EUROPEAN COMMODITIES UPDATE: Crude climbs though only modestly while metals are contained

WTI/Brent: +0.4%/+0.4%

• Firmer on the session, though only modestly so in comparison to the action seen on Wednesday.


• Nonetheless, benchmarks continue to advance on the USD 70/bbl and USD 73/bbl handles respectively with Brent testing but yet to breach the USD 73/bbl mark. Impetus is likely to come in the afternoon once the ECB has passed and focus turns to the US data docket.


• Geopolitics remains in focus. The primary updates have been around the middle-east with Israel’s Defence Minister saying there is a chance for a deal to release all hostages. Elsewhere, and most recently, reports indicated that Israeli troops have entered the Syrian buffer zone.

Gold: -0.1%

• Essentially unchanged at the USD 2715/oz level. Unable to gain any traction amid ongoing USD strength and yield advances, though the metal has avoided a move into the red seemingly on the back of the tepid/mixed European risk tone.


• Specifics light, metal came under some modest pressure in APAC trade when the risk tone in China improved around reports that US President-elect Trump invited Chinese President Xi to attend his inauguration next month.

LME Copper: +0.1%

• Contained, but with an underlying bullish bias. Just about above the USD 9.2k mark vs closing at USD 9.19 on Wednesday.


• As above, specifics light with the macro tone in European hours somewhat tepid into a number of key macro events.


• Amidst this, the complex awaits details from China’s Central Economic Work Conference which concludes today and should be focussed on the 2025 policy agenda. However, the growth targets from this are unlikely to be released officially until end-Q1 next year.

12 Dec 2024 - 10:00- ForexEU Research- Source: Newsquawk