Market Analysis:

  • Yesterday’s Price Action: The market continued its downward trend, breaking through the 3230 support and reaching near 3200. Among the black metals:
    • Coke showed the weakest performance,
    • Rebar and Hot-Rolled Coils followed suit with moderate weakness,
    • Iron Ore showed relative strength, with the basis between futures and spot prices improving slightly (up about 10 yuan).

Market Outlook:

  • Downward Trend Continuation: The market remains in a downward correction, with support seen near 3100. The near-term expectation is for continued oscillation or a range-bound movement between 3200-3250.

Strategy:

  • Don’t Rush to Exit: In case of market volatility, exercise patience and avoid impulsive decisions. Adjust positions dynamically based on ongoing market conditions but maintain a longer-term view.

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