Commodities Daily - October 7, 2019
> Oil inches higher amid stock market tailwinds as US monthly employment report does not disappoint. This week, oil investors will digest monthly market reports from the EIA, OPEC and IEA, Jerome Powell's monetary policy commentary and the results of US-China trade talks. Today is also the last day of China's National Day holidays. Following this morning's downbeat German factory orders for September (yet another sign of recession for Germany), today's calendar is light. We expect Brent to continue trading sideways within the $58-59/bbl range.> Gold pressured to $1,500-1,505/oz this morning by weak German factory orders. Investor concerns about the US-China talks and PBoC gold holdings statistics have failed to provide a boost. We expect gold to trade sideways today, with the key European data due today already published.
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