Copper Notches Fresh Record

Base Metals

Copper: Copper prices rose as benchmark three-month copper on the LME was up 0.5% at $11,095 earlier this morning after having earlier climbed to a record high of $11,146. Supply worries are driving prices higher as Glencore lowered its annual copper production guidance to between 850,000 and 875,000 metric tons, versus 850,000 to 890,000 tons previously. The miner’s copper production in the January to September period fell 17% to 583,500 metric tons from last year. Anglo American on Tuesday also reported a 9% drop in copper production in the first nine months of 2025. Elsewhere on the supply front, Freeport-McMoRan lowered its sales outlook following the pause in operations at its Grasberg mine in Indonesia. Codelco’s El Teniente mine in Chile continues to see production issues, while problems in the Dominican Republic and the Democratic Republic of Congo added further pressure to global supply.

Attention is also centered around today’s Fed meeting and President Trump and Xi’s meeting on Thursday, where the two leaders are expected to sign a trade deal that will lower levies on China.

Copper stocks at LME-registered warehouses stood at 134,575 tons, the lowest since late July.

Zinc: Zinc gained 1% to $3,087. The premium of the cash LME zinc contract over the three-month forward was last at $170, indicating high demand, while LME zinc stocks fell to 35,200 tons, nearly a two-year low.

Aluminum: Aluminum was up 0.5% at $2,902.

Tin: Tin slipped 0.1% to $36,305.

Lead: Lead was flat at $2,026.

Nickel: Nickel rose 0.4% to $15,350.

Precious Metals

Gold: Gold prices rose, rebounding from a three-week low reached on Tuesday as investors found the dip in prices attractive ahead of the Fed’s policy decision later today. Central bank purchasing of gold is speculated to be behind today’s lift in prices as currency reserve managers take advantage of the dip in prices. Progress in US-China talks has lifted market optimism and sparked a risk-on sentiment that has been weighing on gold amid a heavy wave of profit-taking. President Trump said he expects to get a “great deal” done with China during his meeting with President Xi, reflecting market optimism that has been growing since late last week as the deal is expected to significantly lower tariffs on Chinese goods. Strong corporate earnings have also weighed on gold prices, as gains have attracted investors away from the metal.

The Fed is expected to lower interest rates by 25 bps, while investors will parse any forward-looking commentary from Fed Chair Jerome Powell. Fed Funds futures have shown that investors have slightly scaled back expectations of a rate cut in December. Odds of a December cut have fallen to 85%, down from 90% this time yesterday and from 98% a week ago.

Gold remains up nearly 50% year-to-date, supported by economic and geopolitical uncertainty, robust central bank purchases, strong ETF inflows, and the “debasement” trade. Continued purchasing of gold by central banks will continue to provide long-term support for the yellow metal.

Silver: Silver is higher, moving away from a monthly low as investors look ahead to the Fed’s decision later today. Silver fell more than 6% last week as profit-taking hit the market amid concerns of overvaluation after the metal surged to record highs. Still, robust industrial demand from the tech and renewable energy sectors will be supportive of prices long-term.

Platinum: Platinum rose 1.5% to $1,608.

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