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Daily Base Metals Report

Metals Rally as Copper Breaks $10,000/t

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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 consumer confidence drops to a three-year low, adding to economic uncertainty.
  • Base metals extend gains, with copper surging past $10,000/t amid improved risk sentiment.
  • Gold and silver rise as a weaker dollar and higher copper prices boost demand.

Macro

US stocks extended their gains at the open, building on yesterday’s momentum despite fresh signs of economic weakness. Consumer confidence fell sharply in March, dropping from 98.3 to 92.9—its lowest level since early 2021—reflecting heightened concerns over rising prices and the economic impact of escalating trade tensions. The dollar weakened against major currencies, pushing the dollar index below 104.1, while the 10-year US Treasury yield also declined, standing at 4.3% after giving up some of yesterday’s gains.

Base Metals

Base metals posted a strong session, with copper breaking above the key $10,000/t level, rising to $10,110.50/t as improved risk appetite fuelled demand. Tin led the gains, jumping over 2% to $35,050/t as supply concerns resurfaced. Lead extended its rally, climbing to $2,073/t, while nickel rebounded to $16,180/t, recovering some of last week’s losses. Zinc also edged higher to $2,967.50/t. Aluminium lagged the broader trend, slipping slightly to $2,611.50/t amid ongoing weak demand signals.

Precious and Oil

Gold rebounded to $3,023/oz, supported by a softer dollar and declining Treasury yields, while silver saw an even stronger move, climbing above $33.6/oz, partly driven by copper’s rally. The correlation between copper and silver often stems from their dual role as industrial and investment metals—rising copper prices can indicate stronger economic activity, which in turn boosts silver’s industrial demand. Oil prices softened slightly after yesterday’s rally, with WTI at $68.7/bbl and Brent at $72.7/bbl.

Lme Metals Price And Volume 25032025

All price data is from 25.03.2025 as of 17:30

Disclaimer

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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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