EUROPEAN COMMODITIES UPDATE: Crude gives up earlier gains whilst gold sees horizontal trade and base metals remain green

Analysis details (10:45)

WTI and Brent September futures have given up their overnight gains in light of the downbeat EZ PMIs which intimated that Q3 EZ GDP will contract 0.1% Q/Q. Until then, the contracts edged higher in APAC hours as sentiment was positive, with WTI printing levels just shy of USD 98/bbl at best, whilst its Brent counterpart rose to around USD 105.75/bbl before the contract declined to lows of USD 95.65/bbl and USD 103.20/bbl respectively. Aside from that, yesterday's reports suggested that Russian President Putin and Saudi Crown Prince spoke by phone and discussed the global oil market situation, while they underlined the importance of further cooperation within the OPEC+ framework, according to the Kremlin. This comes ahead of the August OPEC+ meeting which will almost completely focus on the group’s new policy. In terms of metals, spot gold is trading sideways above USD 1,700/oz whilst industrial meals are firmer intraday but off best levels. In terms of agricultural markets, grain talks continue today with the Russian defence minister in Turkey for the deal. Tass sources suggested the upcoming Turkish agreement on grain will allow the passage of at least 25mln tons to world markets and will lift the ban on 80 ships in Ukrainian ports.

22 Jul 2022 - 10:45- MetalsResearch Sheet- Source: Newsquawk