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Daily Base Metals Report

US-China Talks Keep Markets in Limbo

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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 rise on trade talk optimism; UK labour market shows weakness.
  • Base metals performance was mixed, with each metal trading in line with its own market dynamics.
  • Gold edges up while silver's rally concludes.

Macro

US stocks rose at the opening, as investor focus remained on the ongoing US-China trade negotiations in London. This second round of talks is being closely watched for any signs of a breakthrough in the tariff dispute. The dollar index continued its downward trend, failing to hold above the 99.0 level. The 10-year Treasury yield traded slightly lower at 4.46%.

Meanwhile, fresh UK jobs data released today indicated a softening labour market. The unemployment rate rose to 4.6% in the three months ending April, up from 4.5% in the preceding three-month period, reaching its highest level since summer 2021. This rise was accompanied by a drop in job vacancies and an increase in jobless claims. The uptick in unemployment is in line with economists’ expectations and comes as businesses in the UK grapple with higher national insurance contributions and a rise in the minimum wage, both of which took effect in April as part of Chancellor Rachel Reeves' October Budget.

Base Metals

Base metals were mixed today, as a lack of macroeconomic catalysts left prices to move according to their own fundamental drivers. Copper remained cautiously bullish, edging higher to retest yesterday’s highs of $9,800/t before settling slightly lower on the day at $9,756.50/t. Aluminium gained moderate momentum, nearing the $2,500/t resistance and closing at $2,492.50/t. Lead and zinc held their nerve at $1,981.50/t and $2,657.50/t, respectively. Meanwhile, nickel continued to weaken as prices were capped by the $15,500/t mark, causing the metal to soften to $15,318/t.

Precious Metals and Oil

Gold edged slightly higher, trading at $3,333/oz. The rally in silver and platinum, however, concluded, with silver softening slightly to $36.5/oz after touching $36.8/oz. Oil prices saw an increase, with WTI and Brent last recorded at $66.0/bbl and $67.7/bbl, respectively.

Lme Metals Price And Volume 10062025

All price data is from 10.06.2025 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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