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Prices & Review

Daily price | 2025-10

Copper

Date(Fix.)($/MT) Average10598.91 2025-10-2210600 2025-10-2110612 2025-10-2010581 2025-10-1710527.5 2025-10-1610495 2025-10-1510702 2025-10-1410600 2025-10-1310617.5 2025-10-1010735 2025-10-0910866.5 2025-10-0810738 2025-10-0710643 2025-10-0610609.5 2025-10-0310537.5 2025-10-0210455 2025-10-0110263

Lead

Date(Fix.)($/MT) Average1960.53 2025-10-221953 2025-10-211949 2025-10-201938 2025-10-171936 2025-10-161940 2025-10-151951.5 2025-10-141940 2025-10-131956.5 2025-10-101978 2025-10-091992 2025-10-081967 2025-10-071969 2025-10-061968 2025-10-031985 2025-10-021987.5 2025-10-011958

Nickel

Date(Fix.)($/MT) Average15077.5 2025-10-2214935 2025-10-2114985 2025-10-2014925 2025-10-1714930 2025-10-1614975 2025-10-1515050 2025-10-1414910 2025-10-1315040 2025-10-1015175 2025-10-0915325 2025-10-0815190 2025-10-0715310 2025-10-0615185 2025-10-0315230 2025-10-0215110 2025-10-0114965

Gold

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 4073.82 4069.59 4065.35 2025-10-22 4081.5 4075.75 4070 2025-10-21 4275.1 4222.35 4169.6 2025-10-20 4252.75 4273.55 4294.35 2025-10-17 4338.25 4281.5 4224.75 2025-10-16 4225.55 4243.75 4261.95 2025-10-15 4191.25 4197.93 4204.6 2025-10-14 4143.8 4135.05 4126.3 2025-10-13 4070.9 4083.43 4095.95 2025-10-10 3998.05 3986.28 3974.5 2025-10-09 4040.6 4029.93 4019.25 2025-10-08 4034.75 4037.4 4040.05 2025-10-07 3962.3 3970.65 3979 2025-10-06 3941.95 3945.7 3949.45 2025-10-03 3860.7 3873.2 3885.7 2025-10-02 3877.5 3877.8 3878.1 2025-10-01 3886.1 3879.05 3872

Silver

Date(Fix.)($/oz) Average50.05 2025-10-2247.76 2025-10-2149.945 2025-10-2051.8 2025-10-1754.1 2025-10-1653.02 2025-10-1552.585 2025-10-1451.52 2025-10-1351.24 2025-10-1050.76 2025-10-0949.705 2025-10-0849.005 2025-10-0748.45 2025-10-0648.565 2025-10-0347.605 2025-10-0247.395 2025-10-0147.28

Tin

Date(Fix.)($/MT) Average36011.25 2025-10-2235555 2025-10-2135400 2025-10-2034775 2025-10-1735075 2025-10-1635360 2025-10-1535600 2025-10-1435175 2025-10-1335925 2025-10-1036500 2025-10-0936900 2025-10-0836505 2025-10-0736585 2025-10-0636750 2025-10-0337700 2025-10-0236375 2025-10-0136000

Zinc

Date(Fix.)($/MT) Average3123.03 2025-10-223325 2025-10-213326 2025-10-203159 2025-10-173080 2025-10-163100 2025-10-153151 2025-10-143049 2025-10-133119 2025-10-103113 2025-10-093111 2025-10-083092.5 2025-10-073086 2025-10-063071 2025-10-033057 2025-10-023102 2025-10-013027

Cobalt(Standard Grade MB free market low quotation)

Date(Fix.)($/lb) Average19.77 2025-10-2221.5 2025-10-2121.25 2025-10-2020.5 2025-10-1720.15 2025-10-1620 2025-10-1520 2025-10-1419.8 2025-10-1319.7 2025-10-1019.7 2025-10-0919.4 2025-10-0819.2 2025-10-0719 2025-10-06- 2025-10-0318.9 2025-10-0218.9 2025-10-0118.5

Platinum

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1621.5 1622.22 1622.94 2025-10-22 1553 1551.5 1550 2025-10-21 1577 1569.5 1562 2025-10-20 1585 1605.5 1626 2025-10-17 1668 1655 1642 2025-10-16 1666 1670 1674 2025-10-15 1660 1654 1648 2025-10-14 1664 1643 1622 2025-10-13 1651 1648 1645 2025-10-10 1621 1628 1635 2025-10-09 1664 1675 1686 2025-10-08 1651 1657 1663 2025-10-07 1615 1622 1629 2025-10-06 1612 1616 1620 2025-10-03 1586 1594 1602 2025-10-02 1577 1583.5 1590 2025-10-01 1594 1583.5 1573

Palladium

Date(Fix.)AM
($/oz)
MEAN
($/oz)
PM
($/oz)
Average 1412.63 1415.07 1417.5 2025-10-22 1402 1413.5 1425 2025-10-21 1438 1429.5 1421 2025-10-20 1456 1470 1484 2025-10-17 1562 1550.5 1539 2025-10-16 1550 1562.5 1575 2025-10-15 1557 1548.5 1540 2025-10-14 1487 1477 1467 2025-10-13 1458 1454.5 1451 2025-10-10 1439 1447 1455 2025-10-09 1473 1488 1503 2025-10-08 1391 1402.5 1414 2025-10-07 1320 1331.5 1343 2025-10-06 1271 1278.5 1286 2025-10-03 1262 1263 1264 2025-10-02 1270 1266.5 1263 2025-10-01 1266 1258 1250

Overview (September 2025)

Base metals delivered a mixed performance in September. Copper and zinc trended higher, while the others have either been volatile, or stuck in sideways trading ranges.

Macro-economic data has also been mixed, but expectations of — and the subsequent response to — a US rate cut provided support, with equities buoyant and many indices reaching new record highs in September.

Copper rallying at the end of the month after three large mines facing problems in Chile, Indonesia and DRC. Zinc gained support due to the continued decline in LME stocks to exceptionally low levels. Gold rallied as its core drivers remained strong, while silver attracted fresh interest as investors finally seem to have recognized it had lagged behind gold. Precious metals also benefited from easing US-ten-year treasury yields, falling to 4.14 percent in late-September, from 4.26 percent in early-September. The gold/silver ratio fell to 1:85 in September, having been over 1:100 in April and May. Silver is still below the all-time highs seen in 1980 and 2011, when prices reached around the $50 per oz level. $50 in 1980 when the Hunt family tried to corner the Silver market.

The economic climate is for the most part looking uncertain as the fallout from US tariffs has yet to show up in the data, although the deterioration in September’s flash PMI data may be an early warning sign. The US labor market has also weakened with August’s payrolls data showing only 22,000 jobs created, which was the slowest pace this year and the unemployment rate has climbed to 4.3 percent, from 3.7 percent at the start of 2024. With China’s economy witnessing deflation and a deteriorating real estate market and the Euro zone’s economy stalling, with Q2 GDP at just 0.1 percent, any slowdown in the US will remove one of the main engines of growth. Indeed, some argue that the US has avoided recession only because of the surge in AI-related spending, while private investment elsewhere in other sectors has contracted this year under the weight of generally high interest rates and tariff uncertainty. The boom in AI spending has also sparked debate over whether a bubble is forming, similar to the Dotcom bubble of 2001 – any such correction in the technology giants could have far reaching consequences across all markets as investors move into deleverage mode.

For now, the path of least resistance in the base metals seems to be sideways to higher, but there is little room for complacency given uncertainty on the economic and geopolitical fronts.