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Daily Base Metals Report

Markets Focus on US Treasury Auction

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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 equities dip ahead of key Treasury auction as debt concerns linger
  • Base metals held their nerve, primarily trading within intraday ranges
  • Softer US PPI print sends dollar to two-year low, lifting gold toward $3,400/oz

Macro

US equities opened under pressure on Wednesday as investor caution set in ahead of a key US Treasury auction. Market focus remains squarely on the strength of demand and prevailing yield levels, amid concerns that rising sovereign debt, amplified by recent fiscal policy decisions, could begin to erode appetite for long-dated US paper. The 30-year yield, which climbed above 5% in late May, has since pulled back below 4.9%, though sentiment remains fragile. In macroeconomic data, US producer prices rose less than expected in May, further reinforcing the view that inflationary pressures remain contained. The softer PPI print helped bring Treasury yields slightly lower and pushed the dollar index down to trade below the 98.0 mark—its weakest level since 2022.

Base Metals

Base metals experienced slight movements across the board today, primarily trading within intraday ranges. Aluminium maintained its position above the $2,500/t mark but struggled to break above yesterday’s highs of $2,530/t, remaining at $2,517.50/t. Copper is capped by the $9,700/t resistance level, trading in a $40/t range at around the $9,690/t level. Lead retested but rejected prices above $2,000/t, as zinc edged lower to $2,642.50/t.

Precious Metals and Oil

Gold caught a bid from the weaker dollar and softer yields, rising to test the $3,400/oz level once again. Silver traded with less conviction but remained resilient, holding above the $36.00/oz mark. Oil prices were little changed, with WTI and Brent last seen hovering around $67.6/bbl and $69.1/bbl respectively.

Lme Metals Price And Volume 12062025

All price data is from 12.06.2025 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.

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