EUROPEAN COMMODITIES UPDATE: Commodities trade muted amid a lack of catalysts

Crude Oil: WTI/ Brent -0.5%

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  Crude benchmarks have traded muted to start the European session amid continued attacks on Russian oil infrastructure. WTI and Brent initially dipped USD 0.40/bbl on the open following the resumption of oil loading at Russia’s Novorossiysk Black Sea port. After dropping to a low of USD 59.32/bbl and 63.66/bbl respectively, benchmarks have slightly rebounded to a peak of USD 59.78/bbl and 64.12/bbl but thus far, remains within the day’s tight c. USD 0.50/bbl band.


• On Russian sanctions, US President Trump has warned that countries doing business with Russia will face new sanctions under new legislation. This comes as the US continues to find new ways to pressure Russian President Putin to end the war in Ukraine.


• As WTI and Brent hold below/around USD 60/bbl and USD 64/bbl respectively, a Bloomberg poll shows that traders are not expecting OPEC to cut production next year despite a market consensus that the oil market is oversupplied. This could lead to further weakness in crude benchmarks in the coming months.

Precious Metals: XAU +0.1%, XAG +1.0%

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  Spot XAU is oscillating in a tight USD 4050-4106/oz band as the European session gets underway and the market steadies itself following Friday’s selloff.


• This comes as hawkish Fed rhetoric continues to reduce the chances of a rate cut in December, with now a 40% probability of a cut compared to the 60% chance seen at the start of last week.

Base Metals: 3M LME Copper -0.2%

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  Base metals have traded rangebound throughout the APAC session and into the European session amid a lack of drivers to start the week. 3M LME Copper continues to trade well-within Friday’s range in a tight USD 10.79k-10.85k/t band as markets await fresh catalysts.

17 Nov 2025 - 10:05- ForexGeopolitical- Source: Newsquawk