[MARKET ANALYSIS] Metals continue their surge higher with XAG, Copper and Tin hitting new ATHs; crude trades muted amid lack of geopolitical updates

• Crude futures have traded rangebound throughout the Asia-Pac session amid a lack of updates from the meeting on options regarding Iran. WTI Feb’ hovers at the lower end of its USD 60.80-61.20/bbl range while Brent Mar’ holds above USD 65/bbl.
• Precious Metals continue their historic trend higher, with spot silver reaching USD 90/oz for the first time, while spot gold returns just shy of its ATH of USD 4636/oz after the yellow metal pulled back to a trough of USD 4570/oz late in Tuesday’s US session.
• Base Metals follow the trend seen in precious metals, with 3M LME Copper reaching a new ATH of USD 13.41k/t while benchmark 3M LME tin hits a new record above USD 51k/t on strong Chinese investor demand.

The recent surge in metals, particularly precious and base metals, indicates robust demand, especially from China, contributing to new all-time highs for silver and copper. Meanwhile, crude oil remains muted amid a lack of geopolitical catalysts, suggesting that the market is currently more focused on the positive momentum in metal prices rather than crude's stagnant performance.