Commodities Daily - February 1, 2019
> Oil prices tick lower on subdued growth in EU, China and lack of trade deal clarity. The downbeat manufacturing data out of China is currently weighing on sentiment, while today investors will be watching for UK manufacturing PMI and eurozone and US CPI data. We expect oil prices to continue to struggle for direction today amid mounting investor caution. We expect Brent to trade below the $61/bbl mark.> Gold on the decline this morning as dollar strengthens. Yesterday, gold set a new YTD high following the publication of weekly jobless claims data in the US. If today's US jobs report is more or less in line with expectations, we would expect gold prices to hold in the $1,315-$1,320 range.> Base metals struck by uncertainty; Washington talks fail to bring tangible outcome. Base metals opened lower this morning, taking their lead from the vague outcome to two days of negotiations between the US and China. The publication of the Caixin Chinese PMI also had a negative impact on the market.
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