Commodities Daily - April 12, 2019
> Oil slides amid IEA report, strong dollar, talk of OPEC output increase. This morning, the focus is on Chinese trade data that showed an 8.2% y-o-y surge in crude oil imports in January-March (we see them easing in 2Q19 amid overstocking). A spike in EUR/USD during the Asian session this morning helped lift Brent back to $71/bbl. The focus for the rest of the day will be on the kickoff of 1Q earnings season in the US tonight, the University of Michigan April consumer sentiment survey and the Baker Hughes US rig count data. We think that Brent will struggle for direction today, hovering around $71/bbl.> Gold prices tumble yesterday on rising dollar. Better than expected US data and a more neutral tone from ECB speakers lent support to the dollar. Gold prices are flat this morning, and we see them continuing to trade around $1,290/oz today.> Base metal prices rising on Chinese macro data. The growth comes after declines yesterday on discussion of economic growth at the IMF and World Bank meetings. With the exception of nickel, base metals are all advancing this morning, with zinc (+1.2%) and copper (+1.2%) outperforming.
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