Base Metals Take a Holiday as China's Factories Get to Work

The base metals outlook has turned more constructive as softer U.S. data cut Federal Reserve hike odds and China's factory PMI returned above 50. Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, explains why metals stayed quiet into quarter end and where supply and demand are diverging. In copper, strike votes at the Escondida and Centinela mines in Chile and falling treatment charges point to a tight concentrate market, even as Chinese inventories build. Tin's backdrop stays strong on an expected drop in Indonesian output and robust semiconductor demand, while nickel remains in structural oversupply despite recent stock draws. Discover Actionable Metals Insights with StoneX Market Intelligence: https://shop.stonex.com/products/stonex-essential-bundle?utm_source=youtube&utm_medium=social&utm_campaign=sxtv_guest_natalie_scott_gray&utm_content=share 00:00 - Quiet Base Metals, Softer Fed 01:15 - China's PMI Returns Above 50 02:21 - Chile Strikes Tighten Copper 02:53 - Zinc's Selloff Was Positioning 03:32 - Tin Tight, Prices Stretched 04:02 - Nickel Oversupply Holds Firm Like and subscribe for more financial market insights. #BaseMetals #Copper #StoneX #NatalieScottGray --------- Like this video? Subscribe and turn on notifications so you don't miss any videos from StoneX: https://www.youtube.com/@stonex_official Visit https://www.stonex.com/en/insights/thought-leadership/?utm_source=youtube&utm_medium=social for insights, perspectives and thought leadership from StoneX's global network of experts. Visit our website: https://www.stonex.com?utm_source=youtube&utm_medium=social