EUROPEAN COMMODITIES UPDATE: Commodities bolstered on further Chinese reopening rumours.

Analysis details (09:40)

WTI and Brent front-month futures are firmer on the day with the former just under USD 91/bbl and the latter around USD 97.00/bbl following a pullback in the Dollar - and with APAC sentiment boosted by unverified rumours overnight regarding China reopening sooner with China's CDC said to be working on a reopening path - China's Health Authorities are to hold a presser on targeted COVID prevention on November 5th at 15:00 local time (07:00GMT). Furthermore, Bloomberg sources reported that China is working on a plan to scrap COVID flight suspensions, according to Bloomberg, although this was later downplayed by the Chinese Foreign Ministry who suggested the nation’s COVID policies are consistent and clear. Elsewhere, spot gold is boosted by the softer Dollar but found some resistance at USD 1,650/oz during APAC hours, with the yellow metal eyeing its 21 DMA at 1,651.71/oz upon a breach of the psychological level, whilst the 50 DMA is seen at 1,673.73/oz. Elsewhere, the aforementioned China news bolstered base metals, with 3M LME copper back above the USD 7,500/t and topping USD 7,750/t before finding resistance at USD 7,800/t. 

04 Nov 2022 - 09:40- MetalsResearch Sheet- Source: Newsquawk