EUROPEAN COMMODITIES UPDATE: Energy benchmarks tick high, metals just into the green

WTI/Brent: +0.7%/+0.7%

• Firmer, back to but yet to breach yesterday’s USD 71.00/bbl and USD 73.38/bbl respective peaks for WTI and Brent.


• As elsewhere, newsflow has been relatively light but with some bullish momentum perhaps stemming from indications on the geopolitical front that a Hamas-Israel deal may not be as imminent as some had previously anticipated.

Dutch TTF: +0.8%

• Firmer, with both European and US benchmarks in the green and performance fairly even across the two.


• Specifics thus far very light as we continue to await any developments on the Qatar and Russia angles which drove price action on Monday.

Gold: +0.2%

• Just about in the green but towards the mid-point of a USD 2612-2621/oz band. Potentially deriving some impetus from the geopolitical developments mentioned under WTI/Brent.


• Elsewhere, the current low is just above the 100-DMA at USD 2611/oz with some way to go, relatively speaking, to the 21- and 50-DMAs at USD 2641/oz and USD 2667/oz respectively.

3M LME Copper: +0.4%

• Firmer, echoing the risk tone for the bourses/futures that are currently trading in thin/limited holiday conditions.


• However, as was the case at this point on Monday, 3M LME Copper remains just shy of the USD 9k handle.

24 Dec 2024 - 09:25- ForexGeopolitical- Source: Newsquawk