Commodities Daily - March 12, 2019

> Oil ticks higher amid surging stock markets and Saudi commitment to market rebalancing. This morning, stock markets in Asia were up, as the UK and EU reportedly found some common ground on Brexit, the latter side even agreeing to some concessions. A pledge of further stimulus from China's central bank was also supportive. These factors helped Brent rise toward recent highs at just below $67/bbl. Apart from tonight's Brexit vote in the UK Parliament, which is widely expected to fail, investors will eye US CPI, API oil inventories and the UK trade balance today. We think Brent will finally manage to break above the $67/bbl mark later in the day.> Gold consolidating around $1,300/oz. Theresa May's new deal with the EU will be voted on in the UK Parliament today, while US inflation is due. We expect gold prices to remain within the range of $1,290-1,300/oz.> Base metals rising this morning. Optimism has prevailed, with nickel up 1.5%, zinc 1.3%, copper 0.9% and aluminum 0.6%, boosted by reports of continuing negotiations between the US and China. That said, no deal has yet been reached. In addition, LME launched seven new futures contracts yesterday, including for alumina.