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Daily Base Metals Report

CPI Eases, Risk Appetite Holds

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • Softer US inflation keeps risk appetite buoyant as dollar retreats.
  • Despite a lack of strong macroeconomic or fundamental drivers, gains in base metals still look constructive from a speculative standpoint.
  • Gold stabilises after sharp drop; oil extends recovery on improved tone.

 

 

Macro:

US equities were mixed on Tuesday, with the S&P 500 and Nasdaq extending gains on the back of yesterday’s US–China trade optimism, while the Dow Jones slipped. US April inflation data surprised slightly to the downside, with annual CPI easing to 2.3% from 2.4%—the lowest since February 2021. The decline was driven by lower petrol prices and softer food-at-home costs. Still, with tariffs set to raise the cost of imported goods in the coming months, inflation may soon edge higher. The dollar index eased to 101.2, as the euro and pound clawed back some of Monday’s sharp losses. US Treasury yields remained elevated, with the 10-year holding around 4.46%, steady after yesterday’s post-deal repricing.

Base Metals:

Base metals continued to show cautious optimism today, testing the near-term resistance levels. While the intraday moves remain moderate due to the absence of a strong fundamental or macroeconomic trigger, the fact that prices continue to edge higher suggests a constructive sentiment from a speculative perspective. In the meantime, copper is hovering above the recent resistance level of $9,582/t at $9,603/t, as aluminium is approaching the $2,500/t mark. Lead and zinc edged higher, with the latter breaking above the $2,700/t resistance level. Nickel held firmly above $15,500/t.

Precious Metals and Oil:

Gold rebounded slightly from Monday’s sharp decline, with bargain-buying lifting prices to $3,245/oz. Silver extended gains, pushing toward the $33.0/oz level. Oil prices continued to edge higher, with WTI and Brent at $63.0/bbl and $65.9/bbl respectively, supported by firmer sentiment.

Lme Metals Price And Volume 13052025

All price data is from 13.05.2025 as of 17:30

Disclaimer

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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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