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Daily Base Metals Report

Calmer Markets, Limited Conviction

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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

  • Yields and dollar firmed as volatility eased but conviction stayed thin.
  • Base metals’ rebounds met resistance as volumes clustered at inflection points.
  • Precious recovered and oil firmed, though momentum remained tentative.

Macro

US equities opened higher, extending a recovery from the past few sessions’ weakness as market conditions appeared calmer than in recent weeks. After stabilising on Tuesday, the 10-year yield moved back toward 4.10%, while the dollar strengthened further, with the DXY approaching 97.5. The combination suggests that while volatility has eased, macro drivers remain firmly in control of cross-asset direction.

For now, the question is whether this calmer tone evolves into a sustained stabilisation phase or simply reflects a temporary pause in recent volatility. We expect markets to remain sensitive to incoming data, with conviction still limited and positioning continuing to dominate short-term price action.

Base Metals

The base metals complex edged higher overall, though gains were often met with resistance. Copper traded with relatively steady volumes across European and US sessions, rising toward $12,950/t where it encountered selling interest. Aluminium approached $3,100/t, but a pickup in volumes around the US afternoon pushed prices back below $3,090/t, highlighting persistent supply at higher levels.

Nickel outperformed, breaking above $17,000/t and extending toward $17,350/t. Lead briefly surpassed $1,965/t before slipping back to close near $1,960/t, while zinc pushed above $3,350/t. Tin lagged, hovering around $45,900/t as thinner liquidity kept price action subdued.

Overall, the complex appears to be stabilising rather than trending, with rallies still meeting resistance and volumes clustering around turning points. We expect sideways trading to remain the dominant near-term pattern.

Precious Metals

Precious metals rebounded alongside the firmer macro tone. Gold climbed back above $5,000/oz, while silver tested the $78/oz area. The recovery suggests that recent selling pressure has eased, though momentum remains tentative and largely flow-driven rather than fundamentally anchored.

Oil prices also moved higher, with WTI around $64.6/bbl and Brent close to $70/bbl. The advance reflects improved risk sentiment and ongoing geopolitical support, though as with metals, follow-through remains measured rather than aggressive.

All price data is from 18.02.2026 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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We execute and clear a significant proportion of the market activity on the London Metal Exchange (LME), the world's largest non-ferrous metals exchange. We also provide access to the CME’s base metal futures and options contracts on its COMEX exchange and copper on the Shanghai International Energy Exchange (INE).

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Precious Metals

We provide access to OTC and exchange-traded futures and options contracts for gold, silver, platinum, and palladium, covering all hedging and speculative requirements.

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