Commodities Daily - January 9, 2019
> Oil prices surge on US-China trade talk optimism; EIA inventory update in focus. We expect the trade talks and forthcoming statement to support oil prices today, which, along with what are likely to be dovish Fed minutes, could push Brent above $60/bbl later today. Although the EIA inventory data is expected to be slightly bearish, we think this will not be enough to overturn current price rally. > Gold prices show strong dynamics early in the year. Last week, gold peaked at $1,298/oz ahead of Fed Chairman Jerome Powell's speech on January 4. This morning, gold is trading at around $1,282/oz, with debate in the UK parliament over the Brexit bill set to continue.> Base metals markets mixed ahead of US-China trade talks. Copper is trading higher at $5,905/tonne, while aluminum is under the pressure at $1,864/tonne following uncertainty over the sanctions against Rusal. Nickel has rallied from a local low of $10,535/tonne on January 2 to $11,200/tonne this morning.
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