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Daily Base Metals Report

Uncertainty Lingers

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

• Equities rebound continues, but momentum appears capped
• Base metals steady amid muted flows and lack of catalysts
• Gold holds firm near record highs

Macro:
US stocks opened higher, continuing their rebound from recent multi-year lows. However, momentum appears capped for now, with markets likely needing more time or a fresh catalyst to break higher. Volatility has eased considerably, yet uncertainty lingers due to the unpredictability of Trump’s policy direction. The dollar index edged slightly higher, approaching 100 level. While the Bloomberg Dollar Spot Index looks technically oversold and ripe for a rebound, DeMark indicators—used to gauge trend exhaustion—have not yet confirmed a bottom, suggesting it may be premature to call a reversal. Meanwhile, the 10-year US Treasury yield drifted lower, nearing March levels at 4.35%.

Base metals:
Base metals traded in narrow ranges, as the complex consolidated last week’s movements in the absence of fresh drivers. Aluminium slipped to $2,375/t, while copper eased slightly to $9,164/t, holding just under recent highs. Nickel extended its rebound to $15,558/t, supported by short covering, though overall turnover remained muted. Lead held steady at $1,914.5/t, while tin and zinc edged down to $31,049/t and $2,615/t, respectively. With little impetus in either direction, traders remain in wait-and-see mode ahead of key Chinese GDP and UK CPI data due later this week.

Precious metals and oil:
Gold ticked slightly higher to $3,218/oz, while silver inched lower to $32.20/oz. Oil prices were rangebound, with WTI and Brent hovering around $61.5/bbl and $64.8/bbl, respectively. Markets appear to be consolidating as investors assess the broader impact of ongoing trade dynamics and macroeconomic risks.

Lme Metals Price And Volume 15042025

All price data is from 15.04.2025 as of 17:30

Disclaimer

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