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Daily Base Metals Report

Equity Results Support Risk-On Tone

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • Big Tech earnings boost sentiment despite broader macro caution
  • Base metals edged higher, recovering from yesterday's losses, suggesting a lack of strong appetite to indicate a trend change.
  • Gold slides as stronger dollar and risk appetite pressure safe havens

Macro

US stocks opened higher today, buoyed by stronger-than-expected earnings from Microsoft and Meta, which outperformed forecasts in their fiscal Q3 reports. With Amazon and Apple set to report later today, investor focus remains squarely on the performance of Big Tech amid persistent macroeconomic uncertainty. The dollar strengthened on the back of improved sentiment, with the dollar index climbing above the 100 level, while the 10-year US Treasury yield edged higher, trading just above 4.2%. In Asia, the Bank of Japan left its benchmark interest rate unchanged at 0.5% but revised down its economic growth forecasts, citing rising external risks. Tariffs introduced by President Trump continue to cast a shadow over the global outlook, fuelling uncertainty and leading markets to expect a slower pace of monetary policy tightening by the BoJ in the near term.

Base Metals

Base metals posted marginal recovery today following yesterday’s weakness, suggesting markets are not yet fully convinced of a trend change. Copper stopped short of the $9,100/t support level, managing to recover back just above the $9,200/t level to $9,206/t. Aluminium opened slightly below yesterday’s lows of $2,400/t but edged higher during the day to $2,416/t. Lead and zinc held their nerve at $1,951.50/t and $2,577.50/t, respectively. Tin sold off to the $30,000/t.

Precious Metals and Oil

Gold dropped below $3,225/oz as risk appetite firmed and safe-haven demand eased. Silver also dipped during the session but managed to hold above $24.30/oz. Oil prices rebounded modestly after sharp losses the previous day, with WTI and Brent trading at $58.70/bbl and $61.50/bbl, respectively.

Lme Metals Price And Volume 01052025

All price data is from 01.05.2025 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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