Commodities Daily - March 1, 2019

> Oil prices stable amid mixed signals on trade deal, global growth; array of data eyed today. Today, market players are eyeing February's ISM US PMI at 18:00 Moscow time, which looks set to exceed forecasts, supporting the dollar and stocks. Eurozone CPI for February will be also important, as any softness may lead the ECB to be even more dovish next week, when it is expected to downgrade its economic forecast and announce economic stimulus in the form of targeted long-term refinancing operations. The Baker Hughes rig count data at 21:00 Moscow time is likely to be upbeat. We expect Brent to secure closer to the higher end of the $67.0-67.5/bbl range later in the day today.> Gold prices set to test support at $1,300/oz as dollar firms. GDP data from the US yesterday spurred a selloff in gold from $1,327/oz to $1,313/oz. The US ISM manufacturing PMI will be released at 18:00 Moscow time today. If the dollar advances again today, as our FX analysts expect, this will pressure gold closer to support at $1,300/oz.> Base metals up slightly this morning. A better than expected Caixin Chinese manufacturing PMI for February has lifted prices. The exception is copper, the 3m forward contract for which is struggling this morning to break resistance at the $6,500/tonne level.