Summary
AI cash-flow concerns hit technology shares, while Brent near $114/bbl kept inflation and the Fed’s tightening bias in focus.
Copper slipped to $14,150/t despite a near-$200/t backwardation, while nickel tested $15,200/t and zinc fell below $3,840/t.
Gold broke below $3,900/oz and silver below $50/oz as liquidation accelerated into month-end.
Macro
US equities opened lower and selling intensified through the session, led by technology shares. Amazon reported negative free cash flow and maintained its $220bn capital-expenditure plan, while Intel warned of cash burn amid weak PC demand, manufacturing constraints and heavy investment. The results deepened concerns that AI spending is rising faster than visible returns, pushing the Nasdaq towards a three-month low and extending the pressure across semiconductor shares.
DXY remained below 102.0 and the US 10-year yield fell below 5.0%, but neither provided relief to equities as the focus remained on earnings and AI-related cash generation. Oil moved higher, with WTI settling near $104.50/bbl and Brent around $113.70/bbl. High energy costs continue to reinforce inflation pressure and the Fed’s tightening bias.
We expect technology shares to remain under pressure as investors demand clearer evidence that AI investment is translating into margins and free cash flow. Lower yields may support other parts of the equity market, but elevated oil prices and expectations of a December Fed hike should keep the broader tone cautious.
Base Metals
Base metals ended the week mostly lower. Copper declined steadily below $14,200/t and closed near $14,150/t, extending its retreat from Tuesday’s test of $14,500/t. The cash-to-three-month spread remained close to a $200/t backwardation, showing that immediately available metal is still tight despite the fall in the outright price. The contrast suggests that today’s weakness was driven mainly by the deteriorating macro and technology picture, not a sudden easing in physical conditions.
Nickel tested $15,200/t but found support above the level and closed near $15,285/t. The metal nevertheless finished well below the $16,000/t level reached earlier in the week, with surplus expectations and weak underlying demand continuing to limit buying.
Zinc retreated below $3,840/t after approaching $3,900/t earlier in the week. The cash-to-three-month backwardation narrowed to around $70/t, down from above $100/t, indicating that the immediate squeeze in nearby metal has eased. Copper’s wider backwardation remains the stronger signal of physical tightness, but the complex is entering November with outright prices increasingly exposed to weaker risk appetite.
Precious Metals
Gold fell sharply through $4,000/oz and accelerated lower during US trading, reaching around $3,889/oz at the time of writing. The metal lost more than 3% during the session and failed to benefit from either the weaker dollar or the decline in Treasury yields, confirming that liquidation remained the dominant influence.
Silver experienced an even deeper fall, dropping almost 6% to around $49/oz. The metal broke below $52/oz, $51/oz and $50/oz in quick succession, with only a limited rebound after briefly approaching $49/oz. Its greater industrial exposure amplified the pressure from the technology-led equity sell-off.
The move leaves gold below $3,900/oz and silver below $50/oz heading into November. Persistent inflation, high oil prices and expectations of further Fed tightening have kept the opportunity cost of holding non-yielding metals elevated, while weaker industrial sentiment has made silver the more vulnerable metal.
All price data is from 30.10.2026 as of 17:30