Commodities Daily - March 26, 2019
> Oil prices stabilize after correction, but global markets remain fragile. Brexit developments are likely to continue shaping risk sentiment in the coming days. The weekly API inventory data will be released overnight and is likely to be counter-seasonally upbeat once again. We think that Brent is likely to trade flat at around $67/bbl today, but we must also emphasize the persisting downside risks. Global markets are extremely fragile and susceptible to almost any downbeat trigger.> Gold trading at elevated levels ahead of key Brexit votes. Yesterday, gold broke above $1,320/oz and reached its highest levels in a month amid a still-inverted US Treasury curve. We expect it to trade sideways in a range of $1,315-1,320/oz today ahead of a series of votes on Brexit in the UK Parliament.> Metals trading mixed; zinc continues climbing. This morning, zinc and aluminum have opened slightly higher (up 0.5% and 0.3%), while copper is trading basically flat (-0.2%) and nickel remains under pressure (-0.7%). Uncertainty about the US-China trade negotiations looks set to continue pressuring the market this week.
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