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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

  • Despite the expected adjustment for auto tariffs, US stock performance was mixed.
  • Base metals performance remains muted as markets lack the appetite to initiate a new trend outside the current ranges.
  • Gold softened, as markets await a fresh catalyst. 

Macro

US stocks were mixed at the start of Tuesday’s session, with the S&P 500 and Nasdaq edging slightly lower, while the Dow Jones managed modest gains. As President Trump celebrated his first 100 days in office, an increasing number of companies pulled or downgraded their 2025 forecasts, citing mounting uncertainty linked to the administration’s chaotic trade policies — including General Motors today. Meanwhile, consumer confidence fell for the fifth consecutive month. The Conference Board’s Consumer Confidence Index for April came in at 86, marking a sharp drop from March’s 92.9 reading. Later today, Trump is expected to unveil adjustments to his 25% tariffs on all automotive imports, potentially preventing duties from stacking on top of other tariffs already imposed and offering partial relief for foreign-made components used in US manufacturing. The dollar index edged slightly higher but remains pinned at low levels, trading around 99.2. The 10-year US Treasury yield drifted lower, slipping below the 4.2% mark.

Base Metals

Another day of muted performance was seen across the base metals market as prices continued to test and reject new highs. Copper struggled above the $9,500/t mark once again, prompting it to hold just below at $9,440/t. Aluminium continued to oscillate around the $2,450/t mark, closing the day on a cautiously bullish note at $2,465.50/t. Nickel held above the $15,500/t support level, as lead and zinc edged higher to $1,977/t and $2,649.50/t, respectively. Most near-term spreads remain in contango, accompanied by flat volatility performance, suggesting a lack of appetite to rejoin the market trend following the volatility experienced earlier in the month. Without a strong macroeconomic or a fundamental trigger, we expect prices to trade in a narrow range in the near term.

Precious Metals and Oil

Precious metals showed a muted performance. Gold softened slightly, holding just above the $3,300/oz level as markets awaited a fresh catalyst. Silver edged higher to $33.3/oz, making a renewed attempt to test the upper bounds of its six-month trading range near $34/oz. Oil prices continued their steady decline, with WTI and Brent at $60.7/bbl and $64.4/bbl, respectively.

Lme Metals Price And Volume 29042025

All price data is from 29.04.2025 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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