The macro environment lacks surprises, and the metal market trading is quiet.

On May 28, base metal prices were mixed, with three-month copper on the London Metal Exchange up 0.4% at $9,637.50 per tonne, and three-month aluminum at $2,482.0 per tonne. Neil Wales, an analyst at Britannia Global Markets, said in a note that base metal prices were generally relatively range-bound, with copper and aluminum rising just 0.9% and 0.1% weekly, respectively, with weak market momentum and limited macroeconomic catalysts. Wales noted that lower inventory levels provided some support for aluminium prices, but headwinds from low seasonal demand and the lack of new macroeconomic drivers kept the market cautious.