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Daily Base Metals Report

Gold, Silver Surge as Base Metals Stumble

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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

  • Eurozone PMI signals return to modest expansion
  • Base metals tracked precious metals at the open but lost momentum, ending with moderate gains
  • Gold reaches new highs; silver rally

Macro

With US markets closed for Labour Day, focus shifted to global data releases. Eurozone unemployment held at a record low of 6.2% in July, down from a revised 6.3% in June, while factory activity surprised to the upside with the manufacturing PMI edging up to 50.7 from 50.5. In contrast, the UK continued to struggle, with manufacturing contracting for an eleventh consecutive month as the PMI slipped to 47.0. Japan also remained below the 50-mark, though the August reading of 49.7 pointed to a slower pace of decline. The dollar index eased below 97.8, reflecting softer US yields and expectations that monetary policy will continue to tilt towards easing, while this week’s US nonfarm payrolls report will be closely watched for further signals on the Fed’s policy path.

Base Metals 

Base metals began this week on a strong note, gaining momentum and aiming to break above recent resistance levels. This move coincided with trends in precious metals; however, while precious metals continued to reach new highs, base metals weakened in the afternoon, keeping the upper range intact.

In particular, copper attempted to break through the $9,965/t mark – a high not seen since July 2025 – but struggled to maintain risk appetite above this level, resulting in a moderate retracement back below $9,900/t to $9,880/t. Likewise, nickel opened above last week’s highs of $15,400/t, but the upside was later tempered, resulting in moderate gains to $15,445/t day-on-day. Lead and zinc edged higher to $1,994/t and $2,822/t, respectively. Meanwhile, aluminium remained rangebound, holding above the near-term support of $2,600/t at $2,608/t.

Precious Metals and Oil

Gold surged to fresh record highs above $3,545/oz, supported by a weaker dollar and persistent market conviction that the Fed will cut rates in September, while silver extended its rally past $40/oz to trade near $40.4/oz, its strongest level since 2011. Oil prices firmed modestly, with WTI holding above $64.6/bbl and Brent around $68.1/bbl, though the broader outlook remains capped by supply overhang concerns and cautious demand expectations.

All price data is from 01.09.2025 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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