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Daily Base Metals Report

Upside Steam Fades for Base Metals

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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

  • Tech optimism lifted equities.
  • Base metals showed signs of a momentum shift as prices struggled to breach near-term resistance levels. 
  • Gold and silver softened as the dollar firmed.

Macro

US equity markets edged higher on Thursday, bolstered by stronger-than-expected Alphabet Q2 earnings and revenue. Gains came despite mixed economic signals, as global PMI data highlighted diverging momentum across regions. In the Eurozone, preliminary July PMIs surprised to the upside, with services improving to 51.2 and manufacturing edging up to 49.8, though still in contraction. In contrast, UK services weakened to 51.2, down from 52.8 in June, while manufacturing firmed modestly to 48.2. US PMIs painted a mixed picture: manufacturing slipped unexpectedly into contraction territory at 49.5, while services remained strong at 55.2. The dollar firmed against major currencies, particularly sterling and the yen, lifting the dollar index above 97.3. US Treasury yields also moved higher, with the 10-year yield rising above 4.40%.

As expected, the European Central Bank left its deposit rate unchanged at 2.00%. In her post-meeting remarks, ECB President Christine Lagarde struck a cautious tone, noting that headwinds to the euro area economy persist. She cited lingering uncertainty surrounding global trade policy and elevated geopolitical risks as ongoing constraints on business investment and confidence. While expressing hope for a resolution to trade tensions, Lagarde signalled that the ECB is likely to remain measured in its approach until clearer signals of recovery emerge.

Base Metals

Momentum shifted within the base metals complex today, with some metals experiencing a moderate correction while others remain just below recent highs. Copper weakened, erasing yesterday's gains and declining to $9,870/t. Aluminium attempted to breach the $2,650/t level once again but struggled to hold above it, trading at $2,647/t at the time of writing. Lead and zinc showed intraday activity, suggesting that their upward momentum might be stalling, with current prices at $2,029/t and $2,844/t, respectively. Nickel also weakened, falling back to $15,440/t.

Precious Metals and Oil

Gold eased to $3,372/oz as stronger US data and a firmer dollar weighed on sentiment. Silver also declined, testing support near the $39.00/oz level. Oil prices rose modestly, with WTI trading at $66.20/bbl and Brent at $69.30/bbl.

All price data is from 24.07.2025 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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