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Watch: Market Movers Europe, September 3-7: EU offers US tariff deal; Trump WTO threat reverberates

In this week's Market Movers: Sanctions are expected to hit Iran's oil exports, a key meeting takes place between the Russian government and grains producers, and old king coal is back in Europe.

Tariffs and sanctions will be the focus in the metals markets this week, as Europe awaits US President Donald Trump's response to the EU trade commissioner's tariff offer; and market nerves will also continue to jangle over Trump's threat to pull the US out of the World Trade Organization, countering the EU's reform proposals.

This is the focus of this week's social media question: If the US left the WTO, what would be the impact on commodities? Tweet us your thoughts with the hashtag #PlattsMM.

Meanwhile, the oil market will remain watchful over the impact of upcoming restrictions on Iranian oil exports, particularly on how fast Iranian oil flows drop off and the ability of key producers to fill the gap.

In Russia, traders will meet today with the Agriculture Ministry to discuss grains exports, as the government considers whether to impose export duties.

Finally, in Europe's power market, a worsening outlook for nuclear availability is boosting electricity prices, which have already been pushed up by increased fossil-fired generation.

View Full Transcript

In this week's highlights: sanctions are expected to hit Iran's oil exports, a key meeting takes place between the Russian government and grains producers, and old king coal is back in Europe.

But first: tariffs and sanctions will be the focus in the metals markets this week, as Europe awaits US President Donald Trump's response to the EU trade commissioner's tariff offer. Cecilia Malmstrom said the EU would be prepared to reduce auto tariffs to zero if the US reciprocated by lifting tariffs on metals it imposed earlier this year.

Malmstrom said any dispute with the US over auto tariffs would have severe consequences not just for European countries with car manufacturing plants, but also member states that make car parts -- and potentially hit almost $60 billion of exports.

Market nerves will also continue to jangle over President Trump's threat to pull the US out of the World Trade Organization, countering the EU's reform proposals.

The WTO was established to provide a groundwork of rules for global trade and resolve disputes between countries, and a US withdrawal would have ramifications for trade disputes around the globe.

This is especially relevant against a backdrop of US tariffs imposed on various countries, most notably China. Should the US leave the WTO, there would be little China or other countries could do to appeal such moves.

That's the focus of this week's social media question: If the US left the WTO, what would be the impact on commodities? Tweet us your thoughts with the hashtag #PlattsMM.

The oil market will remain watchful over the impact of upcoming restrictions on Iranian oil exports, particularly on how fast Iranian oil flows drop off and the ability of key producers to fill the gap.

Iranian exports are already falling, but the extent to which some of its main buyers -- including India and Japan -- can sidestep the curbs with the backing of the US remains unclear.

Meanwhile, oil prices will likely continue to be buffeted by doubts over the success of trade talks between the US and its key trading partners.

In Russia, traders will meet today with the Agriculture Ministry to discuss grains exports, as the government considers whether to impose export duties.

The ministry is currently targeting exports of 25 million metric tons of wheat and 30 million tons of grains. If levels exceed this, the government may introduce duties to put a brake on further exports, with the aim of protecting the domestic grains market and Russian consumers.

The market has been volatile over the last week, with participants anxious to see whether the export duty is introduced or not.

In power, a worsening outlook for nuclear availability is boosting electricity prices, which have already been pushed up by increased fossil-fired generation.

High pressure over northwest Europe into September has seen wind production sink to negligible levels in recent days.

Coupled with reduced nuclear availability and sub-optimal Nordic hydro reservoir levels, the generation mix has become increasingly carbon-intensive. Less efficient coal is now back in the money through September and into the fourth quarter.

This chart shows German clean dark spreads, which reflect the return a power producer can expect from buying coal and emissions credits and selling the electricity generated. As you can see, both the month- and quarter-ahead spreads are indicating improved profit margins.

Add a 10-year carbon price high of around 21 euros a ton and the mix is looking notably expensive if these calm, warm days endure.

Thanks for kicking off your Monday with us, and have a great week ahead.