EUROPEAN COMMODITIES UPDATE: Commodities rebound from Thursday’s equity-led selloff

Crude Oil: WTI/ Brent +1.2%

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  Crude benchmarks have reversed Thursday’s losses as risk sentiment continues to shift amid AI concerns and weak US labour market. WTI and Brent oscillated in a tight c. USD 0.20/bbl for the majority of the APAC session before bidding higher to a peak of USD 60.23/bbl and 64.15/bbl respectively and remaining near session highs as European trade continues.


• Benchmarks have continued to retreat gradually as concerns over an oil glut continue to rise. Continued oil production from major producers and an expected slowdown of stockpiling in China has weighed on crude prices in recent weeks.


• Comments by the US Treasury Secretary Bessent stating that the US President has been clear that the Ukraine war must end. To add, he says that Gunvor, “the Kremlin puppet”, will never get a license to operate as the company attempted to buy foreign assets of Lukoil.


• Later today, Hungarian PM Orban is expected to meet with US President Trump in an attempt to seek a reprieve from the recent Russian oil sanctions.

Precious Metals: XAU 0.9%, XAG +1.7%

• After Thursday’s choppy price action, spot XAU has continued to grind higher throughout APAC trade and into the European session. XAU started the day at USD 3977/oz and bid higher straight from the open to a peak of USD 4003/oz before pulling back slightly to a low of USD 3985/oz. As the European session got underway, the yellow metal has extended higher and is currently trading at session highs at USD 4010/oz.


• As XAU continues to consolidate from its 11% selloff from ATHs, gold ETFs in India continue to receive inflows and are set for a new annual record as it nears USD 3bln of inflows. This comes amid more central bank buying, fiscal worries and expectations of further easing by the Fed.

Base Metals: 3M LME Copper +0.6%

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  Base metals are trading rangebound as the European session gets underway, and as it steadies from Thursday’s risk-off environment. 3M LME Copper continues to oscillate in a tight USD 10.68k-10.75k/t band as the market awaits a new catalyst.


• Earlier in the session, Chinese trade data was released, with exports unexpectedly slumping for the first time since February. Initial weakness was seen in copper prices, with 3M LME Copper falling c. USD 40/t over 30 minutes following the release but has pared back this move throughout the session. It's worth noting the Chinese trade data encapsulates the period before the Trump-Xi meeting where a framework accord was reached.

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