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Daily Base Metals Report

Equities Surge, Metals Stumble, and Fed Cut Bets Rise

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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

  • Equities rally on CPI Optimism.
  • Base metals lose momentum with mild pullbacks across the board.
  • Gold edged up slightly; silver surged past $38.4/oz.

Macro:
US stocks opened higher on Wednesday, with the S&P 500 and Nasdaq reaching record highs. The latest US CPI data showed the headline rate holding at 2.7% YoY, unchanged from the prior month, reinforcing expectations for a 25bps Fed cut in September, which markets now have fully priced in. The dollar index softened below the 98.0 mark, trading at 97.7 at the time of writing, while the 10-year US Treasury yield fell sharply to 4.22%.

Base Metals
The optimism in equities did not extend to base metals, where part of yesterday’s gains was surrendered. Copper and aluminium edged slightly lower but held above the key $9,800/t and $2,600/t levels, respectively. Lead slipped below $2,000/t, trading at $1,996.5/t, while zinc eased to $2,833/t. Nickel fell to $15,270/t, and tin was little changed at $33,730/t.

Precious Metals and Oil
Despite the drop in Treasury yields, gold edged only modestly higher to $3,357/oz. While the September Fed cut remains in focus, the yellow metal appears to need a stronger, longer-term dovish signal to break out of the range it has held since April’s record highs. Although the stable headline CPI came in softer than expected, core inflation accelerated to its highest level since February, highlighting potential headwinds for the doves. Silver climbed back above the $38.0/oz mark to trade at $38.4/oz. Oil prices extended Tuesday’s decline, with WTI slipping below $62.3/bbl and Brent falling under $65.5/bbl.

All price data is from 13.08.2025 as of 17:30

Disclaimer

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