[MARKET ANALYSIS] Energy under pressure after Trump's update to Project Freedom and subsequent constructive reports, metals shine

Energy on the backfoot after US President Trump paused Project Freedom to allow time for talks and potential progress with Iran. An update that weighed on crude overnight, sending WTI below USD 100/bbl and Brent beneath USD 108/bbl. Since, newsflow remains constructive, particularly after Pakistani journalist Mallick wrote that he would not be surprised to see Iran submit, via Islamabad, a proposal to the US, and that this could occur "soon". An update which, alongside news that the Iranian and Saudi Foreign Ministers spoke, added further pressure to energy and sent WTI and Brent to lows of USD 97.59/bbl and USD 105.50/bbl respectively. For Brent, this takes us to an incremental new WTD low, just below Monday's USD 105.55/bbl trough. However, we remain someway clear of last week's USD 99.58/bbl base. Ahead, we are essentially awaiting an update on just how long Trump is willing to give Iran, whether a new proposal is delivered and for an update on the stance of Israel. To remind, Israeli security/military officials reportedly believe negotiations are a waste of time, and conveyed to the US a desire to resume attacks on Iran. Gold is benefiting from the energy and USD downside, XAU as high as USD 4682/oz and looking to USD 4701/oz from the 28th of April as the next point of resistance. Base metals are also firmer, cheering the general risk tone and welcoming the return of Mainland China. 3M LME Copper above USD 13.2k, with gains in excess of USD 150 as things stand.