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Daily Base Metals Report

Concerns Mount Over the Fragility of Global Growth

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • Trade war uncertainty and weaker US consumer sentiment weighed on market confidence.
  • Base metals have weakened as markets struggled to gain momentum above near-term resistance levels.
  • Gold briefly broke $3,000/oz before paring gains, while oil edged higher.

Macro

US markets opened higher today but remain on track for their worst weekly performance in two years as uncertainty over the escalating trade war weighs on sentiment. The University of Michigan’s consumer sentiment survey fell sharply to 57.9, missing expectations of 63 and down from a final reading of 64.7 in February. The decline reflects growing concerns over economic stability, as consumers become increasingly cautious amid rising trade tensions and inflationary pressures. The dollar index traded lower at 103.7, while the 10-year US Treasury yield edged slightly higher, standing at 4.3%.

Meanwhile, official data showed that the UK economy unexpectedly contracted by 0.1% MoM in January, primarily due to a slowdown in the manufacturing sector, adding to concerns over fragile growth prospects.

Base Metals

Base metals were mostly softer today as markets continued to reject prices exceeding near-term resistance levels. Copper retested the $9,800/t mark but struggled to maintain that level, eventually softening to $9,780.50/t. Similarly, aluminium fluctuated around the $2,700/t mark, closing lower at $2,681.50/t by the end of the day. Lead and zinc remained stable at elevated levels. Tin, which had surged to over $3,000/t yesterday, corrected today, falling back to $35,282/t.

Precious Metals and Oil

Gold briefly surged past the $3,000/oz level today, driven by geopolitical tensions and trade war fears, but later pared some of its gains, trading at $2,983/oz at the time of writing. Silver followed a similar trajectory, jumping above $34/oz before retreating to $33.7/oz. Oil prices edged higher, with WTI at $66.9/bbl and Brent crude at $70.2/bbl.

Lme Metals Price And Volume 14032025

All price data is from 14.03.2025 as of 17:30

Disclaimer

This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

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