[MARKET ANALYSIS] Commodities oscillate in tight ranges amid a lack of geopolitical or trade updates

• 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.”

The commodities market is currently exhibiting tight trading ranges, primarily due to a lack of fresh geopolitical drivers. Crude oil futures are fluctuating modestly as tensions in Iran ease, while precious metals hover near all-time highs without significant news to catalyze movement. Meanwhile, base metals, including copper, are reversing earlier gains despite slight production guidance increases from BHP, indicating that broader market sentiment is weighing heavily on commodity prices amid uncertainty.