Metal Market Update: Copper Rises While Other Base Metals Decline on July 23, 2025

The global metal market witnessed a mixed performance on July 23, 2025, with copper prices showing a notable increase, while other key base metals such as aluminium, zinc, tin, and lead experienced declines or remained stable. This divergence reflects varying market dynamics influenced by demand expectations, tariff concerns, and broader macroeconomic factors.

Copper Leads the Way with Price Surge

On July 23, 2025, copper prices demonstrated a strong upward trend, signaling a rebound in the base metals sector. Although specific numerical data for copper's increase was not detailed, its positive movement stood out against the general downward pressure on other industrial metals. This rise in copper prices could be attributed to renewed demand optimism or supply-side considerations.

Aluminium, Zinc, Tin, and Lead Face Downward Pressure

In contrast to copper, other major base metals recorded declines or remained largely unchanged:

• Aluminium: On the London Metal Exchange (LME), aluminium prices fell by 0.3%, settling at 2,654 USD/tonne. However, on the Shanghai Futures Exchange, aluminium saw a 0.75% increase, reaching 20,900 Chinese Yuan per tonne, equivalent to approximately 2,913.26 USD/tonne. This disparity highlights regional market differences.
• Zinc: LME zinc prices remained largely stable, trading at 2,837.50 USD/tonne.
• Tin: Tin prices experienced a 0.4% decrease, closing at 33,670 USD/tonne.
• Lead: Lead also saw a 0.4% decline, with its price reaching 2,007 USD/tonne.

The general decline or stability in these metals is largely attributed to ongoing concerns about potential tariffs and a cautious outlook regarding future demand, particularly from major industrial consumers.

Precious Metals: Gold and Silver Continue Upward Trend

The precious metals market, often influenced by different factors than industrial metals, showed a positive trend:

• Gold: Domestic SJC gold prices in Vietnam surged by approximately 700,000 VND/tael, with buy-sell rates reaching 120.7 million VND/tael and 122.7 million VND/tael, respectively. Globally, spot gold prices on the morning of July 23 were at 3,422.9 USD/ounce, an increase of 8.9 USD/ounce from the previous night.
• Silver: Domestic silver prices also saw a slight increase, ranging from 1,214,000 VND/tael to 1,527,000 VND/tael depending on the region.

The upward movement in gold and silver prices is primarily driven by a weakening US Dollar and other broader macroeconomic developments that often enhance the appeal of safe-haven assets.

Market Outlook and Influencing Factors

The mixed performance across the metal markets on July 23, 2025, underscores the complex interplay of various factors. While copper's resilience suggests underlying strength in certain industrial sectors, the cautious sentiment surrounding other base metals points to ongoing concerns about global economic growth and trade policies. The continued rise of precious metals highlights their role as a hedge against economic uncertainties and currency fluctuations. Investors and market participants will continue to monitor global economic indicators, trade negotiations, and geopolitical developments for further cues on market direction.

Information compiled and updated as of July 24, 2025, based on market reports from July 23, 2025.