EUROPEAN COMMODITIES UPDATE: Awaiting fresh catalysts ahead of the looming OPEC meeting

WTI/Brent: +0.1%/+0.1%

• Crude benchmarks remain contained within a c. USD 0.60/bbl range as specific newsflow has been somewhat limited.


• A short-lived spike during APAC trade saw WTI and Brent reach highs at USD 62.54/bbl and USD 66.15/bbl respectively, before falling lower and oscillating around USD 62/bbl and USD 65.50/bbl; levels they currently remain in proximity to.


• The above spike occurred around an hour after a more modest move higher on reports in the WSJ that the US is to provide Ukraine with intelligence for missile strikes deep inside Russia, and are asking NATO allies to provide similar insight.

Gold: +0.3%

• Spot XAU is taking a breather so far after pulling back modestly from the ATH at USD 3895/oz throughout parts of yesterday’s session. XAU is currently in a tight USD 22/oz range as the market awaits fresh catalysts.


• Catalysts that are going to be significantly lighter than originally scheduled today and more pertinently tomorrow (BLS report) owing to the US shutdown. As such, other points may draw greater attention such as today’s Chicago Fed forecast of the BLS unemployment rate (see Fixed for more).

Copper: +1.2%

• Base metals continue to gain despite the absence of its largest buyer, China. 3M LME Copper extended above USD 10.40k/t during APAC trade, a move that has continued to a USD 10.51k/t peak.


• Complex underpinned by the softer USD and continued supply issues stemming from disruptions at key mines in Indonesia and Chile.

02 Oct 2025 - 10:15- ForexEU Research- Source: Newsquawk