Commodities Daily - July 5, 2019
> Gold prices volatile ahead of US jobs report. The release is scheduled for 15:30 Moscow time. Gold pushed above the $1,423/oz mark overnight but had already corrected to $1,413/oz as of 9:00 Moscow time. If nonfarm payroll growth comes in line with the consensus, we think investors will feel more confident in the chances of a 25 bp Fed rate cut in July. This would push gold below $1,400/oz. If the data is weaker than expected, expectations of a 50 bp cut would rise, and gold could soar to $1,435-1,440/oz.> Yesterday was a quiet day for base metals. Base metals traded mixed on thin volumes due to the US holiday. Zinc came under pressure, while aluminum was able to notch a slight gain. Next week, the US-China trade talks will resume in Beijing. The US restrictions on Huawei and Chinese agricultural imports from the US are likely to be among the main topics discussed.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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