• As the EU and UK support total ban of Russian oil imports, market sentiment improves. However, Ukraine's human corridor remains in limbo.

• Commodities make heavy gains, but remain on the forefront despite supply shortage fears.

• US CPI is important data. Risk catalysts will keep you in the driver's seat.

The price of platinum (XPT/USD), which tracks other commodities to its south, drops 0.4% intraday to $1.122 at press time. As risk appetite increases, this precious metal makes a U-turn and reaches its highest level since June 2021.

Recent consolidation of the markets seems to have been triggered by the rejection by the US of the UK's plan to ban Russian oil imports and the European Union (EU). Reuters headlines could suggest that there are still hopes for talks about the human corridor in Ukraine, which would allow civilians to flee.

"Moscow would offer the Sumy and Mariupol residents the option of moving to another part of Ukraine on Tuesday. This would set a deadline for Kyiv in the early hours of the morning to reach an agreement, Russian agencies reported." The World Bank's (WB), humanitarian assistance to Kyiv could also be favorable for the risk-averse.

The market's sentiment is affected by the fact that there has been no significant progress in Russia-Ukraine negotiations and Moscow's continued invasion of Kyiv. According to Reuters, Ukrainian officials claimed that a Russian airstrike struck a northern Ukrainian bread factory on Monday, killing at most 13 civilians. Talks between Kyiv, Moscow and the conflict have made little progress.

These plays include the US 10-year Treasury yields increasing the previous day's rebound to 1.8% from 2.month, up five basis points, while S&P 500 Futures show mild gains.

Market players should be watching for headlines from Russia or Ukraine in the near-term. However, Thursday's US Consumer Price Index could provide additional direction.

Analyse technique

Despite the recent pullback of $1,159, the XPT/USD remains above the 50% Fibonacci downside, approximately $1,115 which placed a short-term floor below the prices.