EUROPEAN COMMODITIES UPDATE: Crude remains subdued whilst metals trade mixed in quiet trade

Crude Oil: WTI Dec -1.4%/Brent Jan -1.4%

• Lower across the board heading into the end of the week amid efforts to reach a ceasefire between Israel and Lebanon whilst Iran attempts to cool tensions with the US.


• Israeli forces push deeper into Lebanon in a widening war campaign, while the expanding ground operation risks protracted conflict but could build leverage for ceasefire talks, according to WSJ.


• Iran provided written assurances to the US administration in October that it was not seeking to kill Presidential contender Trump, via WSJ citing a US official; assurances which were intended to cool tensions between the US and Iran.


• Elsewhere, NHC's updates on Tropical Storm Sara point to a no hurricane while also avoiding the Gulf of Mexico.


• WTI Dec resides towards the bottom end of a USD 67.51-68.64/bbl parameter while Brent Jan also trades towards the lower end of its USD 71.33-72.39/bbl range.

Precious Metals: Gold U/C, Silver -0.2%, Palladium +2.1%

• Mixed trade across precious metals this morning despite the substantial pullback in the Dollar, with some potential tailwinds emanating from attempts to cool geopolitical tensions amid efforts to reach a ceasefire between Israel and Lebanon whilst Iran attempts to cool tensions with the US.


• Traders look ahead to US retail sales as the next potential scheduled catalyst.


• Spot gold yesterday briefly dipped under its 100 DMA (2,545.21/oz) to a USD 2,536.71/oz low, with today's current range between USD 2,554.43-2,571.69/oz.

Base Metals: 3M LME Copper +0.4%

• Mixed trade with a positive bias in recent trade as prices recover alongside the pullback in the Dollar.


• Overnight, Chinese Industrial Production disappointed but Retail Sales topped forecasts, while Chinese Home Prices showed a steeper Y/Y drop although the M/M decline moderated.


• 3M LME copper trades on either side of USD 9,000/t in a current USD 8,997.50-9,077.50/t range.

15 Nov 2024 - 10:01- MetalsGeopolitical- Source: Newsquawk