
Technical Analysis
Weekly Metals Report – February 3, 2025
Market Movements
Last week, the base metals and precious metals markets showed mixed performances. By the close of trading on January 31, COMEX copper futures for March 2025 fell 0.7%, recording a 1% decline for the week, as concerns over U.S. tariffs potentially impacting global economic growth weighed on copper demand.
Silver futures for April 2025 also declined by 0.7% in the final session, but still posted a 3.5% gain for the week. In contrast, platinum maintained strong performance, rising 1.6% in the final session and gaining over 7% compared to the previous week.
Metal Price Trends

Key Highlights
The Federal Reserve (Fed) kept interest rates unchanged at 4.25%-4.5% during its January 29 meeting. Previously, the Fed had implemented three consecutive rate cuts since September 2024, totaling a 1 percentage point reduction.
In December 2024, the Personal Consumption Expenditures (PCE) price index rose 2.6% year-over-year, higher than the increase in November. Meanwhile, core PCE recorded a 2.8% rise.
The U.S. Dollar Index (DXY) surged, stabilizing around 109.5, while the 10-year U.S. Treasury yield remained at 4.5%.
A market frenzy over DeepSeek, an AI startup, resulted in $600 billion in market capitalization losses for Nvidia, the world’s leading AI chipmaker, in a single trading session.
The AI race is heating up: Following the DeepSeek event, Alibaba unexpectedly launched its next-generation AI model, Qwen 2.5-Max, on the first day of the Lunar New Year, followed by OpenAI’s series of new updates to ChatGPT.
On February 1, U.S. President Donald Trump signed an executive order imposing tariffs:
25% on goods from Mexico and Canada
10% on imports from China
10% on Canadian energy imports, aiming to avoid major impacts on gasoline and heating oil prices.
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