Commodities Daily - August 9, 2018
Oil falls as US-China trade dispute escalates, slightly bearish EIA inventory report released. It will be key to follow whether yesterday's strong bearish momentum will continue or whether buyers will be eager to enter long positions at the low current oil prices. Today, we think that the latter is more likely than the former and expect Brent to trade within a $72-73/bbl range.Gold continues to trade sideways amid escalating trade tensions. Today, trade tensions will remain center stage, with investors also eyeing the release of the US July PPI at 15:30 Moscow time. This comes ahead of tomorrow's CPI figures, and if both surprise to the upside, implying accelerating inflation, this could induce talk of a faster Fed rate cycle and thus result in a stronger dollar. We think gold will continue to trade within the $1,210-1,215/oz range today.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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