Commodities Daily - September 21, 2018
Oil slides as Trump fires salvo at OPEC ahead of OPEC+ ministerial meeting. We expect Brent to make another approach to $80/bbl today amid a weaker dollar and surging European stock markets. Investors will also be positioning themselves ahead of this Sunday's OPEC+ ministerial committee meeting in Algeria, where we think a bearish recommendation to increase production is in the cards. Gold prices surge amid risk-on mood as trade tensions pick up. Given that the US-China trade war will continue and that the 10y US Treasury yield is holding above 3%, it will be difficult for EM currencies to advance further, even if risk-on trading persists. We believe EUR/USD is likely to trade flat today, which, in our view, should result in gold hovering around the $1,210/oz mark for the rest of 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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