Commodities Daily - October 28, 2019
> Oil ticks higher amid US-China trade deal progress. This morning, Brent slipped below $62/bbl following Sunday's release of Chinese data showing a 5.3% y-o-y contraction in industrial profits in September (after August's 2% drop) and a continued decline in producer prices. Today is fairly light data-wise. We expect Brent to keep trading within a $61-62/bbl range, with profit taking following last week's price gains likely to provide headwinds.> Gold prices remain elevated despite US-China trade deal progress, as a Fed rate cut expected. The key factor behind gold's success in holding firm despite the recent rally in risk assets is the looming Fed decision on Wednesday, at which investors now see a 90% probability of yet another cut. Today's macro calendar is light, with the most notable release being US wholesale inventories for September. We expect gold to keep trading around the $1,505/oz mark today.
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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