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Daily Base Metals Report

All Eyes on Upcoming Jackson Hole

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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

  • Tech weakness drags US equities despite upbeat PMI prints.
  • Base metals held their nerve today, with prices holding withing previous days’ ranges.
  • Gold softens below $3,350/oz; silver retests the $38/oz mark.

Macro

US equities slipped at the open on Thursday, weighed down by continued weakness in technology stocks, even as economic data pointed to firmer momentum. The August flash US PMI showed business activity picking up pace, with manufacturing orders rising at the fastest rate in 18 months. The composite index improved to 55.4 from 55.1 in July, the strongest reading since December. Across the Atlantic, Eurozone activity expanded for a third straight month, with the composite PMI edging up to 51.1 as domestic demand offset persistent softness in exports. In the UK, activity accelerated to its highest level in a year, with the index rising to 53.0 from 51.5, driven by strength in services.

Investor attention now shifts firmly to Jackson Hole, where global central bankers gather today. While several Fed officials are scheduled to speak, markets are 
firmly focused on Chair Powell’s keynote tomorrow, which is expected to provide clearer signals on the policy path ahead. US Treasury yields edged slightly higher, with the 10-year above 4.33%, while the dollar index firmed beyond 98.6.

Base Metals 

Another muted reaction was seen in the base metals space today, with metals holding within yesterday’s ranges. Copper tested prices below the $9,700/t once again but bounced back above it to $9,724.50/t. Likewise, after aluminium defended the $2,550/t support, the metal edged higher, approaching the $2,600/t resistance level. Lead and zinc held their nerve at $1,970/t and $2,765.50/t, respectively. Nickel dipped below $15,000/t.

Precious Metals and Oil

Gold eased back below $3,350/oz, last seen at $3,343/oz, with sentiment restrained by firmer yields and a stronger dollar. Silver outperformed, testing the $38/oz level once again. Oil prices remained steady in mid-range levels, with WTI at $63.0/bbl and Brent at $67.1/bbl at the time of writing.

All price data is from 21.08.2025 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.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

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