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Daily Base Metals Report

Tariffs Reinstated, Markets Retreat

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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 stocks slip as appeals court revives sweeping Trump-era tariffs
  • PCE inflation slightly below forecast
  • Gold drops below $3,000/oz; oil edges lower, WTI nears key support

Macro

US stocks opened lower on Friday, as the market continued to absorb the legal and macroeconomic implications of this week’s tariff reversals. A federal appeals court on Thursday temporarily reinstated the broad tariffs imposed by President Trump under IEEPA, a day after a lower court had blocked them. The reversal rekindled investor uncertainty over trade policy and undermined Thursday’s tentative optimism. On the data front, April’s PCE price index - the Fed’s preferred measure of inflation - rose 2.1% YoY,  slightly below the 2.2% forecast. Despite the modest undershoot, expectations for a rate cut in September remained, reinforcing a dovish bias in rates markets. The dollar index hovered around 99.5, while the 10-year Treasury yield eased slightly to 4.4%.

In Japan, data from Tokyo showed core CPI rose 3.6%YoY in May, beating expectations and marking the fastest pace since January 2023. The persistent inflationary pressure adds to the case for further rate hikes by the BoJ. However, that narrative is complicated by a 0.1% fall in April industrial production, reflecting weakening global demand and the drag from US tariffs. Retail sales also slowed, underscoring the delicate balancing act the BoJ faces.

Base Metals

Base metals ended the week broadly lower as the reinstatement of US tariffs and mixed global data prompted renewed selling. Aluminium slipped to $2,445/t, while copper fell to $9,492/t. Lead and nickel also declined to $1,945/t and $15,240/t respectively, weighed down by trade and macro pressures. Tin saw the sharpest drop, falling  to $30,175/t, and zinc was also heavy at $2,620.50/t.

Precious Metals and Oil

Gold gave back Thursday’s gains, falling below the $3,000/oz mark amid limited safe-haven follow-through despite the tariff noise. Silver also eased, trading below $33.00/oz at the time of writing. Oil prices continued to edge lower, with WTI at $60.3/bbl and Brent at $63.8/bbl. A break below $60 in WTI would open the path to the multi-year lows seen in April and early May near $55. For Brent, $63.3 appears to be the next support; a breach could expose the $60 level next.

Lme Metals Price And Volume 30052025

All price data is from 30.05.2025 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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