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Daily Base Metals Report

Cautious Confidence Post‑Truce

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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 and China agree to a provisional truce on tariffs, easing immediate trade tensions
  • Aluminium and copper performance diverged, with the latter struggling above the $9,700/t mark. 
  • Softer inflation data and a weaker dollar lift gold

Macro

US equities opened higher on Wednesday, supported by relief following a provisional truce in the US–China trade dispute. Both sides have agreed to a framework that reinstates the Geneva-based pause on reciprocal tariffs, effectively rolling back duties that had reached as high as 145% for US imports and 125% for Chinese goods. Under the deal, China will lift its ban on exports of rare earth minerals and magnets, while the US is set to ease selected export controls on semiconductor software, aerospace components, and other advanced technologies. While the agreement appears to reduce immediate tension, market response has been measured. The framework remains provisional, and key implementation details are yet to be released. The current 90-day pause expires on 10 August 2025; unless a comprehensive deal is finalised by then, tariff levels could be reinstated.

On the data front, US CPI for May came softer than expected, with headline inflation rising to 2.4% YoY, while core inflation remained steady at 2.8%. Despite expectations that recent tariffs may feed into future price pressures, the near-term impact appears limited. For now, the inflation profile supports the view that the Federal Reserve will keep its policy rate unchanged in the 4.25%–4.50% range. However, markets continue to price in the possibility of easing later in the year should inflation remain contained. The dollar index softened further, trading below 98.7, while the 10-year Treasury yield eased slightly to 4.44%.

Base Metals

Base metals showed a mixed performance today, largely influenced by their technical indicators. Copper struggled to maintain gains above $9,700/t, ultimately ending the day lower at $9,655/t. Aluminium, on the other hand, jumped above the crucial $2,500/t resistance to $2,514/t; the next robust level on the upside is now at $2,542/t – last month’s high. Lead and zinc held their nerve at $1,992/t and $2,656/t, respectively.

Precious Metals and Oil

Gold edged higher, trading around $3,337/oz, as softer inflation data and a weaker dollar provided support. Silver remained under mild pressure, continuing to retreat from recent highs but holding above the key $36.00/oz support level. Oil prices rose on the day, with WTI last seen at $66.2/bbl and Brent at $68.0/bbl.

Lme Metals Price And Volume 11062025

All price data is from 11.06.2025 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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