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Daily Base Metals Report

Markets Eye Key US Inflation Prints

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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 job creation revised down.
  • Base metals remained rangebound. 
  • Gold eased to $3,640/oz.

Macro

US equities fluctuated on Tuesday as investors absorbed revised labour market figures that signalled more weakness than previously thought. According to the Bureau of Labor Statistics, job creation in the 12 months through March 2025 was overstated by around 911k positions, intensifying worries about the health of employment. With the Fed meeting drawing closer, the debate has shifted to whether policymakers will opt for a 25bps or a 50bps cut. The dollar gained modestly, with the index holding above 97.5, while the 10-year yield edged up to 4.08%. Attention is now turning to this week’s inflation releases, with PPI due on Wednesday and CPI on Thursday expected to shape expectations for policy.

In Europe, political uncertainty in France added to market jitters. On Monday, Prime Minister François Bayrou lost a confidence vote in the National Assembly and submitted his resignation to President Macron, who is expected to name a new government in the coming days. This marks the prospect of a fifth prime minister in less than two years, underscoring political instability during Macron’s second term. The euro has steadily weakened since Monday, with EURUSD falling to 1.172.

Base Metals 

Base metals posted moderate moves, keeping within recent ranges. Copper held above $9,900/t at $9,914/t, as aluminium hovered above $2,600/t at $2,622.50/t. Lead and zinc edged lower to $1,977/t and $2,856/t, respectively. Meanwhile, nickel broke below the support of $15,200/t to $15,105/t.

Precious Metals and Oil

Gold briefly extended its rally to fresh highs, but gains faded as a firmer dollar and higher Treasury yields weighed, leaving the metal trading around $3,640/oz. Silver slipped back below $41/oz, erasing Monday’s advance. Oil prices firmed, with WTI testing $63.5/bbl and Brent moving above $67.0/bbl.

All price data is from 10.09.2025 as of 17:30

Disclaimer

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