Commodities Daily - January 22, 2019
> Oil prices slide amid risk-off sentiment; Brent futures curve in focus. This morning, front-month Brent slid to $62/bbl amid risk-off trading in Asia (US stock futures were also down) and a strengthening dollar, following a downgrade to the IMF's global growth forecasts. We expect Brent to keep trading flat in the $62-63/bbl range today given the lack of potential triggers. We note that technical analysis published by Reuters this morning indicated that "Brent is due for a deep correction, as suggested by its wave pattern and the hourly RSI."> Gold prices continue to drop, ETF gold holdings shrink. This morning, EUR/USD is down, which will likely entail pressure on gold prices today. > Base metals come under pressure. The IMF's revised global outlook and dollar strength are sending prices lower this week. The selloff continued this morning, with copper easing 0.24% to below $6,000/tonne, nickel sliding 1% to below $11,700/tonne and zinc slipping 1.22% to $2,558/tonne.
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