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Daily Base Metals Report

Markets Eye France Amid Political Turmoil

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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 crisis intensifies ahead of 8 September vote.
  • Base metals weakened, reversing earlier gains. 
  • Stronger dollar and yields pressured precious metals.

Macro

US equities opened firmer this morning, with attention firmly on Nvidia’s quarterly results due after the market close. Investors will scrutinise the implications of the earlier Sino-US trade tensions on its sizeable Chinese business, as well as how its recent agreement to remit 15% of China-related sales to the US government in return for export licences might shape forward guidance.

Investor attention is also turning to the escalating dispute between President Trump and Fed Chair Janet Cook, which threatens to compromise the Fed’s political independence and could place upward pressure on US Treasury yields. The 10-year yield has inched higher, testing 4.29%, while the dollar index extended its advance beyond 98.5.

In Europe, political instability in France persists, with the government nearing collapse. The three principal opposition parties have confirmed they will not support the confidence vote scheduled for 8 September, called by Prime Minister François Bayrou amid his plans for sweeping fiscal consolidation.

Base Metals

Base metals weakened today, reversing the gains made over the last few days. The market continues to oscillate within established ranges, as there is little incentive for a breakout. Copper weakened, breaking below $9,800/t to $9,755.50/t, as aluminium dropped lower while holding the $2,600/t support intact. Zinc followed the broader trend, falling to $2,761.50/t as lead posted marginal weakness to $1,984.50/t. Tin was the only exception, which continued to post moderate gains, edging higher to $34,553/t today.

Precious Metals and Oil

Higher dollar and Treasury yields created downward pressure on precious metals today. After testing $3,390/oz on Tuesday, gold eased to trade near $3,380/oz, while silver slipped to $38.3/oz. Oil prices rebounded, with WTI appearing to have established a floor at $63.0/bbl and Brent at $67.0/bbl.

All price data is from 27.08.2025 as of 17:30

Disclaimer

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