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Daily Base Metals Report

Muted Momentum as Markets Tread Water

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Senior Research Analyst

Contact research Contact Industrial Commodities

Summary

  • US yields and dollar extended gains as markets priced in trade and fiscal risk.
  • Base metals drifted in low-volume trade, showing little directional follow-through.
  • Precious metals edged lower; oil held steady awaiting fresh catalysts.

Macro:

US equity markets opened slightly weaker on Tuesday, continuing to digest the implications of renewed trade tensions. Although President Trump confirmed that the reimposition of country-specific tariffs will now take effect from 1 August, markets appear to be increasingly pricing in the possibility that the rhetoric may soften before then. The dollar extended its rebound from last week’s multi-year lows, with the dollar index rising above 97.7. US Treasury yields also pushed higher, with the 10-year yield exceeding 4.4% for the first time since mid-June, reflecting ongoing uncertainty around US fiscal policy and inflation dynamics.

Base Metals:

Base metals traded mixed on Tuesday in a session marked by subdued participation and limited directional conviction. While the stronger dollar and cautious sentiment remained in the backdrop, the lack of follow-through suggests waning investor interest rather than any clear fundamental shift. Copper extended Monday’s decline, slipping below the $9,800/t mark, its fourth consecutive red session. Aluminium inched slightly higher to $2,576/t, showing some stabilisation after retreating from recent highs above $2,600/t. Lead also posted a small uptick to $2,043/t, though the broader trend remains flat. Nickel was the weakest performer, falling to $15,045/t. Zinc rebounded to $2,713/t, recovering a portion of Monday’s loss, while tin rose modestly to $33,350/t.

Precious Metals and Oil:

Gold extended its decline, falling to $3,295/oz as the dollar and real yields continued to climb. Silver followed, slipping below $36.40/oz and moving further away from the recent highs. Oil markets were little changed in quiet trade. WTI hovered around $68.00/bbl and Brent around $69.80/bbl, with investors awaiting further clarity on broader macro signals.

All price data is from 08.07.2025 as of 17:30

Disclaimer

This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

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