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

Daily Base Metals Report

Gold Climbs Even as Market Sentiment Steadies

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

  • Dollar weakness persists 
  • Base metals remained rangebound, with copper as the only exception as it continues to edge higher.
  • Gold hits record highs, while oil struggles to find clear direction

Macro

US stocks opened higher today as investor sentiment continued to stabilise following weeks of volatility triggered by the “Liberation Day” tariff turmoil. Focus remains on corporate earnings, with Tesla’s results due later today. The electric carmaker is expected to post a weak performance after a 13% YoY decline in Q1 vehicle deliveries, pressured by rising competition from Chinese EV manufacturers. Investor confidence has also been shaken by CEO Elon Musk’s increasingly political stance and close association with President Trump, raising reputational concerns. The 10-year US Treasury yield dipped slightly to just below 4.4%, with broader market volatility still elevated, though recent sessions suggest a slow return to more stable conditions. The dollar index firmed modestly to 98.5, still hovering near a three-year low. Appetite for the greenback has been eroded in the last few weeks by a series of controversial comments from President Trump, including the most recent threats to dismiss Fed Chair Jerome Powell. This has bolstered demand for traditional safe-haven currencies, particularly gold.

Base Metals

Base metals remained mostly rangebound today, supported by a weaker dollar that helped stabilise prices at current levels. However, a lack of a change in market fundamentals is also capping prices on the upside. Copper is the notable exception, continuing to edge higher and opening above the $9,300/t mark before approaching $9,369/t by the end of the day. The rest of the complex remained subdued. Aluminium remained below the $2,400/t resistance level, as lead and zinc held their nerve at $1,923.50/t and $2,596/t, respectively. Nickel reaffirmed its support at $15,500/t.

Precious Metals and Oil

Gold prices hit fresh record highs, briefly testing $3,500/oz before consolidating around $3,450/oz. The yellow metal continues to draw strong safe-haven flows in response to political uncertainty and a weaker dollar. Silver remained volatile, hovering below the $32.9/oz mark. Oil prices edged higher, with WTI at $64.0/bbl and Brent at $67.0/bbl—still around 10% lower year-to-date as recessionary risks and demand uncertainty weigh on the outlook.

Lme Metals Price And Volume 22042025

All price data is from 22.04.2025 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