Client Portal
  1. Metals Outlook
  2. Daily Base Metals Report

Daily Base Metals Report

Read disclaimer

Back to reports

Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Senior Research Analyst

Contact research Contact Industrial Commodities

Summary

  • September Fed cut fully priced in.
  • Mixed base metal performance.
  • Gold hit fresh record above $3,640/oz.

Macro

US equities opened higher on Monday as attention turned firmly to the Federal Reserve’s upcoming rate decision. Forward swaps now fully price a 25bps cut this month, with some probability attached to a larger 50bps move. The dollar softened against major peers, with the index slipping to 97.6, while the 10-year yield extended its decline to around 4.06%. In Asia, Japan’s economy expanded at 2.2% QoQ in Q2, more than double the initial 1.0% estimate, following upward revisions in private consumption and inventories. The data suggest a firmer recovery momentum than previously thought, even as external headwinds remain.

Base Metals 

LME base metals were mixed on Monday. Aluminium firmed, holding above $2,610/t, while copper edged higher to trade just under the $9,930/t mark. Lead also gained modestly, trading near $1,993/t. In contrast, nickel eased slightly, slipping below $15,230/t, while tin extended its recent pullback, closing at $34,262/t after late August’s highs. Zinc was stronger, pushing up towards $2,875/t, close to its recent peak.

Precious Metals and Oil

Falling Treasury yields and a weaker dollar created perfect conditions for precious metals, with gold starting the week at new record highs, breaking above $3,600/oz and trading near $3,640/oz at the time of writing. Silver also advanced, surpassing $41.5/oz to reach $41.57/oz. Oil prices were more volatile, with WTI holding around $62.3/bbl and Brent near $66.0/bbl.

All price data is from 08.09.2025 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.

Sign up to get the latest market insights

We will email you each time a new report has been published.

Subscribe

Select all the reports you wish to sign up for and submit your details below

Thank you for subscribing.

You should receive a confirmation email shortly. Please check your spam /junk mail folder if not received within a few minutes.

Do not forget to click the link in the confirmation message, otherwise, you will not receive any of our future emails.

This field is required
This field is required
This field is required
This field is required

Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.

(Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.)
You must agree to our terms and conditions before submitting the form
* Mandatory fields