EUROPEAN COMMODITIES UPDATE: Crude subdued and precious metals hold an upward bias ahead of IJC

Crude Oil: WTI Oct -0.1% Brent Nov -0.1%

• Both subdued but confined to a tight range in the aftermath of the Fed and with notable energy-specific newsflow on the lighter side.


• Note, between the 18th and 19th of September, OPEC+ delegates will meet in person in Vienna to discuss the issue of the production capacity assessments which will be used to determine the new baselines in 2027. "In general the unwinding process of the voluntary cuts is a very helpful way to find out how many each country can really produce" said Kpler's Bakr.


• Elsewhere, Russian Finance Minister Siluanov said they plan to lower the bar for oil and gas revenue formation when preparing the budget; intend to lower the cut-off price of oil, currently at USD 60/bbl, by USD 1bln every year until 2030.


• WTI currently resides in a USD 63.56-64.14/bbl range while Brent sits in USD 67.50-68.01/bbl parameters.

Precious Metals: Gold +0.4%, Silver +1.0%, Palladium +0.1%

• Precious metals mostly on a firmer footing as the DXY waned from best levels in the aftermath of the FOMC policy announcement, which saw the yellow metals slide from a USD 3,707.55/oz fresh all-time-high to a low at USD 3,646.12/oz.


• Spot gold initially dipped a bit lower this morning before rebounding to notch a current range between USD 3,634.05-3,672.13/oz.

Base Metals: 3M LME Copper -0.4%

• Base metals subdued across the board despite firmer sentiment in Europe but following the losses seen across Chinese markets.


• It was also reported that LME copper inventories at US warehouses rose for the first time since December 2023.


• Meanwhile, Chinese NBS data showed refined copper output rising by 15% Y/Y.


• 3M LME copper fell back under USD 10k/t and found resistance at the level, residing in a USD 9,931.55-9,999.95/t band.

18 Sep 2025 - 10:25- MetalsEU Research- Source: Newsquawk