Commodities Daily - April 4, 2019
> Oil sinks on bearish EIA inventory data; US-China talks still in focus. Top-level meetings involving Chinese Vice Premier Liu He resume today in Washington. A subsequent meeting between the Chinese and US presidents to finalize a deal could be announced as early as this week, according to media reports, though markets have heard such claims before. Today, we think Brent will fail to hold on below its 200-day moving average, which is currently at $69.6/bbl, amid mixed risk sentiment, as recent US economic releases have been downbeat.> Gold trading sideways. Gold is range bound ahead of a scheduled meeting between US President Donald Trump and Chinese Vice Premier Liu He. Yesterday's relatively weak US macro data had little effect on gold prices. Today, weekly jobless claims are due from the US and the March ECB minutes from Europe. The Brexit talks will also continue. We expect gold prices to hover in the $1,290-1,300/oz range unless any major headlines emerge regarding the US-China trade talks.
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