Market Verdict on Iron Ore： • Neutral to bullish. Macro • Global June PMI 52.3, down 0.1 from May. U.S. PMI 56.1 down 3.1, lower than estimated 54.5. Euro Zone PMI 52.1, fell in estimation. U.K. PMI 52.8, refreshed new low from the June 2020. New emerging economies PMI 51.7, first time on mid …
Tag archives: iron ore
Iron Ore DCE September Daily Technical Review 04/07/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract corrected during the day as expected from previous report. Iron ore created two gaps during the past three trading days. As a result, the current two resistance were consisted of the lower boundary of last two gaps. Hourly MACD narrowed below 0 axis. …
Continue reading “Iron Ore DCE September Daily Technical Review 04/07/22”
Daily Virtual Steel Mill Report 04/07/22
Market Verdict on Iron Ore： • Neutral. Macro • China 100 cities new built houses traded 28.37 million square meters in June, up 37% from May, down 34% on the year. The year-on-year growth slowed down. Iron Ore Key Indicators: • Platts62 $116.45, -3.65, Jul Avg $116.45. The physical July and August iron …
Iron Ore DCE September Daily Technical Review 01/07/22
Verdict – Short-term neutral to bearish. DCE iron ore September contract corrected significantly during the day, the low of the day fell on the important resistance at 745.0, which was a Fibonacci number in range 698.5- 822.5. Hourly MACD widened below 0 axis. Hourly slow stochastic KD entered oversold area without seeing signs of …
Continue reading “Iron Ore DCE September Daily Technical Review 01/07/22”
Daily Virtual Steel Mill Report 01/07/22
Market Verdict on Iron Ore： • Neutral. Macro • Opec and Non-Opec oil production countries decided to increase 648,000 barrels of crude oil production in August. • Global central banks revealed that inflation control was the most important thing although the process potentially eliminate the economy growth. Iron Ore Key Indicators: • Platts62 …
Iron Ore DCE September Daily Technical Review 30/06/22
Verdict – Short-term neutral to bullish. DCE iron ore September contract broke down important support at 790.0. Daily high was also resisted by previous resistance area arround 819.5- 822.5. Hourly MACD created dead cross. Hourly slow stochastic KD corrected after creating a dead cross in overbought area. Hourly CCI approached bearish territory. Technical signals …
Continue reading “Iron Ore DCE September Daily Technical Review 30/06/22”
Daily Virtual Steel Mill Report 30/06/22
Market Verdict on Iron Ore： • Neutral. Macro • Reuters: a market source indicated that G7 has initiated talks with China and India regarding to the price ceiling on crude oil from Russia. • China June official PMI 50.2, est. 50.5, last 49.6. Iron Ore Key Indicators: • Platts 62%: $123.20 (-1.80) MTD …
Iron Ore DCE September Daily Technical Review 29/06/22
Verdict – Short-term neutral to bullish. DCE iron ore September contract tested low and supported above 790.0 area, confirmed the effectiveness of the support. Iron ore followed intraday rebound. Hourly chart created a temporary resistance around 819.0- 822.5 area, a rebound through this level would potentially see a continuous spike. The first support …
Continue reading “Iron Ore DCE September Daily Technical Review 29/06/22”
Daily Virtual Steel Mill Report 29/06/22
Market Verdict on Iron Ore： • Neutral. Macro • China reduced Covid-19 related quantarine period, lifted sentiments on secondary market investments. • ECB Finance Minister Lagarde reclaimed to hike 25 bp on interest rate in July, and inidcated that it is necessary to start more aggressive hike in this September. Iron Ore Key …
Iron Ore DCE September Daily Technical Review 28/06/22
Verdict – Short-term neutral. DCE iron ore September contract broke important previous resistance around 790.0 level, which was a upper boundary of a gap. Be aware that aggregated open interest level was still running at three-year high. Gains taking on both sides could trigger a big intra-day level movement. Previous resistance790.0 became the first …
Continue reading “Iron Ore DCE September Daily Technical Review 28/06/22”