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Daily Base Metals Report

Steady US Data Lifts Sentiment as Metals Split

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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 PCE data reinforced expectations for further Fed easing.
  • Copper held strong.
  • Silver extended its rally above $45.7/oz.

Macro


US equities opened higher on Friday as fresh data painted a steady picture of inflation and demand. In the US, personal income held steady at 0.4% in August, while real personal spending increased to 0.6%. Price pressures were in line with expectations, with the PCE index up to 0.3% MoM and 2.7% YoY in August, and the core rate unchanged at 2.9% YoY. The results reinforced the expectations for further easing from the Fed. Earlier in the day, Tokyo CPI for September showed headline inflation at 2.5% in August, unchanged from the month before, underscoring the persistent cost pressures in Japan. The 10-year Treasury yield climbed toward 4.18%, while the dollar softened slightly, hovering above 98.2, unable to break the 98.6 resistance.

Base Metals 

LME base metals ended the week with a mixed tone. Aluminium eased slightly, holding just above $2,650/t, while copper retreated from this week’s highs but remained firm around $10,200/t. Lead was steady near the $2,000/t mark, though nickel saw heavier selling, slipping back toward $15,175/t. Tin managed modest gains, consolidating above $34,500/t, while zinc softened, ending the session close to $2,888.50/t.

Precious Metals and Oil

Gold advanced but held below fresh records, trading near $3,774/oz, while silver extended its rally above $45.7/oz. Oil prices also strengthened, with WTI at $66.3/bbl and Brent close to $70.6/bbl, supported by firmer demand signals from US spending data. 

All price data is from 26.09.2025 as of 17:30

Disclaimer

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