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Daily Base Metals Report

Equities Rise on US–Japan Deal

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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–Japan trade deal lifted equities
  • Base metals climbed, with underperformers closing the gap.
  • Gold consolidated near $3,414/oz; silver extended gains

Macro

US equity markets opened higher on Wednesday, buoyed by optimism following the announcement of a new US-Japan trade agreement. The deal, which reduces tariffs on automobiles and key industrial goods from 25% to 15%, includes Japanese commitments to expand investment in US infrastructure and defence sectors, alongside increased purchases of US agricultural products. While the agreement was welcomed by markets, some US manufacturers criticised the limited gains for domestic industry. The dollar index edged lower for a third consecutive session, though losses were more modest, slipping below 97.4. US Treasury yields ticked up, with the 10-year yield holding around 4.38%.

Base Metals

Base metals showed upward momentum, with those lagging furthest behind previous highs beginning to catch up. Both aluminium and copper paused in their upward trajectory as they approached resistance levels of $2,650/t and $9,950/t, respectively. This suggests that a significant fundamental change or a strong speculative push is needed in these metals for any further gains. Zinc has remained steady, hovering just below the $2,700/t resistance. Meanwhile, lead jumped higher, testing the $2,050/t mark, with the support at $2,000/t holding firm. Similarly, tin has surged to $34,853/t.

Precious Metals and Oil

Gold eased from Tuesday’s highs, trading near $3,414/oz, as investor appetite shifted back toward risk assets. With speculative positioning elevated but not extreme, and slower retail demand, gold may remain in consolidation until a clearer dovish signal from the Fed emerges. Silver extended gains, rising above $39.50/oz. Oil markets were muted, with WTI trading just below $65.0/bbl and Brent at $68.2/bbl.

All price data is from 23.07.2025 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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