EUROPEAN COMMODITIES UPDATE: Crude modestly firmer, XAU slips given the positive risk tone and stronger USD

Crude Futures: WTI Jun +0.1%, Brent Jun +0.1%

• Crude futures are eking very mild gains with upside limited following yesterday's choppy performance and ahead of US-Iran technical nuclear talks on Saturday, which US President Trump said he thinks are “doing well”. The little upside seen today comes from the bettering risk appetite and the buying of cheap oil after this week’s OPEC+ & Kazakhstan supply woes.


• Updates from China’s Politburo failed to spark an immediate reaction. The complex saw fleeting support on the news a meeting had been held, though trickled lower, and continues to do so, with some desks noting that the nation could be preparing for a US tariff hit after the Politburo vowed to fully prepare emergency plans for external shocks.


• For reference, WTI and Brent trade around USD 0.2/bbl off session lows, at USD 62.90 and USD 66.60/bbl respectively.

Dutch TTF: U/C

• A session of subdued but rangebound trade, continuing a fourth consecutive day of losses, while efforts for Russia-Ukraine talks continue.


• Geopolitical newsflow has been light so far this morning, with no real news, aside from US Envoy Witkoff arriving in Russia.


• As for price action, TTF was briefly higher at the open but moved lower with broader risk sentiment as traders continued to digest the fallout from China’s Politburo meeting.

Gold: -1.0%

• Spot gold has pulled back from overnight on a stronger dollar and better overall risk sentiment on trade optimism.


• Overnight, the yellow metal pulled back from highs of USD 3,384/oz, after reports that China is said to consider exempting some US goods from tariffs.


• Now, the metal approaches session lows around the USD 3,300/oz mark, a level which it breached upon arrival of European traders.

3M LME Copper: -0.6%

• Copper futures trade lower amid a firmer dollar and as updates from China’s Politburo pushed the industrial to session lows around two hours after the release.


• 3M LME copper resides in a USD 9,355.45-9,458.80/t range at the time of writing.

25 Apr 2025 - 09:45- ForexGeopolitical- Source: Newsquawk