[MARKET ANALYSIS] Commodities oscillate in tight ranges amid a lack of geopolitical or trade updates
Importance
Level 1
- Crude futures oscillate in a tight c. USD 0.30/bbl ranges amid a lack of geopolitical updates, as tensions in Iran begin to ease momentarily.
- Precious Metals continue to hover around their ATHs, with spot XAU chopping around USD 4670/oz while silver slightly pulls back from its USD 94.73/oz peak, amid a lack of newsflow to drive precious metals.
- Base Metals reverse the slight upside seen in Monday’s session, with 3M LME copper trading below USD 12.95k/t. This comes despite BHP (BHP AT) slightly raising its FY26 copper production guidance to 1.9-2.0mln tons (prev. 1.8-2.0mln tons) and positive commentary by the CEO stating “China’s commodity demand remains resilient, supported by policy measures and solid exports.”
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