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Daily Base Metals Report

Markets on Edge

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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

  • French political risks hit European equities; US opens steady.
  • Copper tests $9,850/t; tin breaks monthly range.
  • Gold struggles to hold above $3,380/oz.

Macro

US equities opened broadly unchanged on Tuesday, in contrast to sharp declines in Europe following the French Prime Minister’s announcement of a special parliamentary session on 8 September to vote on a €44bn package aimed at reducing the budget deficit from 5.8% of GDP to the EU’s 3% threshold. Securing support will hinge on Socialist backing, which appears unlikely, raising the risk of a government collapse. In the US, tensions between President Trump and the Federal Reserve persisted after he announced via social media on Monday the dismissal of Governor Cook. The US 10-year Treasury yield briefly climbed above 4.3% before easing to 4.28% at the time of writing, while the dollar index fluctuated around 98.3. Focus this week remains on the July PCE index, forecast at 2.6% YoY; an in-line reading could reinforce expectations for 50bps of rate cuts by year-end.

Base Metals

LME base metals extended recent gains. Copper tested $9,850/t before retreating below $9,840/t. Aluminium firmed to $2,638/t, while lead advanced but failed to breach $2,000/t. Zinc was subdued at $2,811/t, below Monday’s close. Nickel surged above $15,200/t, closing at $15,285/t, and tin broke out of its monthly range, finishing at $34,198/t.

Precious Metals and Oil

Gold edged higher but continued to struggle above $3,380/oz. Silver hovered indecisively around $38.5/oz. Oil prices eased after several days of gains, with WTI and Brent last at USD 63.5/bbl and USD 57.6/bbl, respectively.

All price data is from 26.08.2025 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.

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