Commodities Daily - March 29, 2019
> Oil rebounds on US-China trade talk optimism after being pressured by Trump's pledge for higher supply. Today, investors will eye German retail sales, UK GDP and housing prices, French CPI, and US personal incomes and spending, Chicago PMI, new home sales, Michigan confidence and the weekly Baker Hughes rig counts. The third vote in the UK Parliament on Prime Minister Theresa May's Brexit deal, which is widely expected to fail again, will also be eyed. We think that today oil prices are likely to trade flat with the current front-month Brent contract ending the month just below $68/bbl.> Gold under pressure along with EM currencies. Gold dropped 1.5% yesterday and has extended its losses this morning. Developments in Turkey and the third vote on UK PM Theresa May's Brexit plan (17:30 Moscow time) will be in the spotlight today. We believe gold prices could begin to consolidate below $1,300/oz.> Optimism reigns for base metals. All base metals opened higher today, led by copper (+ 0.9%), nickel (+0.9%) and zinc (0.8%), against the backdrop of US -China talks.
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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