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Daily Base Metals Report

Metals Climb as Inflation Data Holds Fed 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

  • US PCE inflation steady but persistently above Fed target.
  • LME complex firmer, with nickel and tin leading gains.
  • Gold breaks $3,445/oz as dollar and yields soften.

Macro

US equities opened lower on Friday, led by weakness in technology shares, after the latest US data reinforced concerns about inflation stickiness. Headline PCE inflation rose 2.6% YoY in July, unchanged from June, while the core measure ticked up to 2.9% from 2.8%. While largely in line with forecasts, the figures highlighted that inflation remains above the Federal Reserve’s target, with tariffs seen as an additional source of pressure. Nonetheless, market expectations for a September rate cut remain intact, particularly after Powell’s dovish remarks at Jackson Hole, where he acknowledged signs of labour market softening. The dollar index slipped below 97.8, while the 10-year Treasury yield traded near 4.23%.

Base Metals 

LME prices strengthened on Friday. Nickel closed at $15,440/t, extending its upward momentum, while tin advanced to $35,030/t, reaching fresh highs. Copper climbed above $9,900/t, zinc rose past $2,810/t, and aluminium edged above $2,615/t. Lead held just below the $2,000/t threshold.

Precious Metals and Oil

Gold continued higher, breaking through $3,445/oz, while silver advanced above $39.4/oz. Oil prices were little changed, with WTI steady around $64.0/bbl and Brent near $68.1/bbl.

All price data is from 29.08.2025 as of 17:30

Disclaimer

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