Base metals rebounded across the board, and trade concerns eased. [LME closing on April 10]

Apr 11, 2025, at 9:10 am

On Thursday, April 10, copper and other base metals on the London Metal Exchange (LME) rebounded sharply as trade concerns eased. At 17:00 London time (00:00 Beijing time on April 11), LME three-month copper closed up $375, or 4.35%, at $8,988/mt. According to Securities Times, US President Trump announced on Wednesday a 90-day suspension of "reciprocal tariffs" on dozens of countries. This initially provided a boost to financial markets, but major stock indices subsequently declined. Carsten Menke, an analyst at Julius Baer in Zurich, said, "This is just a typical knee-jerk reaction in financial markets." The weakening US dollar provided additional support to base metal prices on Thursday, as the US consumer price index unexpectedly fell in March, marking the first monthly decline in nearly five years, extending the dollar's decline. A softer dollar makes dollar-denominated commodities cheaper for buyers using other currencies. Among other metals, three-month aluminum closed up $54, or 2.33%, at $2,370/mt. Three-month tin closed up $834, or 2.80%, at $30,658/mt.

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SMM

Base metals rebounded across the board, and trade concerns eased. [LME closing on April 10]

COMEX Metal Inventory on April 10, 2025

The enthusiasm of downstream enterprises for inquiries and purchases has improved. Next week, attention will be focused on the production trends of secondary lead smelters and the delivery of the SHFE lead front-month contract. [SMM Lead Morning Meeting Su