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Daily Base Metals Report

Markets Weigh Sentiment Dip

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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

  • US sentiment falls for the first time since April.
  • LME base metals traded mixed, with aluminium testing $2,600/t support and copper capped at $9,800/t.
  • Softer dollar supported gold.

Macro:
US equities fell after opening on Friday following the publication of data which showed a dip in consumer sentiment for the first time since April. The preliminary August reading from the University of Michigan fell to 58.6 from 61.7 in July, reflecting growing concerns that recent tariff measures could stoke inflationary pressures. Short-term inflation expectations ticked higher, with households now anticipating prices to rise at an annual pace of 4.9% over the next year, exceeding forecasts. The 10-year US Treasury yield edged above 4.3%, while the dollar index retraced Thursday’s advance, slipping back below 97.8. Market focus now turns to the Trump-Putin summit in Alaska.

Base Metals
The LME complex traded mixed, with price moves largely reversing Thursday’s patterns. Aluminium fell back to test support at $2,600/t, last seen at $2,607/t. Copper inched higher but again failed to clear the $9,800/t ceiling. Nickel recouped some of Thursday’s sharp losses to trade at $15,170/t but stalled below $15,200/t. Lead eased to $1,986/t, while zinc saw a steeper pullback yet managed to hold above the $2,800/t support level.

Precious Metals and Oil
A softer dollar underpinned gold, which edged up to $3,343/oz, though momentum remained limited. Silver failed to track gold’s gains, slipping back below the $38.0/oz threshold. Oil prices weakened within their recent narrow range, with WTI at $63.3/bbl and Brent at $66.3/bbl.

All price data is from 15.08.2025 as of 17:30

Disclaimer

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