Commodities Daily - December 10, 2019
> Gold prices stable ahead of two-day FOMC meeting. Following a sharp drop on Friday on strong US jobs data, gold consolidated at around $1,465/oz yesterday. In the first half of the day today, investors will get data on industrial production from several European countries (including France, Italy and the UK), the ZEW survey from Germany and 3Q19 GDP data from the UK. The two-day Fed meeting also begins today (see our preview). > Base metals prices move higher, with the exception of nickel. The market is eagerly awaiting news on the China-US trade negotiations and is expecting developments before the weekend, ahead of the US deadline for the introduction of import duties. Three-month forward copper contracts are approaching $6,100/tonne, aluminum is trading at $1,760/tonne, while nickel remains under pressure at around $13,000/tonne.
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