Commodities Daily - November 8, 2019
> Gold remains volatile. Gold dropped 1.5% yesterday on reports that the US and China had agreed on a phased rollback of import tariffs. However, gold prices have recovered somewhat this morning on White House trade advisor Peter Navarro's comment that a firm agreement had not been reached. Today's macro data includes US wholesale trade and the University of Michigan consumer sentiment index (18:00 Moscow time). However, more important will be whatever details we get on the trade talks, including information on when and where the "phase one" agreement might be signed. We would not rule out a drop to $1,450/oz if such details emerge.> Base metal prices advance yesterday, with nickel an exception. Copper led the way in the base metal segment yesterday with a 1.1% gain. It received a boost from Chilean copper export data and positive headlines on the US-China trade talks. This morning's trade data from China has had little impact on base metal prices.
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