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Daily Base Metals Report

Ukraine–US Meeting in Focus

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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

  • Markets remain cautious during Zelensky–Trump summit
  • Base metals opened on the back foot, with low market appetite causing prices to continue drifting.
  • Gold steady near $3,340/oz, oil drifts lower within recent ranges

Macro

US equity markets opened slightly lower on Monday, with investors cautious after the Trump–Putin summit yielded no breakthrough. Ukrainian President Zelensky was in Washington for high-stakes talks with Trump and key European leaders. The gathering was closely monitored, leading to increased optimism about the possibility of trilateral talks. On the data front, the dollar firmed above 98.0, while the 10-year Treasury yield held near 4.3%. This week brings Eurozone and UK inflation updates, with euro-area flash forecasts pointing to a 2.0% headline rate in July, while UK CPI is expected to have ticked up to around 3.7% YoY. Markets are also bracing for August PMI readings to gauge whether inflation and growth remain on track.

Base Metals

Base metals opened the week on the back foot, posting moderate losses during the day. Spread action remained muted. Activity is minimal in August, particularly due to smelter shutdowns. OI is low, meaning prices are more likely to be driven by the dollar in the near term.

Today, copper edged lower to $9,740/t, with both realised and implied vol remaining low, suggesting little appetite in the market. Aluminium broke below the $2,600/t but held the near-term support of $2,580/t. Lead and zinc were also lower, weakening to $1,979/t and $2,780/t, respectively. Nickel held its nerve above $15,000/t.

Precious Metals and Oil

Gold remained mostly unchanged, testing the $3,340/oz area, supported by a softer dollar but limited by broader geopolitical uncertainty. Silver extended gains, showing renewed strength above the $38.0/oz mark and trading around $38.1/oz. Oil prices drifted lower toward the bottom of recent ranges, with WTI near $62.5/bbl and Brent around $65.6/bbl, as markets weigh the Trump–Zelenskyy summit’s implications for Russian supply and sanctions direction.

All price data is from 18.08.2025 as of 17:30

Disclaimer

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