EUROPEAN COMMODITIES UPDATE: Crude rebounds and metals non-commital awaiting the next impetus

Crude Oil: WTI Oct +1.4% Brent Nov +1.3%

• Futures edge higher in rangebound trade after the prior day's fluctuations, whereby early gains due to OPEC+ and geopolitics were trimmed after Saudi Arabia lowered premiums for OSPs to Asia and North-West Europe.
• Catalysts remain light, but geopolitics seemingly underpin benchmarks.
• WTI currently resides in a 62.37-63.16/bbl range while Brent sits in a USD 66.12-66.94/bbl range.

Precious Metals: Gold +0.4%, Silver -0.1%, Palladium +0.2%

• Relatively rangebound trade amid light catalysts and head of risk events, with attention now on data releases, including the BLS prelim. benchmark revisions are scheduled today, followed by PPI on Wednesday and CPI on Thursday.
• Spot gold currently resides in a USD 3,628.48-3,659.43/oz after printing fresh record highs yet again.

Base Metals: 3M LME Copper -0.1%

• Base metals lack firm direction with the price action contained within a tight range after the indecisive performance on Monday, and with newsflow light today.
• 3M LME copper resides in a USD 9,894.20-9,963.70 /t range at the time of writing.