Commodities Daily - November 7, 2019
> Gold trading close to $1,490/oz. Uncertainty remains over the timing and location of the expected signing ceremony for the "phase one" trade agreement between the US and China. A couple of Fed representatives delivered comments yesterday that would seem to have implications for gold prices, including on whether the Fed's easing cycle has ended, but the gold market largely shrugged them off. Today's highlight data-wise is US jobless claims at 16:30 Moscow time.> Base metals moved lower yesterday. The IMF downgraded forecasts for GDP growth in the eurozone in 2019 and 2020, which strengthens concerns of an "industrial recession" in Europe. Lead prices came under the most pressure yesterday after international study group ILZSG unveiled its 2020 forecasts. However, we expect base metals to recover today on the back of reports that US-China talks are still taking place and that the two sides are considering a gradual roll-back of tariffs.
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