Commodities Daily - January 15, 2019

> Oil pressured by fears of economic slowdown; Brexit vote and EIA monthly report eyed. The monthly EIA report is due today at 20:00 Moscow time. The key thing to watch will be whether the agency updates its 2019 US oil production forecast in light of the oil price slump and the recent decline in active rigs. Investors will also keep an eye on the vote on the Brexit deal in the UK Parliament. We expect Brent to continue trading sideways within the $59-60/bbl range today.> Gold remains strong ahead of Brexit vote in UK Parliament. Gold prices are holding in a range of $1,290-1,293/oz this morning. Yesterday, Newmont Mining announced a takeover of Goldcorp in a $10 bln deal that will create the world's largest gold miner. This evening, UK Prime Minister Theresa May will make the final speech (19:00 London time) ahead of the Brexit vote.> Base metals prices move higher this morning on Chinese policy promises. Nickel and copper have climbed to $11,500/tonne and $5,950/tonne, respectively. Aluminum faces an important day, as Senate Minority Leader Chuck Schumer's resolution to disapprove of OFAC's plan could see a vote.