Commodities Daily - February 11, 2019

> Oil prices remain range-bound amid a rise in US rig count; busy week ahead. This morning, Brent is hovering slightly below $62/bbl and, in our view, is likely to remain within the $61 62/bbl range today, a day on which the economic calendar is quiet. We note, however, that choppy trading is almost inevitable, as investors will start pricing in various outcomes of the US-China trade talks, major oil market reports and US inventory changes.> Gold holds above $ 1,310/oz amid elevated political risks. The US budget standoff could resume at the end of this week. On Thursday, the UK Parliament will hold another vote on Brexit. In an interview with the Financial Times, the IMF's chief economist, Gita Gopinath, noted growing risks for the global economy.> Mood in base metals market remains downbeat. Base metals sold off this morning with the Asian markets open again after the Lunar New Year holiday. Prices opened lower nearly across the board, with zinc declining 2% and lead 1%.