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Daily Base Metals Report

Markets Steady as Trade Optimism Wanes

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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 steady as post-trade deal optimism fades; dollar and yields drift lower.
  • Base metals remained within their current ranges, reflecting a lack of investor sentiment in either direction.
  • Gold and oil recover.

Macro

US equities struggled for direction on Friday, pausing after Thursday’s trade-driven optimism faded. The dollar index dropped, slipping to 100.2, as markets absorbed the implications of yesterday’s US–UK trade agreement. While the deal marked a step forward, it remains limited in scope—offering reduced tariffs on a set of UK car exports and lifting duties on some British steel and aluminium. A 10% baseline tariff remains in place on most goods, underscoring the partial nature of the accord. Meanwhile, the 10-year US Treasury yield edged lower to 4.35% amid cautious positioning ahead of next week’s US CPI data. China’s latest trade figures revealed an 8.1% YoY rise in exports for April, despite a sharp 21% drop in shipments to the US, highlighting Beijing’s pivot toward alternative markets. Imports increased modestly by 0.8%, with the trade surplus narrowing slightly to $96.2bn, from $102.6bn in March.

Base Metals

Base metals finished the week on a subdued note, with prices remaining within their current ranges, reflecting a lack of investor sentiment in either direction. Copper continued to struggle against the $9,500/t resistance level, closing just below at $9,445.50/t. In contrast, aluminium once again held firm at the $2,400/t support level, finishing the day at $2,417.50/t. Lead and zinc saw a moderate upside, as nickel jumped higher to $15,804/t.

Precious Metals and Oil

Gold found support following a volatile week, rebounding to $3,337/oz. Silver nudged higher to $32.70/oz, stabilising around its 50-day moving average. Oil prices extended Thursday’s gains, with WTI and Brent trading at $60.6/bbl and $63.5/bbl respectively, as the recent sell-off showed signs of exhaustion.

Lme Metals Price And Volume 09052025

All price data is from 09.05.2025 as of 17:30

Disclaimer

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