EUROPEAN COMMODITIES UPDATE: XAU peaks just shy of USD 4150/oz as continued attacks on Russian refineries drive crude benchmarks higher

Crude Oil: WTI/ Brent +0.6%

• 
  Crude benchmarks traded choppy throughout the APAC session but saw some strength as the European session got underway, as the risk sentiment remains high and attacks on Russian refineries continue.


• 
  WTI and Brent grinded lower to a trough of USD 59.66/bbl and USD 63.60/bbl just as the European session got underway. Just as reports that Ukraine’s military hit Russia’s Saratov oil refinery, crude benchmarks surged c. USD 0.60/bbl higher and are currently trading near session highs at USD 60.43/bbl and USD 64.43/bbl.


• It was earlier reported by Bloomberg, citing sources, that five big Indian refiners haven’t placed any orders for Russian oil for December. This followed on from reports that Saudi Arabia and Iraq are allocating full-term crude volumes to Indian refiners for December. This adds to the story that India will stop importing Russian oil to get current tariffs from Indian exports slashed to 15-16%.


• Later today, the ADP weekly estimate is expected to be released. As the US government seems to be reopening soon, this figure will become less important, but as the government remains closed, eyes will be on this figure.

Precious Metals: XAU +0.7%, XAG +0.9%

• 
  Spot XAU has continued to bid higher as the European session got underway as participants hope for further Fed easing. XAU followed on from Monday’s trend day to a peak of USD 4149/oz during the APAC session before pulling back to a low of USD 4125/oz. As the session switched over, European traders haven’t yet managed to extend the day’s parameters but are currently trading near session highs at USD 4144/oz.


• Even as XAU bids higher despite the US government shutdown looking ready to reopen, some investors cite that gains may be capped as the economic data missed during the shutdown will be getting released as early as the end of this month. The September jobs report suggested a positive print while NFP forecasts for October also pointed to be positive, before the government-related impact weighed on the figure.

Base Metals: 3M LME Copper U/C

• 
  Base metals remain rangebound amid a lack of market catalysts. 3M LME Copper gapped higher to open at USD 10.84k/t before oscillating in a tight USD 10.8k-10.86k/t band as the European session continued.


• Glencore released its copper production for September at various mines. The co.’s Codelco and Collahuasi copper production fell 7.2% and 26% Y/Y respectively while Escondida copper production rose 16.8% Y/Y.

11 Nov 2025 - 10:20- MetalsEU Research- Source: Newsquawk