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Daily Base Metals Report

All Eyes on Tariff Decisions

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Senior Research Analyst

Contact research Contact Industrial Commodities

Summary

  • US stocks softer after new tariff threats.
  • Base metals weakened as last week’s risk-on momentum failed to hold. 
  • Precious metals dropped; oil went up.

Macro

US equities opened lower on Monday, easing from record highs reached last week as fresh trade tensions reemerged. President Trump confirmed on Sunday that country-specific tariffs will be reinstated from 1 August, warning that any nation aligning with what he described as “anti-American policies of BRICS” would face an additional 10% duty. The renewed protectionist rhetoric reignited market concerns about global trade fragmentation. 

Later on in the day, President Trump's announcement of substantial new tariffs created uncertainty, bolstering dollar strength. The dollar continued to firm, with the dollar index rising above 97.4. US Treasury yields also climbed, with the 10-year yield approaching 4.4%.

Base Metals

Base metals weakened, erasing last week’s gains as markets struggled to maintain risk-on momentum. However, since this correction only offsets last week’s gains, we believe it is unlikely that there will be a significant downward trend in the near term.

Copper weakened, dropping to test the $9,800/t support level, hovering just above it at $9,807/t. Aluminium followed suit, rejecting prices above the $2,600/t mark, falling to $2,570/t. Zinc saw the sharpest correction, losing as much as $40/t during the day, falling back below $2,700/t to $2,686/t. Likewise, lead struggled to defend prices above $2,050/t, weakening to $2,036/t. 

Precious Metals and Oil

Gold edged slightly lower to $3,319/oz as rising yields and a stronger dollar weighed on the metal. Silver also softened to $36.60/oz but remained above the key $36 level, reflecting underlying resilience. Oil prices rose despite indications that OPEC+ supply may increase further. The eight producers currently limiting output are expected to complete the unwinding of their 2.2m bbl/day cuts from 2023, including a sizeable 550,000 bbl/day increase planned for September.

All price data is from 07.07.2025 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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