Sberbank - Commodities Daily - June 11, 2019

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Sberbank

Maria Krasnikova ...

Mikhail Sheybe

Commodities Daily - June 11, 2019

> Oil prices slide amid Trump-Xi G20 meeting uncertainty and lack of definitive stance from Russia on OPEC+ deal extension. Today, the market awaits BP's annual Statistical Review of World Energy report, UK unemployment figures, the US PPI and more importantly the monthly EIA report as well as the API US oil inventory report overnight. We think Brent is likely to trade within the $62-63/bbl range for most of the day today and eventually hold above $62.76/bbl, which is the 50% Fibonacci retracement level from Brent's December rally.> Gold prices stable at around $1,325/oz. Yesterday was a pretty quiet day for gold prices. After strong gains last week, yesterday saw something of a consolidation. With US inflation due tomorrow, we do not expect any major price movements today. > Reports of more Chinese stimulus boosting metal quotes this morning. All metals have opened higher today, with nickel up 2.1%, zinc 1.5% and aluminum 0.5%. The driver behind today's gains is an official press release about more Chinese economic stimulus measures. However, the risk of a continuation of the trade war remains, and Trump yesterday threatened new tariffs against China.

11/06/2019 9 EN

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Sberbank

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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Analysts

Maria Krasnikova

Mikhail Sheybe

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Commodities Daily - June 11, 2019

Russian Consumer - Unemployment and Income: The Outlook for 2022

Russian Banks - What We Know at This Stage

Commodities Daily - March 24, 2022

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