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Authors
Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

 Markets Navigate Nvidia Earnings and Trade Tensions

Summary

  • Nvidia’s strong earnings report fuelled optimism, but trade tensions escalated as new US tariff were confirmed.
  • Base metals saw mixed movements, with copper struggling near resistance.
  • A stronger dollar pressured gold and silver.

 

US stock market performance was mixed as investors reacted to Nvidia’s latest earnings report. The AI chipmaker posted record revenue of $39.3 billion for Q4 2024, surpassing expectations, with data centre sales driving strong growth. Meanwhile, trade tensions escalated after President Trump confirmed that the delayed 25% tariffs on Mexico and Canada will take effect on March 4. He also announced an additional 10% levy on Chinese imports, adding to existing tariffs. The dollar strengthened, with the dollar index rising above 107, while the 10-year Treasury yield held steady just below 4.3%.

Base metals saw a mixed session today, with divergence across the complex. LME copper slipped to $9,392/t, struggling to hold above the $9,400/t level as resistance capped further upside. Tin was the worst performer of the day, falling sharply to $31,640/t, with selling pressure accelerating after failing to sustain recent gains. Nickel, however, saw a strong rebound, climbing to $15,835/t. Aluminium held steady, edging slightly higher to $2,634/t, while lead remained mostly unchanged at $2,009.50/t. Zinc closed flat at $2,812/t, staying within its recent consolidation range, as the market awaited fresh catalysts to break the current stagnation.

A stronger dollar weighed on gold, pushing it down to $2,874/oz, while silver followed, slipping to $31.4/oz. Oil prices edged higher, with WTI at $70.0/bbl and Brent at $74.0/bbl.

 

All price data is from 27.02.2025 as of 17:30

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