Commodities Daily - November 9, 2018
Oil slides on stronger dollar despite higher Chinese oil imports; OPEC+ JMMC meeting on the radar. We think that Brent will be able to defend the $70/bbl level today even on the back of what will likely be slightly bearish Baker Hughes rig count data and positive US dollar momentum. Over the weekend, investors will eye Sunday's OPEC+ Joint Ministerial Monitoring Committee meeting in Abu Dhabi. Gold prices fall on Fed hawkishness; further correction likely. The FOMC's hawkish stance has soured risk sentiment and continues to support dollar this morning. Our FX analysts think the dollar is likely to continue paring back the losses from early November, while the euro could come under pressure from looming Italian concerns. They believe that EUR/USD is unlikely to break below very strong technical support at 1.130, so we envisage gold retreating further to $1,215/oz later in the day.
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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