EUROPEAN COMMODITIES UPDATE: Choppy trade in crude while spot gold eyes USD 3,300/oz ahead of a risk-packed week

Crude Oil: WTI Aug -0.1%, Brent Sep -0.3%

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  Now positive in choppy trade after kicking off the APAC session subdued as, in the absence of notable geopolitics over the weekend, traders reacted to reports that the OPEC+ meeting later this week will likely see the group make another oil output hike of 411k BPD for August.


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  Prices found a floor shortly after US President Trump posted that he is not offering Iran anything, and is not talking to Iran since destroying their nuclear sites.


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  Note, it was reported over the weekend that an oil tanker named Vilamoura experienced an explosion close to Libya - "Some have speculated that the [Vilamoura] was the victim of a limpet mine attack, although this remains unconfirmed by official sources," Vanguard reported.


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  WTI resides in a USD 64.50-65.45/bbl range while its Brent counterpart trades in a USD 65.92-66.87/bbl range.

Precious Metals: Gold +0.6%, Silver +0.5%, Palladium +1.1%

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  Spot gold is firmer amid the Dollar softness and ahead of upcoming risk events, with the most macro one being the expiry of US President Trump's reciprocal tariffs negotiation deadline on July 9th, while it was separately reported that Trump said he doesn't expect to extend the July 9th tariff deadline.


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  Spot gold stopped just shy of USD 3,300/oz this morning after rising from a USD 3,244/oz base.

Base Metals: 3M LME Copper -0.4%

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  Copper futures are subdued with a similar performance to APAC seen in Europe amid the mixed risk appetite


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  Overnight, the latest Chinese PMI data showed Manufacturing PMI remained in contraction territory despite the US-China trade truce, possibly also weighing on sentiment for the red metal.


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  3M LME copper resides in a USD 9,830.30-9,895.60/t range at the time of writing.

30 Jun 2025 - 10:00- ForexEU Research- Source: Newsquawk