Vale SA

VALE remains entrenched in a Stage 4 decline, with price repeatedly rejected at the declining 9- and 21-EMA zone and trading below major moving averages. The medium-term bias stays bearish, reinforced by the active Lower Highs & Lower Lows continuation pattern, and short-term timing favors selling into failed rallies around dynamic resistance under the Value + EPS framework.

• ↑Iron ore production 336 MT (+3% YoY), meeting guidance.
• ↑Copper output 102 kt (+13% YoY), highest since 2017.
• ↓C1 cash costs rose to $23.6/t (+12% YoY), squeezing margins.