Client Portal
  1. Metals Outlook
  2. Daily Base Metals Report

Daily Base Metals Report

Silicon Surge vs. Tariff Tension

Read disclaimer

Back to reports

Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Senior Research Analyst

Contact research Contact Industrial Commodities

Summary

  • Nvidia hits $4 trn, buoying equities
  • Copper’s spike fades; aluminium steady, zinc higher, others mixed.
  • Gold inches up, silver slips

Macro:

US stocks opened on the front foot after Nvidia became the first listed company to top $4 trillion in value, underscoring the market’s conviction in the long-run earnings power of AI. The tech-led bid outweighed lingering tariff anxiety: President Trump confirmed that a further seven “reciprocal-tariff” notice letters will be dispatched today and reiterated that 1 August is the final deadline for countries yet to reach a deal, stressing that “no extensions will be granted”. The dollar index oscillated around 97.6, unable to build on Tuesday’s strength, while the US 10-year Treasury yield slipped back below 4.4%.
In China, producer-price deflation deepened to its most pronounced level in nearly two years during June, highlighting slack domestic demand and the drag from the global trade dispute. Consumer prices inched into positive territory for the first time in five months, but the uptick was negligible (0.1% YoY) as the protracted property downturn continued to undercut household spending. The latest data pile additional pressure on Beijing to deliver fresh policy support.

Base metals:

A record spike in COMEX copper on Tuesday evening following the President’s tariff warning proved fleeting. On the LME, the metal reversed, sliding to $9,630 /t, with traders concluding that higher import duties would ultimately crimp US demand rather than tighten supply. Aluminium was relatively resilient, inching up to $2,599 /t. Zinc outperformed, jumping to $2,743 /. Lead drifted to $2,054 /t, nickel eased below $15,000 /t, and tin edged lower to $33,280 /t.

Precious metals and oil:

Gold reclaimed a fraction of lost ground, ticking up to $3,310/oz, while silver extended its retreat to $36.40 /oz. Crude traded sideways, leaving WTI hovering near $68.40/bbl and Brent around $70.10/bbl.

All price data is from 09.07.2025 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.

Sign up to get the latest market insights

We will email you each time a new report has been published.

Subscribe

Select all the reports you wish to sign up for and submit your details below

Thank you for subscribing.

You should receive a confirmation email shortly. Please check your spam /junk mail folder if not received within a few minutes.

Do not forget to click the link in the confirmation message, otherwise, you will not receive any of our future emails.

This field is required
This field is required
This field is required
This field is required

Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.

(Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.)
You must agree to our terms and conditions before submitting the form
* Mandatory fields