EUROPEAN COMMODITIES UPDATE: Contained with specifics light and the docket sparse ahead of a packed week

WTI/Brent: +0.1%/+0.1%

• In the green but only modestly so. Specifics somewhat light with the main updates on the geopolitical front but nothing to significantly move the dial so far.


• From Ukraine, their Energy Ministry noted attacks by Russia on Ukrainian energy facilities with Reuters sources thereafter reporting the focus was on gas infrastructure.


• Elsewhere, US Secretary of State Blinken says that in the last few weeks he has seen encouraging signs that a Gaza ceasefire is possible.


• Potentially most pertinently, though updates on it have been slim, WSJ reported the President-elect Trump is said to be weighing options for stopping Iran from being able to build a nuclear weapon, including the possibility of preventive airstrikes.


• WTI and Brent are currently contained in very narrow c. USD 0.60/bbl parameters which pivot USD 70/bbl and USD 73.50/bbl respectively.

Gold: -0.3%

• Softer, potentially dented by the grind higher in risk sentiment seen in the European morning and continued DXY advances above 107.00.


• Action which has so far taken XAU down to a test of the USD 2670 50-DMA.


• Docket ahead is very light, as such impetus will likely come from the broader US macro tone in the absence of a fresh fundamental driver.

3M LME Copper: +0.1%

• Flat in APAC trade with both newsflow and price action limited. Since picked up slightly, benefiting from the mentioned grind higher in the European risk tone.


• 3M LME Copper has just managed to recoup the USD 9.1k mark but remains markedly shy of Thursday’s USD 9.2k opening level and that session’s higher thereafter at USD 9.27k before the WTD USD 9.3k peak.

13 Dec 2024 - 10:00- ForexEU Research- Source: Newsquawk