Client Portal
  1. Metals Outlook
  2. Daily Base Metals Report

Daily Base Metals Report

Gold Hits New Highs as Trade War Fears Rattle Markets

Read disclaimer

Back to reports

Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

• China hit back with 125% tariffs, deepening trade conflict.
• Consumer sentiment slumped as inflation fears intensified.
• Gold surges to fresh highs driven by safe-haven demand.

Macro:
US stocks opened lower as markets reacted to another escalation in the trade dispute between Washington and Beijing. China raised tariffs on US imports to 125%, intensifying a standoff that continues to disrupt global trade flows and sentiment. At the same time, US consumer confidence plunged, with the University of Michigan’s sentiment index dropping sharply from 57.0 in March to 50.8 in April. The souring mood reflects growing concern among households about the impact of tariffs on inflation and economic stability, with short-term inflation expectations now at their highest since 1981.
Bond markets came under fresh pressure, with a fifth consecutive day of selling pushing the 10-year US Treasury yield close to 4.6%. The dollar index briefly tested its lowest level since 2022 before stabilising around 100.0 by the time of writing.

Base Metals:
Base metals saw a modest rebound after recent heavy losses. Copper inched back above $9,100/t after slipping below $9,000/t earlier this week. Aluminium closed at $2,395.5/t while nickel rose to $15,069/t. Lead and zinc also edged higher, to $1,914/t and $2.651.5/t respectively, while tin moved up to $31,425/t on persistent supply concerns. The moves appeared largely technical, with fundamentals still overshadowed by wider market uncertainties.

Precious and Oil:
Gold surged to a fresh record, breaking through the $3,200/oz mark and reaching $3,239/oz, as investors sought safety amid rising trade tensions and inflation worries. Silver also climbed, reclaiming ground above $32.10/oz. Oil prices were little changed, with WTI and Brent holding near $60.3/bbl and $63.5/bbl, respectively.

Lme Metals Price And Volume 12042025

All price data is from 11.04.2025 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.

Sign up to get the latest market insights

We will email you each time a new report has been published.

Subscribe

Select all the reports you wish to sign up for and submit your details below

Thank you for subscribing.

You should receive a confirmation email shortly. Please check your spam /junk mail folder if not received within a few minutes.

Do not forget to click the link in the confirmation message, otherwise, you will not receive any of our future emails.

This field is required
This field is required
This field is required
This field is required

Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.

(Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.)
You must agree to our terms and conditions before submitting the form
* Mandatory fields