Commodities Daily - October 18, 2019

> Oil prices climb following EIA report, but downbeat Chinese 3Q19 GDP provides headwinds. During Asian trading this morning, Brent was heading toward $59.5/bbl following a downbeat 3Q19 GDP print from China, with y-o-y growth slowing to 6.0% (slightly below the consensus of 6.1%), down from 6.2% in 2Q19. China's industrial output, however, was upbeat, growing better than expected in September. In terms of data, today is light, with US leading indicators and the Baker Hughes rig counts the key items. We think that Brent is likely to trade sideways within the $59-60/bbl range amid a lack of catalysts.> Gold prices are stable ahead of key Brexit vote tomorrow. A weak batch of US macro data pushed the dollar lower and supported gold prices intraday yesterday. Today, speeches by several Fed officials will be in focus. > Chinese industrial production, GDP data have little effect on base metal prices. They are mixed this morning, with the 3m forward contract for aluminum trading at $1,730/tonne, copper $5,725/tonne, nickel $16,300/tonne and zinc $2,440/tonne.