EUROPEAN COMMODITIES UPDATE: Crude and industrial metals tilt lower and risk wanes; tin outperforms on supply woes

Analysis details (09:39)

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  WTI and Brent futures have tilted lower after trading horizontally since the reopening of futures amid a lack of pertinent catalysts overnight and with participants awaiting key data releases such as China Q1 GDP and industrial output data, with the latter including domestic refinery activity. WTI May sits towards the bottom end of a USD 82.00-82.71/bbl intraday range while Brent June resides in an 85.75-86.52/bbl range – with recent downside occurring in lockstep with equities waning from best levels. Crude-specific events for the week are light but price action could depend on broader sentiment in the absence of macro catalysts.


• Over to metals, spot gold is on a slightly firmer footing above the USD 2,000/oz mark but off best levels as DXY rose towards the top end of its tight intraday range, but still a way away from Friday’s USD 2,047.36/oz peak. Base metals are now mostly lower following mostly firmer trade overnight. 3M LME copper pulled back and printed levels under USD 9,000/t as the Dollar rises and risk waned. The overnight focus was on tin prices – with Shanghai tin rising as much as 12% to hit limit-up, whilst LME tin jumped as much as 10% before the European cash open to the highest since February – with the gains attributed to Myanmar's tin-mining hub of Wa State planning to suspend all mining operations from August to protect its resources.

17 Apr 2023 - 09:40- MetalsData- Source: Newswires