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

Daily Base Metals Report

Asset Classes Reflect Varied Market Sentiment

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

  • US dollar firms after strong PMI data
  • Base metals edged lower as markets struggled above the near-term resistance levels.
  • Gold eases as yields rise; oil falls on OPEC supply concerns

Macro

US stocks opened on a volatile footing Thursday, as markets digested the broader implications of President Trump’s new tax legislation, which cleared Congress earlier in the day. The bill renews a suite of individual tax relief measures first introduced in 2017, including reductions to personal income tax rates, a larger child tax credit, and exemptions on service-related earnings such as tips and overtime pay. While designed to stimulate consumption, the extension has reignited concerns over ballooning fiscal deficits. The 10-year US Treasury yield briefly climbed above 4.6% as bond markets reacted to the growing supply outlook.

PMI readings offered a mixed view across major economies. In the eurozone, manufacturing activity improved marginally to 49.4, but services slipped into contraction at 48.9. The UK mirrored this divergence, with manufacturing down at 45.1, while services rebounded back into expansion at 50.2. In contrast, the US posted stronger-than-expected results on both fronts. Manufacturing rose from 50.2 to 52.3, and services also advanced to 52.3, lifting the dollar index back toward the 100 level against both sterling and the euro.

Base Metals

Base metals finished the day on a slightly weaker footing as markets struggled to breach the near-term resistance levels, prompting a modest retreat. Copper traded below the $9,500/t level for majority of the day, as aluminium edged lower to $2,456/t. Lead and zinc held their nerve above the $1,950/t and $2,700/t support levels, respectively. 

Precious Metals and Oil

Higher Treasury yields weighed on precious metals. Gold slipped to $3,285/oz after a brief run of gains, while silver also declined, trading below 3$2.90/oz. Oil prices moved lower amid speculation that OPEC may raise production quotas at its next meeting. WTI and Brent were last seen at $61.0/bbl and $64.3/bbl, respectively.

Lme Metals Price And Volume 22052025

All price data is from 22.05.2025 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