EUROPEAN COMMODITIES UPDATE: Crude essentially flat with catalysts light, focus on Iran's counter offer to the US nuclear proposal

WTI/Brent: U/C/U/C

• Crude benchmarks are flat, and in thin trade, as we await details regarding US-Iran and US-China negotiations.


• WTI and Brent reside within tight USD 64.20-64.86 and 66.07-66.69/bbl ranges, and currently rest within the middle of these bounds.


• On geopolitics, Tehran will be proposing a counter offer to the US nuclear proposal by tomorrow; we are awaiting further details on this.


• Given today’s thin calendar, eyes will be on this week's Iranian nuclear proposal, in addition to US-China trade talks following the “constructive” Trump-Xi call on Friday. On the latter, talks are expected to focus on rare earths and export controls.

Gold: +0.4%

• Spot Gold is firmer, and benefitting from the softer dollar (DXY -0.3%), and risk environment (Fixed bid, Equities mostly softer).


• The metal saw fleeting support on the aforementioned news from Iran, which pushed the metal towards session highs of USD 3,328/oz, before it faced resistance at this level.

3M LME Copper: +0.5%

• Copper is on the front foot, shrugging off mixed Chinese data, which showed Y/Y CPI remaining in deflationary territory.


• On the supply side, LME data showed copper stocks fell 10k. The industrial metal was choppy on this update, though ultimately rose after ten minutes.


• On the day, copper trades within a range of USD 9,670.75-9,738.1/t.

09 Jun 2025 - 09:50- ForexEU Research- Source: Newsquawk