[MARKET ANALYSIS] Commodities retreat amid demand-related headwinds and after last Friday's historic collapse in gold prices

WTI/Brent: WTI Mar'26 -3.3% / Brent Apr'26 -3.3%

• Oil futures slumped at the reopen amid the risk-off conditions, with the demand side of the equation not helped by the partial US government shutdown and the surprise contractions in Chinese official PMIs. Furthermore, eight OPEC+ members unsurprisingly agreed to maintain the output hike pause for March and Russia eased some gasoline export restrictions, while it was also reported that the US and Iran could hold talks in Turkey this week.

Gold: -3.4%

• Remained pressured and extended on last Friday's biggest intraday drop in four decades, which was triggered by the nomination of former Fed Governor Warsh for the Fed Chair role.

Copper: -1.8%

• Retreated amid the broad downbeat mood in the region and after official Chinese data showed a worsening in factory activity for the red metal's largest buyer, while pressure in the metals complex was further exacerbated as SHFE and LME trade got underway.

Commodities are seeing significant demand-related headwinds, particularly after last Friday's sharp decline in gold prices. The partial US government shutdown and disappointing Chinese PMIs have pressured oil and copper prices, pushing them lower as market participants react to less favorable economic forecasts.