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Daily Base Metals Report

Silver Shines Amid Geopolitical Tensions

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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 retail sales and industrial production missed expectations, underscoring continued domestic softness
  • Aluminium led base metals higher, but broader momentum remained weak
  • Silver rallied above $37/oz to its highest level since 2011, while gold held steady near $3,380/oz.
Macro:
US equities opened lower on Tuesday as markets absorbed a mixed batch of economic data and geopolitical headlines. In the US, retail sales fell across the board, with headline sales down 0.9% MoM in May, missing expectations. Industrial production also surprised to the downside, contracting 0.2% MoM, pointing to continued softness in the manufacturing sector. Despite the weaker data, the dollar index firmed slightly to 98.5, while the 10-year US Treasury yield edged lower, holding just below 4.42%.
In Europe, the latest ZEW survey painted a more optimistic picture. German economic sentiment for June rose sharply to 47.5, well above the forecast of 35.0, while current conditions also improved modestly. Still, persistent structural challenges across the eurozone may limit the durability of this rebound if global growth remains under strain.
Meanwhile in Japan, the Bank of Japan left its policy rate unchanged at 0.50% as expected. While Governor Ueda adopted a cautious tone, markets continue to anticipate further policy normalisation amid sustained core inflation and a persistently weak yen.
Base Metals:
Base metals were mixed on Tuesday, with the complex struggling to establish a clear directional bias. Low volatility and range-bound conditions continue to dominate, although some divergence between metals is becoming more evident. Aluminium extended its recent recovery, rising to $2,547/t — marking its highest level since March and showing modest bullish momentum. In contrast, copper edged lower to $9,664.5/t, holding just beneath near-term resistance. Lead saw a pullback, falling to $1,978/t and losing its grip on the $2,000/t level, reversing yesterday’s attempted breakout. Nickel weakened further, down to $14,930/t, extending a steady downtrend and closing near two-month lows. Tin also came under pressure, shedding to $32,275/t, while zinc slipped modestly to $2,643/t, holding within its recent range but still showing little upside traction. Overall, the absence of strong speculative flows and macro conviction continues to limit momentum across the complex.
Precious Metals and Oil:
Gold traded steady around $3,382/oz following Monday’s pullback. Silver outperformed, surging above $37.00/oz to trade at $37.17/oz at the time of writing — its highest level since 2011. Oil prices continued to climb steadily, supported by geopolitical tensions and supply concerns, with WTI last seen at $73.8/bbl and Brent at $75.4/bbl.
Lme Metals Price And Volume 17062025

All price data is from 17.06.2025 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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