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Daily Base Metals Report

Metals Drifting in August Fog

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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

  • Tariff exemptions for US-based chipmakers eased semiconductor tensions.
  • Muted volatility and summer flows kept base metals rangebound.
  • Gold capped below $3,400/oz; silver firmed above $38/oz.

 

Macro:
US equities opened higher on Thursday but reversed early gains. On Wednesday, President Trump announced a 100% tariff on imported semiconductors, with an exemption for firms manufacturing in the US or committed to doing so. This spared key players like TSMC and its US-based clients. In China, exports rose more than expected in July as exporters front-loaded shipments amid a fragile trade pause, though overall trade surplus shrank to $98.2bn on stronger-than-forecast imports. In the UK, the Bank of England delivered a 25bps cut to 4% in a rare second-round vote, with a narrow 5–4 split reflecting policy uncertainty. The dollar index hovered just under 98.5, while the 10-year yield held around 4.2%.

Base Metals
Price action across base metals remained subdued, typical of August conditions, though tin and lead posted modest gains. Tin climbed to $33,750/t, while lead broke back above the $2,000/t threshold, settling at $2,003.50/t. Aluminium hovered near $2,607/t, lacking clear momentum, while copper edged lower to $9,691.50/t, unable to escape the well-worn 9,600–9,750/t range. Nickel held near $15,125/t, little changed, while zinc continued to drift higher, last seen at $2,811/t. Market tone remains quiet with low liquidity and little conviction.

Precious Metals and Oil
Gold traded near $3,386/oz, still struggling to clear the $3,400/oz mark. Silver firmed slightly to $38.20/oz, maintaining a fragile bid tone. Oil prices held steady, with WTI and Brent at $63.90/bbl and $66.40/bbl respectively, as markets await fresh macro catalysts.

All price data is from 07.08.2025 as of 17:30

Disclaimer

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