EUROPEAN COMMODITIES UPDATE: Commodities trade muted as crude awaits OPEC+ meeting

Crude Oil: WTI/ Brent -0.5%

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  Crude benchmarks remain rangebound as the market waits for the OPEC+ meeting at the weekend. Currently, WTI and Brent are oscillating in a tight USD 60.02-60.53/bbl and USD 63.83-64.33/bbl range, respectively.


• After peaking at USD 62.59/bbl and 65.95/bbl last Friday following US sanctions on Russian oil, crude prices have pulled back this week as the worry of an oversupplied oil market remains the market's primary driver. OPEC+ is to meet over the weekend with expectations of the group hiking oil production again from the 137k BPD quota set at the last meeting.


• On the Gaza ceasefire, it was reported that the US has allowed Israel to enforce the ceasefire and fire at Hamas targets behind the yellow line where the IDF holds in Gaza. Artillery shelling has been reported inside the yellow line east of Gaza City. However, this news has not shifted crude prices.

Precious Metals: XAU -0.5%, XAG -0.1%

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  Spot XAU followed on from Thursday’s rebound, extending to a peak of USD 4046/oz in the early hours of the APAC session before falling back lower to a trough of USD 3988/oz. XAU remains above USD 4k/oz, currently trading at 4003/oz, as the market digests a week of central bank announcements.

Base Metals: 3M LME Copper -0.8%

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  Base metals continue to fall despite the positive China-US talks held in the early hours of Thursday’s session.


• Following Thursday’s selloff, weighed on by dollar strength, 3M LME Copper rebounded in the latter hours of Thursday’s session and peaked at USD 10.98k/t as the APAC session got underway. The red metal fell to a trough of USD 10.86k/t and oscillated in a tight c. USD 40/oz before extending on the day’s losses. Thus far, 3M LME Copper remains near session lows at USD 10.83k/t.

31 Oct 2025 - 10:15- MetalsEU Research- Source: Newsquawk