Commodities Daily - March 6, 2018
Surging stock markets send oil prices higher as trade war fears eased; IEA releases 5y outlook during CERAWeek; US inventory data eyed. Today, we expect Brent to trade sideways in a $65-66/bbl range, driven by stock market performance and at times pressured by pricing in of bearish expectations about US inventory data and shale output projections in the latest EIA monthly report (due at 20:00).Gold prices stuck in a wide range dictated by concerns of a trade war. Today’s schedule is quiet. Markets will remain focused on US trade tariffs, Italian politics and Thursday’s ECB meeting. The Fed’s Bill Dudley speaks at 15:30 Moscow time. We expect gold to trade sideways today within the $1,315-1.325/oz range and for EUR/USD to keep within 1.23-1.235 corridor.
China to cut 30 mtpa of steel, 150 mtpa of coal capacity in 2018. According to Xinhua News Agency, Chinese premier Li Keqiang, on the first day of the National Congress of the Communist Party of China, guided that the country will cut around 30 mtpa of crude steel capacity in 2018.
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