Commodities Daily - May 23, 2019
> Gold trading sideways, did not react to FOMC minutes release. The negative news backdrop related to the trade war has boosted the dollar this morning. Today's schedule includes the ECB minutes and comments by several Fed officials. Gold may be set to stay under pressure today, particularly if the dollar continues to strengthen. > Market backdrop for base metals still negative. US Treasury Secretary Steven Mnuchin said yesterday that the potential imposition of tariffs on the remainder of Chinese imports would be under discussion for at least another month. Meanwhile, the Chinese commerce minister has blamed the US for the latest escalation in the trade war, which he said could lead to a global recession. China's latest batch of metal import data is unlikely to provide support for base metal prices this morning. Copper has been trading around the $5,900/tonne mark and nickel has slid to $11,900/tonne, while aluminum and zinc remain under pressure.
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