December 17th Futures Morning Report:

Market Analysis:

• Key Phrase: “This week’s range-bound consolidation, with temporary price support.”

Market Observations:

• The market’s decline yesterday was not smooth, with iron ore remaining relatively strong, indicating that the black series as a whole is still in a phase of consolidation and waiting.

Demand and Basis:

• The demand performance is still acceptable, and the basis continues to strengthen. We are closely monitoring the changes in the basis.

Operational Strategy:

• Our operational strategy remains focused on shorting at higher levels. After reducing previous short positions, we should maintain confidence and hold on, waiting for opportunities.

Resistance Levels:

• A comprehensive view of the strong resistance levels for each variety is as follows:

• Rebar: 3480

• Hot-rolled coil: 3650

• Iron ore: 830

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