Commodities Daily - September 18, 2019
> Gold prices stable amid positive news about the restoration of Saudi oil production. Yesterday, the Saudi energy minister confirmed that oil exports would continue uninterrupted and that output would be fully restored within several weeks. The oil market sold off following the optimistic assessment for restoring production, while gold prices lost only $6/oz, falling to $1,499/oz. Today, the focus will be on the Fed decision (21:00 Moscow times) and Chairman Powell's press conference (21:30). Yesterday's upbeat US manufacturing data for August could elicit a more hawkish tone from the Fed. We expect gold prices to move down toward $1,470-1,475/oz later on today.> Base metals, excluding zinc, remained at muted levels this morning following yesterday's drop. Chinese copper production data for August failed to reassure the market this morning, while a rise in Chinese refined zinc output caused zinc prices to lose about 1%. The QME base metals summit begins in Shanghai today; we anticipate comments on how regional demand for base metals can be stimulated by the Chinese state.
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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