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Daily Base Metals Report

Tariff Reversal Sparks Relief Rally in Risk Assets

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • The global trade war reversed on the implementation day, as Trump paused tariff hikes for 90 days for most countries.
  • Base metals, with the exception of tin, jumped higher after the close.
  • Bonds dumped, gold surged as safe-haven flows returned amid trade announcement volatility. 

Macro

US stocks rallied today after President Trump announced that his administration would pause tariff hikes for 90 days on most countries while simultaneously raising tariffs on China to 125%. This came after markets had been grappling with new waves of tariffs taking effect earlier in the morning, which initially targeted China, the EU, and Japan. Prior to the increase to 125%, China responded to previous threats by hiking tariffs on US imports from 34% to 84%, while the European Union confirmed it would impose 25% tariffs on a broad range of American goods. This move lessens the impact of the initially aggressive trade policy stance, which alarmed investors who feared these measures would severely dampen global economic growth and potentially force the Fed to lower interest rates. This reversal caused major volatility in US Treasuries, pushing the 10-year yield briefly above 4.5% before retreating to 4.35%. Meanwhile, the dollar jumped higher, testing the 103.00 resistance level.

Base Metals

Before the announcement, the decline in the base metals market was showing signs of cooling despite a series of retaliatory announcements from China and Europe. However, after the market closed, metals jumped higher to reflect renewed optimism. Copper closed at $8,613/t before rising to $8,897/t. Aluminium mirrored copper moves but struggled above the $2,360/t mark. Lead and zinc closed at $1,841.50/t and $2,558/t, respectively. Tin, however, continued to experience downward pressures due to a sharp sell-off earlier in the day, losing more than $3,000/t after Alphanim Resources Corp. announced plans to reopen its tin mine in the DRC. As a result, tin prices fell to January lows of $29,824/t.

Precious Metals and Oil

In precious metals, gold surged as investors sought refuge from the bond sell-off and continued trade volatility. The yellow metal traded above $3,075/oz, recouping much of its recent losses. Silver followed, edging higher to trade above $30.3/oz. Oil jumped higher, with WTI at $62/bbl and Brent at $62/bbl—recovering from the lowest levels seen since mid-2021, posted earlier in the day. 

 Lme Metals Price And Volume 09042025

All price data is from 09.04.2025 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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