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Daily Base Metals Report

US Under Pressure from Trade, Politics

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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–China trade talks resume amid pressure to restore investor confidence
  • Base metals began the week positively, with copper leading the way for the rest of the complex due to ongoing dollar weakness.
  • Gold stalls below $3,330/oz, while silver and PGMs extend their rally on bullish momentum

Macro

US equities were mixed at the open on Monday, with the Nasdaq moving higher while the Dow Jones slipped, as investors turned their attention to the second round of US–China trade talks, now underway in London. Pressure continues to mount on the US administration to reach an agreement, with market confidence in US assets showing signs of strain. The dollar index continued to weaken, slipping further below the 100 mark as the greenback declined against major currencies while the 10yr US Treasury yield hovered around the 4.5% level. Meanwhile, Chinese trade figures published earlier in the day highlighted a marked reorientation in export flows. Shipments to the United States plunged more than 34% YoY in May - the sharpest decline since 2020 - as the impact of tariffs and supply chain rerouting took hold. However, rising exports to alternative markets helped cushion the blow, with total outbound shipments still rising 4.8% YoY, albeit at a slower pace than the 8.1% increase seen in April.

In Japan, revised GDP data showed that the economy contracted less than initially estimated in the first quarter. Consumption figures were revised higher following the inclusion of additional data, such as spending on restaurants and leisure activities, which helped narrow the overall contraction from -0.7% to -0.2% QoQ. The upward revision helped temper concerns about domestic demand weakness amid external trade pressures.

Base Metals

Base metals opened the week on a positive note, primarily led by copper gains, which rose back above the $9,700/t resistance level and is approaching the $9,800/t threshold. This, along with ongoing dollar weakness, supported the entire base metals complex. Aluminium held above the $2,450/t level at $2,479/t. Lead edged higher but remained limited by the $2,000/t resistance level, as zinc edged lower to $2,649.50/t.

Precious Metals and Oil

Gold traded flat around $3,320/oz, with market interest subdued as investors increasingly view April’s highs as a spent force, leaving little momentum to drive the price meaningfully higher. In contrast, silver and platinum group metals continued their rally. Silver tested $36.60/oz, while platinum pushed through $1,200/oz and palladium broke above $1,080/oz. Oil prices edged higher, with WTI and Brent last seen at $65.2/bbl and $67.0/bbl respectively. Lme Metals Price And Volume 09062025

All price data is from 09.06.2025 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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