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Daily Base Metals Report

PPI Dip Locks in Fed Easing

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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 PPI dipped, reinforcing Fed cut expectations.
  • Copper prices rose, aided by a weaker dollar, reaching slightly above $10,000/t.
  • Gold steadied near $3,645/oz while silver recovered to $41.2/oz.

Macro

US equities opened mixed on Wednesday, with the Dow Jones slipping while the S&P 500 pushed to fresh highs. Producer price data for August came in weaker than expected, falling by 0.1% after July’s downwardly revised jump, as softer trade margins and only modest gains in goods costs hinted that businesses may be absorbing part of the tariff burden. The subdued price pressures, despite elevated import duties, point to cooling domestic demand alongside signs of labour market strain. With next week’s Fed meeting approaching, markets are fully pricing a 25bps rate cut. Investors now look to Thursday’s CPI release for further guidance on the inflation outlook. The dollar index failed to break the 98.0 level, easing to 97.6, while the 10-year Treasury yield hovered just above 4.05%.

Base Metals 

Base metals strengthened today, with copper leading the way as it tested prices above $10,000/t. The metal began the day on a positive note, approaching this key threshold. A subsequent weakness in the dollar provided an additional boost, allowing copper to rise above this level, reaching $10,013/t. The next significant resistance level stands at $10,038/t; if breached, it could trigger further gains, potentially reaching $10,164/t, a high noted in March 2025.

The rest of the metals complex followed copper's lead, albeit with more modest appetite for gains. Aluminium cautiously edged higher, reaching $2,625/t, while zinc approached the $2,900/t mark, hovering just below at $2,886.50/t. Lead maintained its position above $1,900/t, and tin surged to $34,606/t.

Precious Metals and Oil

Gold inched higher after Tuesday’s pullback but remained below new records, trading around $3,645/oz, while silver recovered some lost ground to reach $41.2/oz. Oil prices also firmed slightly, with WTI at $63.6/bbl and Brent at $77.4/bbl.

All price data is from 10.09.2025 as of 17:30

Disclaimer

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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.

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