EUROPEAN COMMODITIES UPDATE: Crude inches higher, XAU rangebound, copper remains tarnished

WTI/Brent: +0.3%/+0.2%

• WTI and Brent remained balanced after another day of gains, making highs at USD 65.34/bbl and USD 69.68/bbl respectively on Thursday.


• This morning, the benchmarks surpassed those peaks by c. USD 0.05/bbl early in the session before falling back into yesterday's range. As it stands, WTI and Brent are trading near session lows of USD 64.99/bbl and USD 69.37/bbl respectively.


• Newsflow a little light thus far, attention on the Iranian Foreign Minister saying that the agreement with the IAEA is valid as long as there is no ‘hostile action taken against Iran’, which includes reinstatement of UN sanctions.


• As a reminder, the E3 triggered the snapback mechanism in late August and there hasn’t been any resolution made between Iran and E3 to prevent the sanctions being placed.

Gold: +0.1%

• Spot gold continues to trade rangebound amid recent dollar strength and into a packed US agenda, currently within USD 3734-3755/oz parameters. A consolidation just off its USD 3791/oz ATH, after an aggressive move which started at the end of August with XAU is up nearly 13% since then.


• Markets are awaiting US Core PCE later today, the Fed’s key measure of inflation; see Fixed or FX for more.


• Spot silver has pulled back after a near 3% rise in yesterday’s session. Initially, falling down to a USD 44.60/oz trough before bouncing back towards the high made in yesterday's session at USD 45.22/oz, currently just a cent off that at best.


• Overnight, there was a flurry of news from US President Trump, including an announcement that the US will impose tariffs on multiple sectors, with particular focus on pharmaceuticals. However, this news was largely shrugged off by markets generally, but equities impacted (see Equities).

Copper: -0.4%

• After making a high at USD 10.48K/t, copper prices fell back and closed the day down 0.5% in yesterday’s session. Action on Thursday was initially a continuation of the Grasberg-induced gains, before being added to by updates from China.


• On Grasberg, the Indonesian Mining Minister said production at Freeport's mine has not resumed following disruption earlier in the week. As a reminder, that site accounts for around 3% of global supply.


• This morning, base metals continue to pull back with 3M LME Copper fading from a high at USD 10.29k/t, currently trading towards lows of USD 10.2k/t but set to close the week higher with gains of c. USD 200/t, as things stand.

26 Sep 2025 - 10:05- ForexEU Research- Source: Newswires