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Daily Base Metals Report

US Equities Extend Winning Streak

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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 at record highs.
  • Base metals’ performance was mixed with trends shaped by technical resistance levels. 
  • Gold stabilised and silver held rangebound as oil prices traded flat.

Macro

US equities opened higher on Monday, breaking all-time highs. Meanwhile, international data presented a mixed picture. In Japan, industrial production declined by 1.8% YoY in May, reversing the 0.5% rise recorded in April and pointing to renewed weakness in the manufacturing sector. In the UK, final Q1 GDP figures confirmed 0.7% QoQ growth, maintaining the prior estimate. Meanwhile, Germany’s June inflation eased to 2.0% YoY, reinforcing expectations that the ECB will remain on a gradual easing path.

The dollar extended its recent retreat, particularly against the euro, which has now strengthened for two consecutive weeks. EUR/USD approached 1.175, its highest level since 2021. US Treasury yields edged slightly lower, with the 10-year yield at 4.27%. While geopolitical tensions in the Middle East have driven safe-haven demand for Treasuries, high debt levels in the US are likely to keep upward pressure on yields over the medium term.

Base Metals

Base metals posted a mixed performance today, with market trends shaped more by technical resistance levels than by any broad-based movement across the sector. Copper struggled above the $9,900/t mark once again, retreating to $9,787/t and giving back some of its recent gains. Spreads are showing signs of stabilising, with the cash-to-3-month spread steady at $172/t, indicating reduced volatility, though supply concerns remain in focus. Copper inventories continue to draw down, now falling below 100,000 tonnes on the LME exchange. The COMEX/LME arb remains wide at $1,450/mt, indicating a potential lag in COMEX compared to LME, given its recent weakness. 

Zinc also weakened, erasing Friday gains and dropping back to $2,751.50/t. In contrast, aluminium is cautiously testing the $2,600/t resistance line, closing at $2,597.50/t. Likewise, lead is hovering just below the key $2,050/t resistance level, closing at $2,045/t. Nickel is holding steady at $15,215/t. 

Precious Metals and Oil

Gold edged modestly higher to $3,287/oz after Friday’s sharp pullback, while silver remained rangebound near the $36.00/oz level. Oil prices were little changed, with WTI and Brent last seen at $64.90/bbl and $67.50/bbl, respectively.

Lme Metals Price And Volume 27062025 (1)

All price data is from 30.06.2025 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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