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Prices & Review

Daily price | 2025-08

Copper

Date(Fix.)($/MT) Average9637.47 2025-08-289703.5 2025-08-279682 2025-08-269707.5 2025-08-229643 2025-08-219611 2025-08-209576.5 2025-08-199621.5 2025-08-189626.5 2025-08-159621 2025-08-149665.5 2025-08-139746.5 2025-08-129661.5 2025-08-119643.5 2025-08-089627 2025-08-079636.5 2025-08-069604.5 2025-08-059576.5 2025-08-049622.5 2025-08-019535.5

Lead

Date(Fix.)($/MT) Average1945.29 2025-08-281944 2025-08-271949 2025-08-261951.5 2025-08-221946 2025-08-211932 2025-08-201929 2025-08-191932 2025-08-181925 2025-08-151945.5 2025-08-141942.5 2025-08-131969.5 2025-08-121974 2025-08-111958.5 2025-08-081963 2025-08-071974 2025-08-061952 2025-08-051919.5 2025-08-041927.5 2025-08-011926

Nickel

Date(Fix.)($/MT) Average14894.21 2025-08-2815015 2025-08-2714925 2025-08-2614975 2025-08-2214745 2025-08-2114770 2025-08-2014780 2025-08-1914885 2025-08-1814900 2025-08-1514910 2025-08-1414880 2025-08-1315135 2025-08-1214985 2025-08-1115045 2025-08-0814885 2025-08-0714980 2025-08-0614940 2025-08-0514755 2025-08-0414880 2025-08-0114600

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 3355.58 3357.55 3359.51 2025-08-28 3397.85 3402.75 3407.65 2025-08-27 3381.9 3379.13 3376.35 2025-08-26 3372.9 3370 3367.1 2025-08-22 3328.4 3331.33 3334.25 2025-08-21 3339.7 3339 3338.3 2025-08-20 3327.25 3335.95 3344.65 2025-08-19 3337.9 3336.18 3334.45 2025-08-18 3348.45 3340.43 3332.4 2025-08-15 3344.35 3339.93 3335.5 2025-08-14 3356.7 3350.28 3343.85 2025-08-13 3362.05 3363.23 3364.4 2025-08-12 3347.55 3345.43 3343.3 2025-08-11 3358.1 3357.25 3356.4 2025-08-08 3397.1 3395.63 3394.15 2025-08-07 3375.95 3379.85 3383.75 2025-08-06 3362.7 3367.35 3372 2025-08-05 3363.25 3369.28 3375.3 2025-08-04 3359.05 3369.55 3380.05 2025-08-01 3294.9 3320.88 3346.85

Silver

Date(Fix.)($/oz) Average37.89 2025-08-2838.935 2025-08-2738.215 2025-08-2638.42 2025-08-2238.005 2025-08-2137.565 2025-08-2037.075 2025-08-1938.07 2025-08-1838.085 2025-08-1537.73 2025-08-1438.315 2025-08-1338.605 2025-08-1237.69 2025-08-1137.755 2025-08-0838.29 2025-08-0738.375 2025-08-0637.775 2025-08-0537.35 2025-08-0437.15 2025-08-0136.49

Tin

Date(Fix.)($/MT) Average33782.37 2025-08-2834900 2025-08-2734605 2025-08-2634100 2025-08-2233550 2025-08-2133500 2025-08-2033800 2025-08-1933995 2025-08-1833950 2025-08-1533750 2025-08-1433575 2025-08-1333850 2025-08-1233750 2025-08-1133675 2025-08-0833900 2025-08-0733655 2025-08-0633525 2025-08-0533150 2025-08-0433450 2025-08-0133185

Zinc

Date(Fix.)($/MT) Average2782.71 2025-08-282764.5 2025-08-272775 2025-08-262789 2025-08-222772 2025-08-212762 2025-08-202763 2025-08-192758 2025-08-182787 2025-08-152811.5 2025-08-142824 2025-08-132841.5 2025-08-122826.5 2025-08-112803.5 2025-08-082811 2025-08-072808 2025-08-062777.5 2025-08-052754.5 2025-08-042736 2025-08-012707

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average15.2 2025-08-2815.3 2025-08-2715.25 2025-08-2615.2 2025-08-2215.2 2025-08-2115.2 2025-08-2015.5 2025-08-1915.2 2025-08-1815.2 2025-08-1515.25 2025-08-1415.25 2025-08-1315.25 2025-08-1215.25 2025-08-1115.25 2025-08-0815.1 2025-08-0715.1 2025-08-0615.1 2025-08-0515 2025-08-0415.1 2025-08-0115.1

