Summary
Technology shares sold off sharply, while the Bank of England raised rates to 4.00% and oil remained below last week’s highs.
Nickel surged above $16,300/t, while copper fell below $13,900/t and tin extended its decline to $46,000/t.
Gold held above $4,100/oz and silver recovered towards $53/oz ahead of Friday’s US payrolls.
Macro
US equities fell sharply as the post-election rally gave way to renewed selling across AI and semiconductor shares. The Nasdaq dropped around 5%, while the S&P 500 lost more than 3%, as investors assessed the risk of tighter data-centre regulation under a Democratic Congress. Nvidia, Broadcom, Micron and AMD led the decline.
The Bank of England raised Bank Rate by 25bp to 4.00%, its first increase since 2023. The 8–1 vote was firmer than expected, with Catherine Mann supporting a 50bp move. The Bank expects inflation to reach around 5% in mid-2027, but Governor Andrew Bailey stressed that further increases will depend heavily on energy prices and developments in the Iran conflict. UK markets now price around a 50% probability of another hike in December.
DXY held near 101.5, while the US 10-year yield remained around 4.9%. Oil recovered from earlier lows but remained well below last week’s levels, with WTI close to $90/bbl and Brent around $97/bbl. Attention now turns to Friday’s payrolls report, where employment growth is expected near 65,000.
We expect the technology correction to remain the main pressure on equities, while lower oil should continue to reduce the immediate inflation risk. Friday’s payrolls and wage data will determine whether markets retain expectations of another Fed increase in December.
Base Metals
Base metals diverged sharply. Nickel was the standout, rising from below $15,800/t to $16,385/t and extending its two-day recovery. Reports that Indonesian producers are considering cuts to nickel pig iron and mixed hydroxide precipitate output have provided support, although the scale and timing remain uncertain.
Copper fell through $14,000/t and briefly approached $13,800/t before recovering to around $13,855/t. The move followed the wider sell-off in AI and semiconductor shares, weakening part of the data-centre demand narrative that had supported copper. Zinc showed similar price action, falling from above $3,860/t to around $3,795/t.
Tin remained the weakest metal, dropping to $46,000/t after failing to hold above $48,000/t. Aluminium performed better, briefly moving above $3,100/t before closing near $3,075/t, while lead recovered to around $1,897/t. Aluminium’s ability to hold above $3,050/t suggests that lower oil has not removed the support from tight prompt availability.
Precious Metals
Gold extended its rebound to around $4,125/oz after briefly testing $4,150/oz, building on Wednesday’s recovery from below $4,000/oz. The decline in oil and Treasury yields has reduced some of the rates pressure that drove October’s correction, although gold gave back part of its early advance as US equities sold off.
Silver rose to around $52.8/oz after reaching above $53.00/oz overnight. The metal briefly fell below $52.00/oz during US trading but recovered most of the move, finishing higher despite the sharp decline in technology and semiconductor shares.
Gold has now held above $4,100/oz, while silver continues to find resistance around $53.00/oz. Friday’s payrolls and wage data will be the next test for both metals, given their impact on Treasury yields and expectations for a December Fed hike.
All price data is from 05.11.2026 as of 17:30