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Daily Base Metals Report

Cautious Optimism Nudges Markets Up

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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

  • Equities paused ahead of key tech earnings as dollar and yields drifted lower.
  • Base metals remain elevated, but the upside is stalled by technical resistance levels set by previous highs. 
  • Gold hovered near record highs; oil prices softened.

Macro

US equity markets opened mixed on Tuesday as investors turned cautious ahead of a wave of earnings reports from major technology firms. Following fresh record highs earlier in the week, the focus has shifted from momentum to sustainability, with market participants closely assessing whether stretched valuations can be justified by corporate performance. Broader sentiment was tempered by a lack of fresh macro drivers, leaving indices rangebound for now. In the currency space, the dollar extended its retreat, with the dollar index slipping to 97.6. US Treasury yields also drifted lower, with the 10-year yield falling below 4.34%.

Base Metals

Base metals continued to strengthen today, fuelled by recent risk-on appetite. However, as prices near technical resistance levels set by previous highs, the upward trend is beginning to stall. Aluminium attempted to break above $2,660/t but was rejected again. Meanwhile, copper is gaining traction, reaching $9,919.50/t, while the previous high of $10,000/t remains unbroken. Lead struggled in maintaining levels above $2,020/t, and zinc closed just below yesterday's high at $2,860/t.

Precious Metals & Oil

The combination of a weaker dollar and lower yields supported gold, which climbed back above $3,400/oz and traded near record territory at $3,425/oz. With the Fed’s policy statement due next week, investors are watching closely for signs of further dovishness. In the absence of such signals, momentum in gold may pause. Silver also extended gains, breaking above the $39.00/oz level. Oil prices, by contrast, moved lower, with WTI at $66.20/bbl and Brent at $68.20/bbl at the time of writing.

All price data is from 22.07.2025 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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