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Daily Base Metals Report

Markets Wait for CPI as Metals Drift in Summer Lull

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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

  • Investors brace for Tuesday’s CPI, seen rising to 2.8% as tariffs feed into inflation.
  • LME base metals stay rangebound, with nickel bucking the trend on moderate gains.
  • Gold slips below $3,350/oz ahead of data.

Macro:
US equities opened mixed, with overall market conditions shaped by subdued summer trading and low volatility. Attention is firmly on Tuesday’s CPI release, expected to show an uptick to 2.8% as tariffs begin to filter through to prices. The dollar index climbed to 98.6, while the 10-year Treasury yield held near 4.25% at the time of writing. US bonds have performed well in recent days as political pressure on the Fed has eased following Trump’s appointment of the dovish Miran. Governor Waller remains the frontrunner for the next Fed chair; while he supports cuts, he favours gradual adjustments, contrasting with Trump’s push for steeper, faster reductions.

Base Metals
LME trading remained subdued, with sentiment still fragile after the recent copper slide. Price action was muted across the complex, reflecting low risk appetite. Copper edged lower to $9,731.5/t, though the downside appears more contained in the near term, with strangle selling emerging. Aluminium slipped to $2,588/t, while lead eased to $1998/t. Nickel outperformed, climbing to $15,351/t, while tin firmed to $33,805/t. Zinc dipped slightly to $2,822.5/t. Overall, thin summer liquidity and a lack of fresh catalysts kept moves contained.

Precious Metals and Oil
Gold retreated to $3,350/oz, pressured by expectations for higher US inflation in Tuesday’s CPI. Silver slipped back below $38.0/oz to trade at $37.7/oz. Oil prices stayed within recent ranges, with WTI at $64.2/bbl and Brent at $66.8/bbl at the time of writing.

All price data is from 11.08.2025 as of 17:30

Disclaimer

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