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Daily Base Metals Report

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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 PMI slipped, pointing to softer business momentum.
  • LME Copper stuck below $10,000/t
  • Gold surpassed $3,780/oz

Macro

US equities opened mixed on Tuesday, with the Dow Jones pushing deeper into record territory while the Nasdaq and S&P 500 edged slightly lower, though both remain close to their recent highs. In the euro area, business activity strengthened modestly in September, with the composite PMI rising to 51.2, extending the current run of growth to nine months. The headline masked diverging trends, with Germany showing renewed momentum while political uncertainty continued to weigh on France. The services sector drove the expansion, with its PMI improving to 51.4 from 50.5 in August. In the UK, the composite PMI slowed to 51.0 from 53.5, reflecting a weaker performance in both services and manufacturing. Firms reported pressure from higher costs linked to recent tax increases, adding to speculation that further fiscal tightening could emerge in the November budget. In the US, the composite PMI slipped to 53.6 from 54.6 in August, with companies noting that tariffs are lifting input costs but that they have held back from passing these through to customers, a development that could keep inflation at bay. The dollar index was little changed, holding above 97.3, while the 10-year yield steadied near 4.15%.

Base Metals 

LME base metals gave a mixed performance. Aluminium eased slightly, closing near $2,641/t, while lead held just above the $2,000/t threshold. Copper struggled to break $10,000/t, hovering around $9,985/t, while nickel advanced, closing at $15,354/t. Tin was firmer, ending at $34,302/t.

Precious Metals and Oil

Gold briefly surged to new record highs above $3,780/oz before easing, while silver extended its rally to $44.3/oz. Oil prices recovered from recent lows, with WTI climbing to $63.6/bbl and Brent advancing to $67.8/bbl.

All price data is from 23.09.2025 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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