EUROPEAN COMMODITIES UPDATE: Crude off lows but gold losses ground pre-ECB

Analysis details (10:53)

WTI and Brent front-month futures consolidated with mild losses after the former settled above USD 104/bbl and the latter not far below USD 109/bbl yesterday. News flow for the complex has been limited to Russia-Ukraine, with the Ukrainian Foreign Minister suggesting talks with Russia continue but without much progress; whilst the Russian Deputy Chairman of the Security Council Medvedev suggested if Sweden and Finland join NATO there can be no more talk of a nuclear-free Baltic as the "balance must be restored". Meanwhile, the opposing force remains the COVID situation in China, with recent reports also suggesting the Shanghai lockdown is putting other Chinese cities on edge. Crude benchmarks clambered of intraday lows following these remarks: WTI May trades within a USD 102.50-104.30/bbl band whilst Brent June resides around intraday highs above USD 108/bbl. Elsewhere, spot gold has been losing ground in recent trade following the initially Russia-induced blip higher, in a move that is seemingly tracking US yields, with the yellow metal now losing ground under USD 1,975/oz. Base metals are somewhat mixed, but zinc is still in the green – buoyed by both bullish supply and demand factors, according to some desks.

14 Apr 2022 - 10:52- MetalsResearch Sheet- Source: Newsquawk