Commodities Daily - November 21, 2019
> Oil keeps sliding on OPEC+, US-China concerns; EIA data eyed. We think Brent will keep trading in a $62-63/bbl corridor today given how well it held its ground amid the recent escalation in the US-China trade tensions. A comment from a Chinese Commerce Ministry spokesman that some of the rumors about the trade talks are inaccurate is providing a tailwind.> Gold prices consolidate around $1,470/oz yesterday. The October FOMC minutes, published yesterday, indicated that the Fed did not see further rate cuts as necessary unless the US economy were to significantly deteriorate. In Russia, the CBR published an update on gold reserves. The highlights on today's macro calendar are US initial jobless claims (16:30 Moscow time) and existing home sales (18:00). It is possible that gold will remain under pressure today. Unless there is some major political news, we would expect gold to drop to $1,455-1,460/oz.
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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