[MARKET ANALYSIS] Crude trades rangebound despite heightened geopolitical tensions; Metals including spot XAU, XAG and Shanghai tin hit new ATHs

• Crude futures have oscillated in a wide c. USD 1.10/bbl band throughout the Asia-Pac session. WTI Feb' and Brent Mar' bid higher on the open and peaked at USD 59.80/bbl and USD 64.00/bbl respectively following the increased tensions in Iran and the possibility of US action in the area. Benchmarks fell lower despite President Trump stating that Iran is starting to cross the line and an increased number of US planes in Iranian airspace, with markets still focusing on the oversupply from the Venezuela saga. After troughing at USD 58.64/bbl and USD 62.89/bbl, benchmarks bounced and remain in earlier ranges.
• Precious Metals have continued their historic run, with spot XAU and XAG reaching new ATHs of USD 4601/oz and USD 84/oz, respectively amid rising geopolitical tensions, worries of Fed independence and an overall weaker dollar. XAU immediately bid higher from its open of USD 4545/oz and trended higher to its new ATH. The yellow metal slightly pulled back to a trough of USD 4562/oz before finding a base here.
• Base Metals, in line with the wider metals space, start the week on the front foot, with 3M LME Copper gapping higher and currently +1.4% as APAC equities rise as they catch up from Friday's gains stateside. In Shanghai, tin hit its daily limit, rising 8% to CNY 376,920/ton to set a new ATH.

Crude oil prices remain rangebound despite escalating tensions regarding Iran, suggesting that current oversupply concerns, particularly with Venezuela, are weighing on the market. In contrast, precious metals like gold and silver have surged to new all-time highs as investors seek safe-haven assets amid geopolitical uncertainty and a weaker dollar, indicating a strong shift towards traditional hedges against instability.