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Daily Base Metals Report

Risk-On Momentum Continues

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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 appetite builds as yields climb and the dollar extends losses.
  • Base metals continued to strengthen, with aluminium and zinc leading the gains, as both metals played catch-up to copper’s upside. 
  • Gold and silver retreat; oil softens after brief recovery.

Macro

US equities opened higher on Tuesday, supported by ongoing momentum in tech and renewed risk appetite driven by the US–China trade agreement. Nvidia led early gains, rising over 2% following reports it would supply thousands of its top-tier AI chips to a major Gulf client, further fuelling the sector’s bullish narrative. The upbeat tone extended across markets, with the 10-year US Treasury yield climbing above 4.50% as investors continued to rotate out of safe-haven assets. The dollar index drifted lower, slipping below 100.8. The euro extended its recovery after as-expected inflation prints from Germany and Spain, while the yen weakened on softer April PPI data.

Base Metals

Base metals continued to strengthen, breaking through key resistance levels amid dollar weakness. In particular, aluminium and zinc led the gains, catching up after lagging copper’s upside in April. Both metals broke above key technical thresholds, with aluminium rising past $2,500/t to $2,528.50/t and zinc climbing above $2,700/t to $2,765/t. Moreover, the aluminium cash to 3-month spread has flipped into backwardation for the first time in over a month, indicating a tightening fundamental structure, which should support further price gains in the near term. Copper held above the $9,500/t mark, closing the day just above the $9,600/t level at $9,606.50/t. Lead remained capped by the psychological $2,000/t resistance level, prompting prices to remain below it at $1,996.50/t.

Precious Metals and Oil

Gold remained under pressure, falling below $3,200/oz amid rising yields and reduced demand for hedges. Silver posted a sharper decline, retreating to $32.20/oz. Oil prices slipped modestly, with WTI and Brent holding around $63.0/bbl and $66.0/bbl respectively, consolidating after last week’s recovery.

Lme Metals Price And Volume 14052025

All price data is from 14.05.2025 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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