EUROPEAN COMMODITIES UPDATE: Commodities trade subdued as markets await US CPI

Crude Oil: WTI/ Brent U/C

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  Crude benchmarks are taking a pause following Thursday’s drive higher as the US placed sanctions on Russian oil companies. APAC trade was muted, with WTI and Brent trading in a tight USD 0.60/bbl range before slightly extending to a peak of USD 62.13/bbl and USD 66.30/bbl respectively as German and UK PMIs came in better-than-expected, but then pulling back modestly. Currently, benchmarks are off best and somewhat rangebound.


• Late in Thursday’s session, a White House official said a Trump-Putin meeting is not completely off the table and states that the US President has not seen enough action from Russia towards peace.


• To add, Russian President Putin said that Russia wants to continue dialogue with the US and isn’t worried that the new sanctions will have an effect on the Russian economy.


• On trade, it was confirmed that US President Trump will meet China’s President Xi on Thursday 30th, with the US President saying he will come out well from the meeting.

Precious Metals: XAU/ XAG -1.3%

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  Spot XAU is currently being weighed on as bond yields rise globally, reversing Thursday’s gains. XAU rose to USD 4144/oz early in the APAC session before gradually falling to a low of USD 4047/oz as the European session got underway.


• Volumes remain light as the market waits for US CPI later on today. Headline CPI M/M is expected to come in at 0.4%, unchanged from the prior month, Citi notes that softer housing inflation will offset tariff-driven price pressures.

Base Metals: 3M LME Copper +0.5%

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  Base metals followed on Thursday’s rally as copper supply concerns come at a time of broad optimism over demand and a Trump-Xi meeting on the horizon.


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  3M LME Copper oscillated in a tight c. USD 65/t range during the APAC session, forming a low at USD 10.8k/t, before extending the prior week’s high and peaking at USD 10.97k/t as the red metal nears key USD 11k/t price point. Prices are currently off best levels, with 3M LME Copper pulling back to USD 10.89k/t.

24 Oct 2025 - 10:20- ForexGeopolitical- Source: Newsquawk