Commodities Daily - November 12, 2018
> Oil rebounds on Saudi pledge to cut supply in December. We think that front-month Brent is bound to surge today despite the US holiday as investors price in the extension of production cuts through at least the end of 1H19, given OPEC's seeming change in course following the ease in the US's stance on Iran. We expect Brent to break above $73/bbl.> Gold slides in face of relentless dollar strength; further correction likely. The euro is unlikely to fall further today, as EUR/USD is hovering above a strong support level of 1.125, though this level could well be tested tomorrow, which marks the deadline set by the EU for Italy to revise its budget. We expect gold to ease below $1,200/oz today and dip as low as $1,190/oz tomorrow.
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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