EUROPEAN COMMODITIES UPDATE: Commodities follow the positive sentiment stateside as the end of government shutdown nears

Crude Oil: WTI/ Brent +1.0%

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  Crude benchmarks have bid higher to start the week as it follows the positive sentiment seen stateside as the Senate passes the funding bill. WTI and Brent gradually moved c. USD 0.65/bbl higher throughout the APAC session to peak at USD 60.38/bbl and USD 64.24/bbl, respectively. As the European session got underway, benchmarks briefly extended on gains before sharply reversing lower to a trough of USD 60.01/bbl and 63.85/bbl despite a lack of drivers.


• The Senate voted 60-40 to pass the funding bill Sunday evening. The markets await its passage through the House, which is not guaranteed due to opposition leaders.


• On geopolitics, Russia launched over 400 drones and 45 missiles at Ukrainian energy infrastructure, with Ferrexpo announcing that the supply of power to its operations has been affected and as a result, production and exports will be interrupted. This attack has helped spur crude benchmarks higher as the European session continues.

Precious Metals: XAU +2.0%, XAG +2.9%

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  Spot XAU has trended higher throughout APAC trade and into the European session despite the potential end of the US government shutdown, which should act as a headwind for haven assets. XAU drove higher straight from the open at USD 4k/oz and has broken above the highs of the 9-day range at USD 4050/oz. The yellow metal has peaked at USD 4085/oz and is currently trading at session highs.


• ETF inflows have been picking up in recent days following the 11% selloff from ATHs. To add, the PBoC has added gold to its reserves for a 12th straight month. Investors note that with the government shutdown nearing an end, XAU has shifted its focus back to potential easing by the Fed, resulting in this morning's gains.

Base Metals: 3M LME Copper +0.9%

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  Base metals have advanced higher over hopes of the end of the US government shutdown. 3M LME Copper gapped higher to USD 10.75k/t and bid higher throughout the APAC session to a peak of USD 10.83k/t as the European session gets underway. Currently, the red metal is oscillating in a tight c. USD 30/t band.

10 Nov 2025 - 09:55- MetalsEU Research- Source: Newsquawk