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Daily Base Metals Report

Steady Markets Reflect Investor Apathy

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Senior Research Analyst

Contact research Contact Industrial Commodities

Summary

  • US equities held steady despite the OECD downgrading its global growth projections, highlighting growing market fatigue. 
  • Base metals stayed firm despite a stronger dollar 
  • Gold and silver softened slightly, erasing some of yesterday's gains.

Macro

Despite continued bearish sentiment over the impact of tariffs on both domestic and global growth, US equities were little changed today, highlighting growing market fatigue towards tariff-related risks and downgrade concerns. The OECD cut its global growth projections for 2025 and 2026 to 2.9% for both years - down 0.2 and 0.1 percentage points, respectively, from its March projections. The organisation cited tariff-related uncertainty and diminished business confidence as key factors dampening investment while also warning that rising protectionism is contributing to inflationary pressures. The dollar index bounced back from yesterday’s lows but remained below the 100 threshold at 99.10. The 10-year US Treasury yield held firmly at 4.44%. 

Base Metals

Base metals remained stable today despite a strengthening dollar, indicating a lack of strong fundamental or macroeconomic drivers to push prices beyond their current ranges. Copper tested the $9,600/t resistance level once again but failed to gain momentum to break higher, finishing slightly above this level at $9,634/t. Likewise, aluminium continued to fluctuate around the $2,450/t mark, capped within the $2,400-2,500/t range. Lead and zinc held their nerve at $1,985/t and $2,706.50/t, respectively, while tin saw strength, rising to $31,378/t. 

Precious Metals and Oil

Gold and silver softened, erasing some of yesterday’s gains, with gold edging lower to $3,348/oz and silver slipping to $34.50/oz. Conversely, oil prices extended their gains as supply disruptions caused by wildfires in Canada countered OPEC’s recent decision to increase the supply, causing WTI and Brent to strengthen to $63/bbl and $65/bbl, respectively.

All price data is from 03.06.2025 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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