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Daily Base Metals Report

Oil Climbs on Russian Sanctions

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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

-    Markets brace for US CPI data tomorrow.
-    Zinc spreads eased after extreme tightness.
-    Precious metals rebounded after two days of losses.

Macro

US equities climbed on Thursday as investors digested a fresh batch of corporate earnings, with Tesla and IBM both disappointing markets. Tesla shares fell nearly 2% after mixed Q3 results, marking the start of the “Magnificent Seven” earnings cycle, while IBM dropped around 3% as stronger-than-expected profits were offset by softer software revenue. Markets now turn their focus to Friday’s US CPI release, expected to proceed despite the ongoing government shutdown, with forecasts pointing to inflation rising above 3% and tempering confidence in the two 25bps rate cuts still priced in for this year. The 10-year Treasury yield rebounded towards 4.0%, while the dollar index held steady around 98.95, even as the greenback strengthened against both sterling and the yen.

Base Metals

Base metals advanced across the board except for zinc, whose spreads collapsed after Wednesday’s sharp 320-point backwardation eased, signalling a softening in tightness. Aluminium broke through key resistance to reach its highest level since 2022 at $2,862.5/t, while copper once again tested resistance near $10,860/t. Lead regained ground above $2,000/t, nickel traded near $15,365/t within its established range, and tin climbed to $35,772/t.

Precious Metals and Oil

Precious metals edged higher after two sessions of losses, with gold back above $4,140/oz and silver steady around $49.11/oz. Oil prices extended strong gains as US sanctions on Russia’s Rosneft and Lukoil stoked fears of reduced global supply. The move prompted refiners in China and India to scale back Russian crude purchases, while declining US inventories and stronger refinery activity added to the bullish tone, lifting WTI towards $62/bbl and Brent to $66/bbl.

All price data is from 23.10.2025 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.

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