09/09/2025 Daily Reports
Metals:
• Gold surged above $3,654/oz, marking a new record high.
• Gains are fueled by growing bets on multiple Federal Reserve rate cuts this year.
• Gold is up nearly 40% year-to-date, supported by trade tensions, geopolitical conflicts, and central bank buying.
• Aluminium inventories show strong shifts, with cancelled warrants at their highest since June 2025, pushing LME 3m prices to $2,625/t.
· Energy:
• Oil prices remain stable in early trading as expectations grow that Saudi Arabia may cut prices for October deliveries.
• Reports suggest Saudi Aramco could lower the Arab Light crude price by $1/bbl for Asian buyers, reversing the September price hike.
• European natural gas prices jumped nearly 3.5% after heavy Russian strikes on Ukraine and renewed discussions about sanctions.
· Agriculture:
• USDA downgraded US corn crop ratings to 68% good-to-excellent (from 69% last week).
• Soybeans also slipped to 64% good-to-excellent (from 65% previously).
• US winter wheat plantings are progressing at a usual pace (5%), slightly below the 5-year average (6%).
• What’s Next?
Metal’s resilience suggests that any signs of looser monetary policy could drive prices even higher. Energy markets, meanwhile, reflect a delicate balance between supply strategies from Saudi Arabia and geopolitical shocks in Europe.
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Nasdaq hits record high on rate cut hopes; Apple’s iPhone event and SpaceX-EchoStar deal in focus; European and Japanese markets post mixed results
• The Nasdaq Composite reached a new record high on Monday, driven by growing investor confidence that the Federal Reserve will cut interest rates in the coming week. Recent weak U.S. labour market data has fuelled this sentiment, creating a significant “risk-on” mood. The dollar has fallen to a seven-week low, while gold has reached a fresh record high. The spotlight today is on Apple’s highly anticipated iPhone event, which is expected to set the tone for the tech sector. Meanwhile, a $17 billion deal in which SpaceX will acquire spectrum licences from EchoStar has boosted satellite and telecoms stocks.
• In Europe, Germany’s July industrial production exceeded expectations, rising by 1.3% month-on-month, which provided some support for cyclical stocks, despite a decline in overall exports. However, investor sentiment across the eurozone plummeted in September, reflecting ongoing political and economic concerns, particularly in France, where a no-confidence vote failed. Markets are now awaiting the European Central Bank’s decision on Thursday, with a consensus for a rate hold, and will be watching for any signals about the pace of future cuts.
• In Asia, the Nikkei approached the 44,000 level as the region rallied in anticipation of a Fed rate cut. The sudden resignation of Japanese Prime Minister Shigeru Ishiba has introduced an element of political uncertainty but has also led to a weaker yen, which benefits Japan’s exporters. The market is also monitoring slowing export growth in China, which could impact regional demand and Japanese manufacturers.
