Commodities Daily - April 9, 2019

> Oil ticks higher on weaker dollar, S&P 500 gain and uncertainty about Libyan supplies; monthly EIA report and API data in focus. Today, investors await the monthly EIA report (around 19:00 Moscow time), which we expect to be bullish. In addition, the IMF World Economic Outlook report and an API update on US inventories are due overnight. The next technical resistance level for Brent is $72.68/bbl, which is the 61.8% Fibonacci retracement level from Brent's October correction. We think that if global risk appetite persists and fundamental oil market data is upbeat, Brent could rise to that level with relative ease this week.> Gold stays at $1,300/oz. Today the IMF will publish its World Economic Outlook report, while the spring meeting of the IMF and World Bank is also taking place. Tomorrow the latest Fed minutes will be released and the ECB will hold a policy meeting. Ahead of these events, we expect gold to trade higher today, and we even think it could trade as high as $1,305-1,307/oz.> Base metal prices mixed despite growing risks of trade war between US and EU. Copper is trading higher this morning (+0.6%), supported by comments from industry representatives at the Cesco Week event in Chile. Zinc, on the other hand, has extended yesterday's decline on reports of a buildup in LME inventories. Aluminum is little changed ahead of a court hearing in Belem, Brazil over the embargo on Alunorte that is scheduled to begin on April 12.