Client Portal
  1. Metals Outlook
  2. Daily Base Metals Report

Daily Base Metals Report

Dollar Firm, Metals Fragile

Read disclaimer

Back to reports

Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Senior Research Analyst

Contact research Contact Industrial Commodities

Summary

  • Dollar strength held with DXY near 100.2 and the US 10-year finding support at 4.51%.
  • Base metals steadied after last week’s washout, but upside still looks fragile.
  • Precious metals stayed heavy, with gold below $4,100/oz and silver near $64/oz.

Macro

US stocks rebounded slightly at the opening, helped by some relief that the latest US data did not force an immediate repricing higher in yields and by renewed hopes that US-Iran talks could resume. Even so, the macro picture remains firm. US May PPI rose 6.5% YoY, keeping the inflation pipeline uncomfortable ahead of next week’s Fed meeting, while initial jobless claims edged up to 229,000. 

The dollar index increased towards 100.2, showing that demand for the dollar remains intact, while the US 10-year yield eased from 4.55% to 4.51%, where we see strong support. Oil stayed elevated, with WTI around $90.5/bbl and Brent near $92.9/bbl, which keeps energy-led inflation risk in the system and should leave markets sensitive to both Fed communication and Middle East headlines.

Base Metals

Base metals were muted, with copper, aluminium and nickel trading in a narrow range. 

Copper edged up to around $13,479/t but still failed to push back through the mid-$13,500s. Aluminium recovered to around $3,506/t after finding support near the mid-$3,400s, while nickel held close to $17,700/t and looked more balanced after the sharp fall seen earlier this week.

Elsewhere, the complex was more mixed. Tin outperformed, rising to around $52,770/t and extending its rebound from the recent lows, while zinc also firmed back towards $3,495/t after holding above the low-$3,400s. Lead remained the weakest contract, falling towards $1,945/t and extending the broader downtrend. Overall, the complex looks to be stabilising after last week’s washout, but conviction is still limited and fresh upside remains risky unless copper can reclaim higher ground and the broader macro tone improves.

Precious Metals 

Precious metals remained weak, with both gold and silver still trading close to this week’s lows after the heavy sell-off. Gold held below $4,100/oz, while silver traded near $64.0/oz and looks similarly heavy, holding just above the recent lows after failing to build any meaningful recovery.

The main message is that the pressure has not yet cleared. Gold is stabilising only marginally above the $4,000/oz area, while silver remains the weaker leg and continues to trade close to the bottom of the recent range. For now, neither market shows enough strength to suggest a proper recovery, and both remain vulnerable while the dollar stays firm and yields remain elevated.

All price data is from 11.06.2026 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.

Related content

Base Metals

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).

Discover Base Metals

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.

Discover Precious Metals

Sign up to get the latest market insights

We will email you each time a new report has been published.

Subscribe

Select all the reports you wish to sign up for and submit your details below

Thank you for subscribing.

You should receive a confirmation email shortly. Please check your spam /junk mail folder if not received within a few minutes.

Do not forget to click the link in the confirmation message, otherwise, you will not receive any of our future emails.

This field is required
This field is required
This field is required
This field is required

Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.

(Please note that we cannot email subscribers in the European Economic Area (EEA) or Switzerland, except for journalists.)
You must agree to our terms and conditions before submitting the form
* Mandatory fields