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Daily Base Metals Report

Risk Assets Under Moderate Pressure

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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 equities dip ahead of key tech earnings.
  • Base metals faced pressure due to a stronger dollar. 
  • Gold and silver ease.

Macro

US stocks opened lower on Wednesday, pulling back from Tuesday’s steady gains as investors turned cautious ahead of a key earnings release from Nvidia. The AI heavyweight is set to report its first-quarter results after the close, with markets watching closely for confirmation that large-cap technology shares can continue to provide upside momentum, even as broader sentiment remains clouded by trade-related uncertainty. The dollar index edged higher, fluctuating around the 99.7 level, while the 10-year US Treasury yield rose again, nearing the 4.5% threshold. Market direction remains highly sensitive to any forward-looking signals from today’s earnings releases.

Base Metals

Base metals weakened today as most of the complex faced pressure from a stronger dollar, which weighed on prices. Nickel was in the spotlight, experiencing a sell-off after breaching the $15,300/t support level that acted as a floor for the past month. This move prompted prices to drop by more than $400/t during the day, approaching the support level of $15,000/t. Tin followed a similar trend, falling below the psychologically significant support of $32,000/t to $31,460/t. In contrast, the weakness in other metals was more subdued, with aluminium and copper holding their nerve at $2,463/t and $9,557/t, respectively.

Precious Metals and Oil

Gold edged lower, slipping back below $3,300/oz as risk appetite waned slightly and real yields ticked higher. Silver also softened, testing the $33.00/oz support level. Oil prices firmed modestly, but WTI and Brent both remained capped by technical resistance, trading below $62.0/bbl and $65.0/bbl, respectively.

Lme Metals Price And Volume 28052025

All price data is from 28.05.2025 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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