EUROPEAN COMMODITIES UPDATE: Crude underpinned, gold propped up, and LME aluminium under pressure.

Analysis details (09:20)

WTI and Brent December contracts are firmer intraday following a myriad of commentary from OPEC+ members over the weekend who essentially backed the most recent OPEC+ decision which received backlash from Washington. That being said, the upside in the crude complex is somewhat hampered by commentary from Chinese President Xi at the CCP National Congress, where he doubled down on China’s zero-COVID policy. Nonetheless, WTI Dec trades just under the USD 86/bbl mark (vs low 84.50/bbl) while its Brent counterpart eyes USD 93/bbl to the upside (vs low 91.50/bbl), with a weaker Dollar keeping the benchmarks underpinned for now. Elsewhere, spot gold is propped up by the aforementioned softer Dollar, with the yellow metal back above USD 1,650/oz and eyeing its 21 DMA at USD 1,670.10/oz. Meanwhile, LME metals are mixed with 3M copper losing some ground and just about holding onto USD 7,500/t+ status (vs intraday high of SUD 7,581/t), whilst LME aluminium underperforms following an enormous LME stockpile increase of over 65k tonnes following increases of over 10k on Thursday and Friday last week.

17 Oct 2022 - 09:20- MetalsResearch Sheet- Source: Newsquawk