Commodities Daily - April 19, 2019
> Oil prices edge higher in choppy session, brushing off weak eurozone PMIs, capitalizing on upbeat US retail sales. Today, markets in UK and US are closed for Good Friday, meaning that neither Brent nor WTI will trade. Meanwhile, we re-emphasize our view that, thanks to strong oil market fundamentals, oil price sensitivity to a temporary global market risk-offs - which may be on the horizon - will be reduced. > Sideways trading in gold yesterday and today amid lack of major headlines. A weak services PMI for the eurozone helped push the gold price up to $1,278/oz temporarily, but it was unable to hold on to the gains. The March retail sales report and initial jobless claims from the US, meanwhile, did little to move gold prices yesterday. We see potential for the downtrend in gold to resume next week. Gold is technically supported at $1,265/oz. > Base metals boosted this week from better than expected Chinese data. Chinese GDP triggered a rally in the market on Wednesday, however prices fell yesterday. Copper, which has shown the greatest volatility since Wednesday, was unable to hold above $6,500/tonne.
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