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Daily Base Metals Report

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

•    ECB delivers 25bps cut, markets price in more easing ahead
•    Base metals drift lower, sentiment cautious amid lack of fresh drivers
•    Gold and silver pare gains, oil extends steady rise

Macro:
US stocks opened lower today as cautious sentiment persisted across global markets. The dollar remained subdued against major currencies, with the dollar index struggling to break above the 99.6 mark, while the US 10-year Treasury yield held broadly unchanged at 4.3%. In Europe, the ECB delivered a widely anticipated 25bps rate cut, bringing borrowing costs to their lowest since early 2023. The decision, backed unanimously by the Governing Council, followed mounting pressure from Trump’s sweeping tariff package announced earlier this month. Forward swaps now imply at least two more 25bps cuts by year-end, with the probability of a third edging toward 60%.

Base Metals:
Base metals were little changed, continuing to drift as broader risk appetite remained tepid. Aluminium dipped to $2,368.50/t, while copper eased to $9,185.50/t, consolidating after last week's recovery. Nickel retreated to $15,605/t. Zinc extended its decline to $2,573.50/t, while tin softened to $30,700/t. Lead stood out as the only gainer, firming to $1,920/t, though overall trading remained light. With no fresh catalysts and macro data largely absorbed by the market, sentiment remains cautious and flow driven as traders await stronger directional cues.

Precious metals and oil:
Gold gave back part of yesterday’s gains, trading just above $3,300/oz, while silver erased its previous session’s advance, trading at $32.2/oz. Oil prices climbed steadily, with WTI nearing $64.0/bbl and Brent reaching $67.2/bbl.

Lme Metals Price And Volume 17042025

All price data is from 17.04.2025 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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