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Daily Base Metals Report

Risk Rebounds, but Rates and Energy Still Set the Terms

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Authors
Viktoria Kuszak

Viktoria Kuszak Senior Research Analyst

Daria Efanova

Daria Efanova Head of Research

Contact research Contact Industrial Commodities

Summary

  • A modest improvement in risk appetite lifted equities, but high yields continue to cap enthusiasm.
  • Base metals extended higher on technical momentum and post holiday positioning, with sustainability still in question.
  • Precious metals bounced on a softer dollar, though elevated yields limit conviction beyond short term relief.

Macro

US equities opened higher, supported by a better than feared trade balance release that helped stabilise risk sentiment at the margin. The dollar softened slightly on the news but remains firm overall, with DXY still above 98.3, while the US 10 year yield continues to hold above 4.4%. 

Oil prices are softer on the day but remain very elevated in level terms, with Brent near $110/bbl and WTI above $101/bbl, keeping inflation risk and policy caution firmly in play. Markets look set to remain sensitive to rates and energy, with any further downside in crude key for extending the risk rebound.

Base metals

Base metals started the week firmer following the long weekend, helped by a more constructive risk tone and steady dollar conditions.

Copper moved back above $13,000/t, closing around $13,130/t, reclaiming ground lost last week and re entering the upper end of the recent range. Aluminium led gains, surging toward $3,600/t as markets continued to price supply risk and tight nearby conditions. Nickel broke through recent resistance, pushing toward $19,700/t, a move that shifts near term focus to whether gains can be consolidated rather than faded. 

Going forward, follow through will depend on dollar stability and whether higher prices begin to attract renewed selling interest.

Precious metals and oil

Precious metals also rebounded, tracking the improved risk tone and modest dollar pullback. Gold traded around $4,580/oz, while silver tested $74/oz, recovering from last week’s pressure. 

Sustained upside will likely require a clearer easing in yields; otherwise, rallies may remain tactical rather than trend forming.

All price data is from 05.05.2026 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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