Commodities Daily - March 12, 2018
Oil driven higher by surging stock markets amid renewed risk-on sentiment. Today, investors are eyeing the release of the EIA drilling productivity report, due at 21:00 Moscow time. The forecast for US tight oil production in April will be a focus. Brent will continue to be driven by stock market dynamics today. We expect it to drop below $65/bbl later in the day on profit taking and the EIA report, with a weaker dollar mitigating the slide.Gold trades sideways amid risk-on sentiment in global markets. Today, the dollar is likely to weaken, with EUR/USD drifting up toward 1.235. We therefore see gold trading at around $1,325/oz later in the day.
Trump signs steel and aluminum tariffs, Canada and Mexico excluded. On Thursday, US President Donald Trump signed orders to levy import tariffs of 25% on all steel products (including semi-finished) and 10% on aluminum starting on March 23, 15 days after the signing. Canada and Mexico were exempted, as talks over changes to the NAFTA agreement continue. No time frame of when the exemptions could be removed was provided.
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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