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Daily Base Metals Report

Markets Rebound, But Trade Uncertainty Lingers

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • Global services data lifted sentiment despite persistent trade risks
  • Copper rallied, but metals showed mixed performance overall
  • Gold softened as yields and dollar gained amid tariff tensions

Macro

US stocks opened higher today, rebounding from recent oversold conditions as investors recalibrated their expectations ahead of a data-heavy week. However, markets remain on edge as tariff uncertainty lingers—April 2nd, the date Trump previously suggested for implementing additional trade measures, is fast approaching with no clear guidance. This lack of clarity continues to fuel speculation across asset classes. The US 10-year Treasury yield jumped to 4.32%, reflecting market concerns over persistent inflation risks and potential trade-related price pressures. The dollar also gained ground, climbing to 104.3 on the index, supported by stronger-than-expected economic data and risk-adjusted flows. 

Preliminary March PMI prints offered a mixed macroeconomic picture. US services activity expanded more than expected, with the S&P Global Services PMI rising to 54.3 from 51.0 in February, signalling robust private sector momentum. The UK mirrored this trend, with its services PMI accelerating to 53.2 from 51.0, pointing to growing domestic resilience despite fiscal tightening. In contrast, Eurozone services activity softened to 50.4 from 50.6, suggesting continued stagnation in the bloc’s service sector. Markets are now looking ahead to the US PCE inflation data due later this week, which could influence rate cut expectations heading into Q2.

Base Metals

Base metals had a mixed session today, with copper leading the gains as broader risk appetite improved. LME copper edged closer to the key $10,000/t mark but failed to hold it, trading below $9,960/t at the time of writing. Zinc extended its recent strength, rising to $2,953.50/t, while lead rebounded to $2,044.50/t after last week's losses. In contrast, nickel slipped to $16,015/t, under pressure from recent weakness. Tin recorded the sharpest decline, falling to $34,305/t as the market continued to unwind recent gains. Aluminium was broadly steady, down slightly to $2,615/t, hovering near the bottom of its recent trading range.

Precious and Oil

Higher yields and a stronger dollar weighed on gold, pulling the metal back to $3,011/oz after last week’s record-breaking highs. Silver also edged lower, trading just above $33.00/oz. Meanwhile, oil prices rose after Trump threatened to impose a 25% tariff on any nation importing oil or gas from Venezuela—a move that could disrupt supply chains and elevate geopolitical risk premiums. WTI climbed to $69.2/bbl, while Brent crude advanced to $73.0/bbl.

Lme Metals Price And Volume 24032025

All price data is from 24.03.2025 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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