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Daily Base Metals Report

Markets Close the Week on a Softer Note

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • US stocks ended the week lower amid subdued confidence in global trade markets.
  • Base metals declined, led by a slowdown in copper momentum.
  • Despite ongoing uncertainty, precious metals also softened, though gold remained above $3,000/oz.

Macro

US stocks weakened once again on Friday, as previous days' bounces failed to hold. The markets have been closely monitoring earnings reports from megacap companies, which have disappointed investors. The S&P 500 declined by 0.5% since the market opened, closing the week near the 5000 level, still about the week's lows. Although major central banks held key interest rates steady, policymakers downgraded economic forecasts due to ongoing tariff uncertainties, which weighed on market sentiment. However, we do not believe that investors are entirely convinced of a full-blown recession. We anticipate that the markets will adopt a wait-and-see approach, looking for positive news to drive prices higher. The dollar breached the 104.00 resistance level to finish the day close to 104.20. The 10-year US Treasury yield held at 4.22%. 

Base Metals

In the base metals space, prices weakened as the bulls ran out of steam. Copper's test and rejection of the $10,000/t mark yesterday was crucial for the markets, suggesting that tariffs alone are insufficient to support the upward momentum above this threshold. LME copper weakened to $9,855.50/t despite a continued widening of the COMEX/LME arb. The rest of the complex followed suit. Aluminium breached the $2,650/t support level to close at $2,622.50/t. Lead continued its sell-off, falling below the 200 DMA support of $2,048/t towards $2,016.50/t. Zinc held its nerve at $2,928/t. 

Precious Metals and Oil

Oil futures were little changed, with WTI and Brent trading at $67/bbl and $71/bbl, respectively. Gold and silver both continued to weaken despite continued global uncertainty, pushing prices to $3,012/oz and $32.92/oz.

Lme Metals Price And Volume 21032025

All price data is from 21.03.2025 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.

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