Client Portal
  1. Metals Outlook
  2. Daily Base Metals Report

Daily Base Metals Report

Mixed Results Leave Market Sentiment Subdued

Read disclaimer

Back to reports

Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • UK growth surprises to the upside; eurozone momentum fades on revised data.
  • Base metals edged lower as recent gains show signs of fading. 
  • Gold climbs back above $3,200/oz.

Macro

US equities opened lower on Thursday, as the data calendar delivered a mixed global picture. April PPI inflation came in softer than expected at 2.4% YoY, down from 2.5%, with core PPI also moderating. The data suggest that, for now, suppliers are absorbing the impact of tariffs rather than passing costs on to buyers. This dynamic may not hold, and the underlying inflation structure is likely to remain volatile in the months ahead as trade adjustments ripple through the system. The dollar index edged slightly lower to just below 101.0, as gains in the euro and pound outweighed yen continued weakness. US Treasury yields softened, with the 10-year easing to 4.47%, following a brief spike earlier in the week. In the UK, Q1 GDP surprised to the upside, growing 0.7%—the strongest pace in a year—driven by services, investment, and a 3.5% rise in export volumes, particularly to the US. The rebound snapped three straight quarters of export declines. Meanwhile, eurozone Q1 growth was revised down to 0.3%, reflecting a softer start to the year than initially thought. Much of the industrial strength was front-loaded by US buyers accelerating orders ahead of tariff deadlines, rather than broad-based improvement.

Base Metals

Base metals edged lower today, as recent gains appear to be losing momentum. Aluminium slipped back below the $2,500/t threshold, weakening to $2,489/t. Copper opened lower, briefly dipping below the key $9,500/t support before quickly rebounding to $9,577/t. Lead remained under pressure, staying below the $2,000/t mark, while zinc softened but kept the $2,700/t support intact, closing the day at $2,724.50/t. 

Precious Metals and Oil

Gold rebounded from early losses, rising back above $3,200/oz after touching $3,120/oz in early trade. Silver also regained ground, ending near $32.30/oz. Oil prices drifted lower, with WTI and Brent at $61.5/bbl and $64.4/bbl, as demand-side concerns capped gains.

 Lme Metals Price And Volume 15052025

All price data is from 15.05.2025 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.

Sign up to get the latest market insights

We will email you each time a new report has been published.

Subscribe

Select all the reports you wish to sign up for and submit your details below

Thank you for subscribing.

You should receive a confirmation email shortly. Please check your spam /junk mail folder if not received within a few minutes.

Do not forget to click the link in the confirmation message, otherwise, you will not receive any of our future emails.

This field is required
This field is required
This field is required
This field is required

Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.

(Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.)
You must agree to our terms and conditions before submitting the form
* Mandatory fields