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Daily Base Metals Report

Cautious Optimism Lingers Despite Headline Excitement

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • Risk sentiment improved on renewed trade optimism in the wake of US-UK trade deal announcement. 
  • Base metals held steady despite headline excitement, indicating a lack of momentum for prices to move in either direction.
  • Gold eased while equities edged higher.

Macro

US equities opened higher after President Trump hinted at the imminent announcement of a trade agreement with the UK. While the scope of such a deal remains unclear and may ultimately fall short of the rhetoric, the prospect alone provided a welcome lift to sentiment. The dollar index edged higher, approaching the 100 mark, reflecting cautious optimism. The previous day, the Federal Reserve held its benchmark rate steady at 4.25–4.50%, in line with market expectations. Chair Jerome Powell emphasised the central bank’s cautious stance, citing heightened economic uncertainty and the market disruption caused by recent tariff developments. The 10-year Treasury yield rose above 4.3%, reflecting a modest repricing of risk.

In the UK, the Bank of England delivered a 25bps rate cut, in line with expectations. Softer-than-anticipated inflation data — with the latest CPI reading easing to 2.6% — and persistent concerns about slowing growth supported the decision.

Base Metals

Base metals remained steady today as broader market sentiment stabilised, despite headline excitement surrounding a potential UK–US trade deal and diverging central bank actions—namely, the Fed holding rates while the Bank of England opted for a cut. This reflects a market that is cautiously optimistic yet still vigilant, with central bank decisions largely aligning with expectations. In the absence of a clear fundamental catalyst, base metals trading stayed rangebound. Copper continued to fluctuate around the $9,400/t level, closing the day slightly higher at $9,431.50/t. Likewise, aluminium broke above the $2,400/t level to $2,412.50/t; the next robust resistance on the upside is at $2,470/t. Lead and zinc held steady at $1,944.50/t and $2,619/t, respectively. 

Precious Metals and Oil

Gold eased to $3,361/oz as risk appetite returned, reducing safe-haven demand. Silver also slipped slightly to $32.70/oz. Oil prices firmed modestly, with WTI and Brent trading at $59.60 and $62.50/bbl respectively.

Lme Metals Price And Volume 08052025

All price data is from 08.05.2025 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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