Uploaded September 2026 | Updated September 2026, 2 weeks ago
Base metals are holding firm despite weak Chinese data, with historically low copper, zinc and aluminum stocks absorbing the macro pressure.
Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, walks through what is moving the base metals complex in this weekly macroeconomic outlook.
The macro picture has turned more mixed, with a firmer message from the Federal Reserve at Jackson Hole and a stronger dollar set against resilient manufacturing in the United States, Germany, India and Japan. China stays the swing factor, where targeted property and liquidity measures sit against weak data. Attention turns to the Golden September, Silver October demand window, Indonesian nickel quotas and Section 232 copper policy.
Discover Actionable Metals Insights with StoneX Market Intelligence: 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 - Metals Defy the Summer Lull
00:34 - Jackson Hole Turns Hawkish
01:37 - China Data Stays Wild Card
02:04 - Property Easing Does the Work
02:37 - Geopolitics Flips Risk Off
03:10 - Copper and Zinc Stocks Thin
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#Copper #StoneX #NatalieScottGray #BaseMetals
Base metals are holding firm despite weak Chinese data, with historically low copper, zinc and aluminum stocks absorbing the macro pressure.
Natalie Scott-Gray, StoneX Senior Metals Analyst EMEA & Asia, walks through what is moving the base metals complex in this weekly macroeconomic outlook.
The macro picture has turned more mixed, with a firmer message from the Federal Reserve at Jackson Hole and a stronger dollar set against resilient manufacturing in the United States, Germany, India and Japan. China stays the swing factor, where targeted property and liquidity measures sit against weak data. Attention turns to the Golden September, Silver October demand window, Indonesian nickel quotas and Section 232 copper policy.
Discover Actionable Metals Insights with StoneX Market Intelligence: 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 - Metals Defy the Summer Lull
00:34 - Jackson Hole Turns Hawkish
01:37 - China Data Stays Wild Card
02:04 - Property Easing Does the Work
02:37 - Geopolitics Flips Risk Off
03:10 - Copper and Zinc Stocks Thin
Like and subscribe for more financial market insights.
#Copper #StoneX #NatalieScottGray #BaseMetals
