.7 million barrels/day in 2023, with total demand at 30.10 million barrels, up 900,000 barrels/day from 2022. • Goldman Sachs expected copper average price at $6700/mt, $7600/mt and $9000/mt in the …
Daily Virtual Steel Mill Report 12/07/22
Market Verdict on Iron Ore： • Neutral. Macro • Chinese M2 supply up 11.4% in June, last 11.1%, est. 11.1%, beyond expectations. • The Nord Stream I natural gas pipeline, Russia’s main gas pipeline to Europe, has begun annual maintenance and suspended gas transmission. Iron Ore Key Indicators: • Chinese steel mills expected …
Iron Ore DCE September Daily Technical Review 11/07/22
Verdict – Short-term neutral. DCE iron ore September retreated following the general correction of commodities, however return to its independent logic in the last trading hour and recovered some losses. Iron ore gained support on 722.5 area, which became the first support. Hourly slow stochastic KD potentially create gold cross above overbought area. Hourly …
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Daily Virtual Steel Mill Report 11/07/22
Market Verdict on Iron Ore： • Neutral. Macro • Chinese CPI in June up 2.5%, up 0.4% from May, refreshed the highest since August. PPI up 6.1% in June, down 0.3% from May, created eight months consecutive drop. • U.S. strong June job statistic supported the 75 basis points of interest rate increase in …
Iron Ore Price Drops As Covid Cases Spike Again In Shanghai 11/07/22
Iron Ore Extends Losses as Shanghai Outbreak Spurs Demand Fears Iron ore dropped again after a weekly decline as new virus flare-ups in China hurt the demand outlook. Prices of the steel-making material have plunged by about a third in the past four months in Singapore. They are under renewed pressure after Covid-19 cases …
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Iron Ore DCE September Daily Technical Review 07/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September rebounded as expected in last few days, created higher highs and higher lows. Hourly CCI entered bullish territory. Hourly slow stochastic KD flattened below overbought area. Hourly MACD flattened after a quick expansion above 0 axis. The rebound saw exhaustion, potentially entering a slow …
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Daily Virtual Steel Mill Report 07/07/22
Market Verdict on Iron Ore： • Neutral to bullish. Macro • Balkin, Secretary General of OPEC, said that the oil and gas industry was being “Besieged” due to years of insufficient investment. He added that if Iran and Venezuela were allowed to bring more supplies, the shortage could be alleviated. Balkin predicted that the …
Iron Ore DCE September Daily Technical Review 05/07/22
Verdict – Short-term neutral to bullish. DCE iron ore September contract filled the first gap after broke through the resistance at 735.5. Iron ore rebounded with significantly increased volume and open interest, indicating the reversal of a trend approaching. If breakthrough next gap resistance around 786.0, iron ore expected to accelerate rebound. The …
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