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Daily Base Metals Report

Risk-On Sentiment Improves as Trade Concerns Ebb...For Now

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • Tech rally offset broader trade war concerns
  • Base metals opened the week with a sense of cautious optimism as trade tensions temporarily subside.  
  • Gold softened as Treasury inflows capped upside

Macro

US stocks opened higher today, following gains in Asian and European markets, as risk appetite returned—particularly in the tech sector. The rally was fuelled by President Trump’s announcement that tariffs would not apply to Chinese-made electronic devices, temporarily easing pressure on a key segment of the global supply chain. Meanwhile, China’s March trade data delivered a major upside surprise, with exports rising over 12% YoY—far surpassing expectations and reflecting an effort to accelerate shipments ahead of the US’s proposed “liberation day” tariffs. Despite the temporary reprieve, market uncertainty remains elevated, with Trump warning the tariff exemption could be short-lived. The dollar index fell further, dipping to 99.6—its lowest since mid-2022—while the 10-year US Treasury yield eased to 4.4% as investors continued to seek safety.

Base Metals 

Base metals opened higher after Friday's close, showing that reduced trade uncertainty is helping to boost a bit of risk-on sentiment in the markets. However, the lack of strong upward momentum kept prices from breaking through key resistance levels, reflecting a sense of cautious optimism among traders. Copper struggled above the $9,200/t mark, resulting in intraday moves and closing the day at $9,187/t. Aluminium also failed to break above its resistance level of $2,400/t, closing at $2,374/t. Nickel edged higher to $15,307/t, approaching its fair value. Lead and zinc held their nerve.

Precious Metals and Oil

Gold gave up some ground, softening slightly as inflows into US Treasuries limited safe-haven demand, with the metal trading just above $3,200/oz. Silver also edged lower, holding around $32/oz. Oil prices extended their recovery from multi-year lows, with WTI and Brent trading at $61.4/bbl and $64.8/bbl, respectively.

Lme Metals Price And Volume 14042025

All price data is from 14.04.2025 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.

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