EUROPEAN COMMODITIES UPDATE: Contained trade with specifics light into the afternoon data & weekend OPEC events

WTI/Brent: +0.5%/+0.5%

• Crude benchmarks are in the green, having been supported by a bounce in the risk tone around the cash open (see Equities for more).
• WTI Jul and Brent Aug have both gained around USD 0.30/bbl, to USD 61.27/bbl and 63.66/bbl respectively.
• To recap trade developments, US President Trump’s tariffs will remain in place after a Federal Appeals Court temporarily reinstated them on Thursday.
• Thursday’s EIA data saw crude inventories fall: w/e -2.795M vs. Exp. 0.118M (Prev. 1.328M)
• Eyes remain on the weekend’s meeting of the OPEC 8, whereby Bloomberg sources suggest an output hike of 411k is under consideration.

Gold: -0.6%

• Spot gold is underperforming within the precious metals complex, amid the weaker dollar, and subdued demand ahead of the weekend.
• A busy docket today sees the Fed's preferred inflation measure, PCE, and a slew of speakers including Bostic, Daly and Logan.
• India’s demand for the yellow metal was subdued this week, with dealers offering a USD 31/oz discount amid the winding up of the domestic wedding season.
• The session so far has been absent of any fresh macro catalysts, and gold trades within narrow parameters of USD 3,287.54-3,322.64/oz, currently towards the session low.

Base metals: 3M LME Copper: -0.1%

• Like precious metals, base peers are broadly in negative territory, suffering from the stronger dollar and fading trade optimism.
• Attention will turn to the busy US data docket later today, along with Chinese PMIs over the weekend, which are expected to contract.