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Daily Base Metals Report

Modest Risk-On Sentiment Supports Market Gains

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Research Associate

Contact research Contact Industrial Commodities

Summary

  • US and European equities rise on signs of easing trade tensions.
  • Base metals continue to drift due to the absence of strong fundamental and macroeconomic drivers.
  • Gold retreats as dollar recovers.

Macro

US equities opened higher on Tuesday, tracking gains in European markets amid signs of progress in transatlantic trade relations. The rally followed President Trump’s decision to delay the planned 50% tariff on all EU imports, which had been set to take effect on 1 June. The new deadline of 9 July allows additional time for negotiations, after EU officials agreed on Monday to accelerate talks aimed at defusing tensions. The delay helped ease fears of a near-term escalation and supported risk appetite globally. Bond markets also stabilised, with US Treasuries leading a broader drop in global yields. 10yr US Treasury yield declined back below 4.5%, trading at 4.46%. Relief came as Japanese policymakers signalled steps to contain volatility in domestic bond markets, which had recently driven long-term rates to multi-decade highs and contributed to global rate pressure.

In the US, consumer sentiment posted a better-than-expected recovery in May. The Conference Board Consumer Confidence Index jumped to 98.0, up from 86.0 in April, marking the first increase in six months. The dollar index rebounded on the news, testing the 99.5 level by the time of writing.

Base Metals

Base metals performance was mixed today, as each metal continued to follow its individual dynamics, driven by mean-reversion strategies. Copper remained stuck in a $9,500-9,600/t range, as aluminium held its nerve at $2,485/t. Lead and zinc also maintained their levels at $1,985.50/t and $2,705.50/t, respectively. Meanwhile, nickel continued to soften, approaching the $15,180/t support level, as prices struggled above $15,500/t. 

LME metals continue to drift as momentum remains low and volatility is being offered. Although a weaker dollar is providing some support for prices at current levels, there are no significant market triggers to push metals beyond their current range.

Precious Metals and Oil

Gold gave back Friday’s gains, slipping to $3,300/oz as the stronger dollar and improved risk sentiment weighed on safe-haven demand. Silver also edged lower, trading at $33.00/oz. Oil prices weakened further, with WTI and Brent falling to $60.6/bbl and $63.9/bbl respectively.

Lme Metals Price And Volume 27052025

All price data is from 27.05.2025 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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