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Daily Base Metals Report

Subdued Sentiment as Tariff Deadline Looms

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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 stocks extended gains as trade momentum supported risk appetite.
  • Base metals continued to cautiously weaken as the upside has run out of steam. 
  • Gold edged higher while silver stayed flat.

Macro

US equity markets opened higher on Tuesday, with the S&P 500 and Nasdaq once again posting fresh record highs. Sentiment remained buoyant as investors welcomed ongoing signs of easing trade tensions. Following last week’s agreement with Japan and Sunday’s framework deal with the EU, now attention is turned to outstanding US disputes with Canada and India ahead of the 1 August tariff deadline. Meanwhile, the dollar extended its recent rally, with the dollar index testing the 99.0 mark. US Treasury yields edged lower, with the 10-year yield dipping to 4.35%. On the data front, Conference Board consumer confidence rebounded from 93.0 in June to 97.2 in July, though it remains below the three-year average.

Base Metals

Base metals continued to edge lower today, as recent upside momentum has run out of steam, leading to a cautious decline. Aluminium continued to weaken, approaching the $2,600/t support level, as copper hovered around $9,800/t. Lead and zinc held their nerve at $2,016.50/t and $2,805/t, respectively. Nickel also remained steady at $15,316/t.

Precious Metals and Oil

Gold rebounded modestly following recent declines, trading at $3,329/oz and holding within its recent $3,300–$3,450/oz range. Ongoing dollar strength and improved risk sentiment continue to weigh on upside momentum. Silver was little changed, hovering near $38.20/oz. Oil prices firmed slightly, with WTI and Brent last seen at $67.50/bbl and $70.80/bbl, respectively.

All price data is from 29.07.2025 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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