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Daily Base Metals Report

Markets Eye Earnings for Clues Amid Tariffs

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • Earnings season in full swing, with Big Tech results in focus
  • Base metals held their nerve as prices appear to be peaking, potentially leading to a cautious correction in the near term.
  • US inflation and jobs data awaited amid fragile sentiment

Macro

US stocks opened higher today, mirroring the positive tone seen in Japanese and European markets. The week ahead will be dominated by earnings, with around 180 S&P 500 companies set to report their quarterly results. Big Tech will be in sharp focus, with Apple, Amazon, Meta and Microsoft all due to release their figures over the coming days. On the macroeconomic front, attention will turn to Wednesday’s release of the Fed’s preferred inflation gauge—the PCE index—which will provide a snapshot of underlying price pressures before the full impact of recent tariffs begins to filter through. In currency markets, the dollar index softened, hovering just above 99.2. Meanwhile, the 10-year US Treasury yield traded around 4.25%, reflecting ongoing caution ahead of this week’s key data releases.

Base Metals

Base metals opened the week on a cautious note, continuing from last week’s moderate gains. With prices struggling above near-term resistance levels, there are signs that metals – in particular, copper – are reaching the top end of the range and might start to cautiously correct in the near future. Given that the rest of the complex has been closely shadowing copper, we could see modest losses across the complex. However, the cost of production levels remain robust support levels and should help cap any protracted losses in the near term. In the meantime, copper struggled above the $9,400/t resistance, prompting it to edge lower to $9,378/t. Aluminium was also weaker, approaching the $2,400/t support level. Nickel and lead held above their respective support levels of $15,500/t and $1,950/t, respectively.

Precious Metals and Oil

Gold rebounded later in the session, trading around $3,330/oz, while silver edged lower to $33.0/oz. Oil prices softened, with WTI and Brent slipping to $62.1/bbl and $65.9/bbl, respectively.

Lme Metals Price And Volume 28042025

All price data is from 28.04.2025 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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