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Daily Base Metals Report

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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

  • Trump’s surprise tariff move jolts gold futures to record highs before retracing.
  • Copper gains as Chile mine closure tightens supply outlook.
  • Oil softens despite stronger dollar; silver holds above $38/oz.

 

Macro:
US equities opened higher on Thursday, with markets digesting Trump’s surprise announcement of a new 39% levy on one-kilo and 100-ounce gold bars, the first-ever US tariff on bullion. The move, which largely targets Swiss-refined gold, sent U.S. gold futures briefly to a record $3,534/oz before retreating as initial buying momentum faded. The announcement caught global markets off guard, widening the premium between Comex futures and London spot prices by more than $100. The dollar index hovered around 98.2, while the 10-year Treasury yield climbed above 4.28%.

Base Metals
Base metals were mixed, with copper edging higher to $9,762/t and on track for a weekly gain as supply concerns dominate sentiment. The closure of Codelco’s El Teniente mine in Chile, one of the world’s largest underground copper operations, has added upward pressure. While the cause has been linked to mining activity rather than a natural event, the suspension is tightening near-term supply expectations. Aluminium held steady at $2,609/t, lead edged higher to $2,007/t, and nickel closed at $15,156/t. Tin slipped to $33,624/t, while zinc rose to $2,827/t.

Precious Metals and Oil
Despite the tariff shock, spot gold failed to break the $3,400/oz barrier, last seen at $3,394/oz. Silver extended gains, holding firm above $38/oz. Oil prices edged lower, with WTI at $64.0/bbl and Brent at $66.7/bbl.

All price data is from 08.08.2025 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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