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Daily Base Metals Report

Market Sentiment Calms Into Week’s Close

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • Markets consolidate as sentiment data improves but inflation concerns persist
  • Base metals ended Friday on the back foot as technical resistance levels cap this week’s gains. 
  • Gold retreats, but safe-haven demand remains firmly in focus

Macro

US stocks softened at the opening today, consolidating after Thursday’s gains as markets digested fresh economic data. The University of Michigan’s final consumer sentiment reading for April came in slightly better than the preliminary figure, at 52.2 compared to 50.8 mid-month. However, sentiment remains lower than the 57.0 recorded in March, reflecting ongoing concerns around the economic outlook. Inflation expectations were also revised slightly lower, with the one-year outlook easing to 6.5%, though it remains at the highest level since November 1981. Despite hopes of reduced US-China trade tensions, the dollar index remained firmly capped below 100, hovering near 99.5 today. The 10-year US Treasury yield edged slightly lower, trading just below 4.3%.

Base Metals

The base metals complex finished the week on a weaker note as technical resistance levels capped this week's gains. In particular, the $9,500/t resistance for copper remains intact, and a lack of a strong fundamental narrative limits the prospects for copper to sustainably breach this level. Additionally, with the dollar's weakness stalling, a supportive macroeconomic momentum is also waning. Aluminium struggled above the $2,500/t mark, closing the day at $2,428/t. Nickel continued to trade within a narrow range of $15,500-16,000/t, settling at $15,545/t. Lead and zinc edged lower to $1,944.50/t and $2,646/t, respectively.

Precious Metals and Oil

As hopes for a trade agreement between the US and China briefly took some recession risk off the table, it capped gold’s performance. The yellow metal gave back yesterday’s gains, sliding to $3,276/oz. Nonetheless, the unpredictability surrounding Trump’s policies suggests that safe-haven demand is unlikely to fade, and we maintain the view that gold remains on track to set fresh record highs. Silver followed gold and copper lower, dipping to below $32.9/oz. Oil prices were rangebound, with WTI hovering around $62.5/bbl and Brent around $66.4/bbl.

Lme Metals Price And Volume 25042025

All price data is from 25.04.2025 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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