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1332 1332.34 1332.68 2025-08-28 1351 1348 1345 2025-08-27 1344 1341.5 1339 2025-08-26 1339 1344.5 1350 2025-08-22 1342 1340.5 1339 2025-08-21 1330 1330.5 1331 2025-08-20 1315 1326.5 1338 2025-08-19 1346 1346.5 1347 2025-08-18 1336 1336.5 1337 2025-08-15 1361 1348 1335 2025-08-14 1345 1349 1353 2025-08-13 1348 1342.5 1337 2025-08-12 1338 1337 1336 2025-08-11 1319 1320.5 1322 2025-08-08 1335 1331.5 1328 2025-08-07 1329 1328.5 1328 2025-08-06 1327 1324.5 1322 2025-08-05 1319 1316 1313 2025-08-04 1320 1319.5 1319 2025-08-01 1264 1283 1302

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1136.58 1136.98 1137.37 2025-08-28 1098 1100 1102 2025-08-27 1095 1092.5 1090 2025-08-26 1092 1091.5 1091 2025-08-22 1117 1120.5 1124 2025-08-21 1099 1104.5 1110 2025-08-20 1111 1119 1127 2025-08-19 1123 1125 1127 2025-08-18 1119 1121.5 1124 2025-08-15 1139 1132.5 1126 2025-08-14 1133 1136.5 1140 2025-08-13 1127 1124.5 1122 2025-08-12 1154 1148 1142 2025-08-11 1134 1139.5 1145 2025-08-08 1138 1139 1140 2025-08-07 1151 1152.5 1154 2025-08-06 1174 1163.5 1153 2025-08-05 1191 1186 1181 2025-08-04 1208 1196.5 1185 2025-08-01 1192 1209.5 1227

Overview (July 2025)

Base metals delivered a mixed performance in Ju-ly, with most of the metals consolidating, except for tin and zinc which trended higher. The US dollar also showed a mixed pattern: after hitting a multi-year low of 96.37 on the Dollar Index in early July, it rebounded to 98.95 mid-month, before consolidating around 97.50. Overall, the dollar remains weak.

A key event in the base metals sector was the in-troduction of a 50% Section 232 tariff on copper. This led to CME copper prices trading at a $3,000 per tonne premium over LME prices and influenced regional pre-miums, which initially increased as traders sourced copper units for shipment to the US, then declined as the win-dow for shipping before August 1 closed. Markets have also been tracking reciprocal tariff agreements, which have generally been set at lower levels than those an-nounced in April on Liberation Day. While lower tariffs are good news for the global economy, tariffs could be a major headwind for global growth. For now, economic trends and market sentiment do not seem to be reflecting this headwind - highlighted by US equity indices hovering at, or near, record highs. However, there is growing con-cern that investors may be too complacent about the risks. It is difficult to imagine that tariffs will not dampen US demand and adversely affect foreign producers reliant on exports to the US. As such, some economic challeng-es may lie ahead, potentially affecting company profits and overall growth. These risks seem to be underpinning strong gold prices and, more recently, have started to push second-tier safe-havens, like silver, the PGMs and less popular crypto-currencies, such as Ethereum, to play catch-up with the tier-one safe-havens, gold and bitcoin. A positive development was the softening of the US stance toward China with a US/China trade framework agreement, one that reduced tariffs to 55%. Additionally, it looks like the August 12 deadline for a final trade agreement may be extended by 90-days. Within the framework, the US has reduced its restrictions on tech-nology exports to China and China has reduced some of its restrictions on the export of rare earths. The US now has trade agreements with the UK, Indonesia, Vietnam, Japan and Europe, with the latter two, set at 15%.

On the geopolitical front, the suspension of military strikes against Iran has helped ease tensions in the Middle East and reduced the risk of the Straits of Hormuz being closed, which would have had a significant impact on oil and LPG exports and prices. There has been no progress in ending the war with Ukraine, but the US does seem to be swinging round to being more sup-portive to Ukraine. With Russia’s aggressive stance, an arms race in Europe is likely to boost growth in the region.

Europe’s economy remains weak with the flash manufacturing purchasing managers index (PMI) data for July reading 49.8, from 49.5 in June, but still in contraction mode. China’s economy continues to face head-winds, with second quarter GDP growth slowing to 5.2%, from 5.4% in the first quarter. The US economy remains buoyant, with employers continuing to add jobs and inflation rising to 2.7% in June, up from 2.4% in May, still above the Fed’s 2% target. As a result, the Fed-eral Reserve remains reluctant to cut rates, despite Presi-dent Donald Trump putting pressure on Powell to do so. With tariffs set to start in August, the Fed may well hold off cutting rates for longer, unless tariffs lead to signifi-cant market weakness. The market is pricing in a 63% chance of a rate cut in September. While China’s economy is under pressure and experiencing deflation, the gov-ernment continues to provide stimulus and announced a massive $170 billion infrastructure project to build five hydroelectric dams that are expected to be built by 2030. Historically, major infrastructure projects like this have been bullish for metal demand, especially given the pace of construction expected.