[MARKET ANALYSIS] Crude off best levels, Copper supported by positive Chinese Manufacturing PMI

Crude futures have pulled back from the peaks of Wednesday’s session, albeit holding slightly above the settlement price. Geopolitical developments have been light so far, the WSJ reported that the US administration is asking countries to join a new coalition that would enable ships to navigate through Hormuz. Benchmarks were unreactive, with WTI holding in a USD 106.45-109.64/bbl range while Brent Jul’26 trades either side of USD 111/bbl.
Precious Metals are trading on the front foot, with spot gold up around USD 40/oz while spot silver outperforms the yellow metal, with gains in excess of 2%. Gains in the metals space comes amid upside in the equity space while the DXY is also softer following the hawkish FOMC rate decision.
3M LME Copper has taken impetus from the positive risk tone stateside, as the red metal trades at the upper end of a USD 13-13.07k/t range. Chinese manufacturing PMIs beat estimates, which has also helped support copper prices.