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Daily Base Metals Report

Cooling Trade Volatility Supports Modest Risk Appetite

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • Stocks rise despite weak US home sales as market sentiment stabilises
  • Base metals show cautious optimism despite a lack of strong fundamentals, suggesting sentiment is driven more by speculative appetite.
  • Gold and oil inch up

Macro

US stocks opened higher, rebounding slightly after yesterday’s losses. However, fresh data on the US housing market injected a note of caution. Existing home sales fell by 5.9% in March to an annualised rate of 4.02 million units—well below expectations—highlighting the ongoing drag from elevated borrowing costs. The report also reflects broader concerns that tariff-related uncertainty and recession fears could weigh further on consumer demand. In FX markets, the dollar index remained subdued, holding just below the 99.5 level, which now acts as a key support zone. The 10-year US Treasury yield was steady around 4.34%, with market participants largely in wait-and-see mode.

Base Metals

Base metals continue to show cautious optimism, with prices edging higher throughout the day. Although there is no strong fundamental narrative supporting this movement, recent gains suggest that the markets are not yet factoring in a recessionary outlook due to recent tariff announcements. Additionally, a weaker dollar is supporting this momentum. Copper remains the main driver of market sentiment, gradually reverting to its trend average. The next key resistance level for copper is seen at $9,500/t; a breakthrough above this level could lead to gains of up to $9,575/t. Aluminium has also gained traction after breaking above a crucial $2,400/t mark and closed at $2,449/t. Lead and zinc strengthened marginally to $1,959.50/t and $2,687.50/t, respectively.

Precious Metals and Oil

Precious metals saw mixed price action. Gold edged higher to $3,327/oz after yesterday’s pullback, supported by lingering safe-haven flows and the soft dollar. Silver eased slightly to $33.4/oz. Oil prices nudged up, with WTI and Brent trading at $62.5/bbl and $66.3/bbl respectively, continuing to stabilise after recent weakness.

Lme Metals Price And Volume 24042025

All price data is from 24.04.2025 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.

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