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Daily Base Metals Report

Dollar Drift Lifts Metals as Markets Eye Tariff Fallout

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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

  • Eurozone retail sales surprise boosted EUR/USD past 1.164.
  • Weaker dollar lifted base metals, with aluminium and zinc leading gains.
  • Gold steady near recent highs; oil prices edged higher.

 

Macro:
US equities opened firmer on Wednesday, with markets digesting the latest tariff announcement targeting Indian exports. The White House confirmed an additional 25% levy on Indian goods, citing ongoing oil purchases from Russia. With India already facing 25% tariffs, the new measures will lift total duties to 50% from 27 August. Meanwhile, Eurozone data surprised to the upside, with retail sales rising 3.1% YoY in June versus expectations of 2.6%. The euro firmed, pushing EUR/USD through 1.164 as the dollar index slipped below 98.4. US 10-year Treasury yields were little changed, holding around 4.2%.

Base Metals
Base metals posted gains, drawing support from a weaker dollar. Copper rose to $9,675/t, while aluminium rallied to $2,617/t, breaking through near-term resistance after several sessions of sideways trade. Lead tested but didn’t manage to break $2000/t, while nickel settled higher at $15,135/t. Zinc jumped to $2,788/t. Tin remained rangebound, settling at $33,377/t. The complex broadly benefitted from a softer dollar backdrop, helped by summer thin liquidity.

Precious Metals and Oil
Gold held near $3,380/oz, with the recent rally losing steam. Silver edged higher, testing the $39/oz mark, while oil prices rose modestly, with WTI and Brent last seen at $65.70/bbl and $68.20/bbl, respectively.

All price data is from 06.08.2025 as of 17:30

Disclaimer

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