Commodities Daily - June 28, 2019

> Oil holds steady heading into key G20 meetings. Today, the market will be digesting high-level comments from the first day of the G20 summit and also be looking out for UK GDP, Eurozone CPI, US personal incomes and outlays, the Chicago PMI, Michigan confidence and the Baker Hughes rig counts. Given that Trump's initial G20 comments were neither downbeat nor hawkish, and giving an early spike in EUR/USD toward 1.140, we expect the Brent August contract to expire closer to $67/bbl today amid likely bullish Baker Hughes data.> Gold price volatility remains high. Yesterday, gold reacted to comments about the Trump-Xi meeting (planned for 5:30 tomorrow morning Moscow time). The backdrop is the G20 summit, which starts today and at which political issues important for the gold market (including Iran, Venezuela and Syria) will be discussed. US economic data seemed to have had little effect on gold prices yesterday; today, more US economic data is due, including personal incomes and spending, the Chicago PMI and the Michigan confidence index.> Base metals trading flat today; two big headlines from copper industry. Yesterday, the strike at copper producer Codelco's Chuquicamata mine in Chile ended following 14 days of protests. Meanwhile, in the Democratic Republic of the Congo, a copper mine owned by Glencore collapsed, killing at least 41 people.