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

Daily Base Metals Report

US Court Ruling Overturns Tariffs, Triggers Broad Market Repricing

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 stocks rise as trade authority ruling curbs tariff risk
  • Nickel rebounded, recovering from the previous day's losses.
  • Gold regains ground above $3,300/oz

Macro

US equities opened higher on Thursday after the US Court of International Trade ruled that President Trump exceeded his legal authority in imposing tariffs under the International Emergency Economic Powers Act (IEEPA). The court found that allowing the executive branch to unilaterally set trade barriers without congressional oversight constituted an “improper abdication” of legislative power. The ruling effectively invalidates existing IEEPA-based tariffs and halts further actions under that framework, casting doubt over recent trade deals negotiated on this basis. Economic data released today confirmed that US GDP contracted by an annualised 0.2% in Q1 - the first decline since 2022. The downturn followed a 2.4% expansion in Q4 2024 and was largely driven by a sharp rise in imports, as firms accelerated purchases of foreign goods ahead of the administration’s “liberation day” tariff measures announced in early April. The combined effect of the trade ruling and softer GDP print pressured the dollar, with the index falling back below the 99.5 mark. The 10-year US Treasury yield declined to 4.44%, as markets priced in a weaker growth outlook and reduced trade-related risk.

Base Metals

Base metals edged lower despite a weaker dollar as the complex continued to chart its own course. Nickel was the exception, rebounding from yesterday’s early weakness to climb back to $15,376/t. Aluminium and copper held their nerve at $2,450.50/t and $9,568/t, respectively. Lead and zinc remained capped below their respective resistance levels of $2,000/t and $2,700/t.

Precious Metals and Oil

Gold rose on the back of falling yields, with the yellow metal pushing back above $3,300/oz. Silver traded higher in tandem, rising to $33.23/oz and holding just above its 50- and 100-day moving averages, though still capped below resistance at $33.50/oz. Oil prices declined, with WTI and Brent falling to $61.0/bbl and $64.2/bbl respectively. 

Lme Metals Price And Volume 29052025

All price data is from 29.05.2025 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