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Daily Base Metals Report

US Markets Retreat on Tariff News

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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 equities weakened as President Trump doubled down on tariffs, with Canada falling under the latest threat.
  • Base metals ended the week on a quieter note, following a week of tariff-driven momentum.
  • Precious metals strengthened, while oil prices remained unchanged due to conflicting news.

Macro

US equities weakened on Friday as the Trump administration intensified its tariff threats, with Canada being targeted in the latest wave of announcements. President Trump announced a 35% levy on some Canadian products, although there would be exemptions for items covered under the USMCA agreement. He also indicated his intention to increase tariffs on many other countries, potentially raising the flat rate from 10% to between 15% and 20%. This shift dampened risk-taking sentiment, resulting in the S&P 500 dropping from record highs to 6,247, while the dollar index continued climbing toward the 98.00 resistance level. The yield on the 10-year US Treasury strengthened to 4.39%.

Across the Atlantic, the UK's growth declined by 0.1%, marking the second consecutive month of contraction. This slowdown is attributed to businesses and consumers struggling to recover from the impact of the initial US tariffs. As a result, the pound continued to weaken against the dollar, dropping to 1.35. Markets still expect that the BOE will cut rates by 25 basis points next month.

Base Metals 

Base metals held their nerve today, closing the week on a quiet note after days influenced by tariff-related news. Copper held above the $9,600/t mark at $9,647/t, while aluminium hovered around the $2,600/t level. Lead dropped lower after struggling to hold the $2,050/t mark to $2,007/t. Zinc offset yesterday's gains, returning to $2,739/t

Precious Metals and Oil

Oil futures strengthened on the open following President Trump's announcement of a "major statement" targeting Russia on Monday. However, prices later retraced their gains after Saudi Arabia exceeded its OPEC+ production quota in June. WTI and Brent are trading at $67/bbl and $69/bbl at the time of writing, respectively. Precious metals strengthened, with gold and silver edging higher to $3,357/oz and $37.70/oz, respectively.

 

All price data is from 11.07.2025 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.

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