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Daily Base Metals Report

Selling Pauses As Markets Await Clarity

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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 stocks started stabilising after days of heavy losses.
  • Base metals' decline halts as markets digest yesterday's volatility, remaining cautious about re-entering.
  • Gold regained ground amid lingering trade and inflation worries.

Macro

Global equities saw a rebound today after two days of heavy losses triggered by Trump’s “Liberation Day” tariff rollout. Investors were cautiously stepping back into risk assets, though sentiment remains fragile as uncertainty over the next phase of the trade war continues to weigh. The dollar index held steady around 103.25, while the US 10-year Treasury yield—already up more than 8% since the start of the week—climbed further to 4.21%, reflecting shifting market expectations around inflation. Markets are now closely watching diplomatic developments for any signs of easing tensions. Japan and South Korea have entered direct negotiations with Washington, hoping to avoid the newly imposed tariffs of 24% and 25%, respectively, on their exports.

Base Metals

Base metals paused their downside following a volatile Monday, starting today on a positive note but struggling to gain enough momentum to rise significantly. Following the deleveraging strategies implemented yesterday, we anticipate that markets will be hesitant to re-enter promptly. Instead, we are more likely to see a cautious upward trend as metals attempt to recover to their fair value. As a result, we expect metals to remain at the lower end of their trading range in the coming days.

In the meantime, copper made an attempt to breach the $8,800/t resistance level but struggled above this level, prompting a modest decline to $8,689/t by the end of the day. Likewise, aluminium, which continues to mirror copper’s moves, tested prices above the $2,400/t mark before dropping to $2,349/t. Lead and zinc remained low at $1,869.50/t and $2,563/t, respectively. Nickel struggled above the $14,500/t resistance once again today.

Precious Metals and Oil

Gold regained momentum today, climbing back above $3,000/oz as safe-haven demand picked up. If trade tensions persist and inflation concerns return to the forefront, gold could be poised for another record-breaking rally. Silver also edged higher, holding above $30.10/oz. Oil prices, however, remained near multi-year lows, with WTI at $60.6/bbl and Brent at $64.0/bbl, still pressured by recessionary fears and global demand concerns.

Lme Metals Price And Volume 08042025

All price data is from 08.04.2025 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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