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Daily Base Metals Report

Dip Buyers Drive the Price Action

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Authors
Daria Efanova

Daria Efanova Head of Research

Viktoria Kuszak

Viktoria Kuszak Senior Research Analyst

Contact research Contact Industrial Commodities

Summary

  • US equities rallied on the open as dip buyers stepped in after Thursday’s selloff.

  • Copper continues its cautious rebound, but upside appears limited by investor cautiousness and the lack of a clear break higher.

  • Precious metals gained on the back of oil weakness, as Middle East diplomatic optimism weighed on crude.

Macro

US equities opened the week on a firmer footing, with strong dip-buying following Thursday’s sell-off, which was triggered by AI-related concerns spilling over into the broader market and forced position liquidation. The week ahead looks considerably calmer, as the midterms and the AI-driven selloff have now played out, taking the major volatility events off the calendar. AI risks nevertheless remain elevated; in our view, the tail risk has shifted to the upside, and equities could regain momentum sharply on any improvement in sentiment, as today’s session showcased.

Overall, the macro backdrop is much calmer this week, with US CPI the only key risk on the calendar. Surveys point to inflationary pressures slowing month on month in October. The US 10-year Treasury yield is hovering around 4.85%. The dollar weakened to 101.90, erasing some of Friday’s gains.

Base Metals

Base metals opened the week cautiously. Copper edged higher to $13,900/t on dip buying but struggled to gain significant traction. That said, underlying tightness, reflected in the tight cash-to-3-month spread and limited available material in China, is providing firmer support at current levels. Moreover, with stretched positioning taken out last week, we believe there is room for a cautious move higher, with $14,000/t likely to be the key threshold for the market to breach to signal further significant upside.

Aluminium was little changed today, holding above $3,050/t. The metal held steady last week, avoiding the weakness seen in copper, as tightening nearby spreads continued to underpin the price structure. The cash-to-3-month spread widened to $85/t today, its highest level since June 2026.

Other metals were relatively muted, with lead and zinc holding steady at $1,890/t and $3,710/t respectively.

Precious Metals

Oil prices extended losses on improving optimism over diplomatic efforts in the Middle East, with WTI falling to $88/bbl. Precious metals strengthened on a weaker dollar and the equity bounce, with gold and silver gaining to $4,115/oz and $52.80/oz, respectively.

All price data is from 09.11.2026 as of 17:30

Disclaimer

This is a marketing communication. The information in this report is provided solely for informational purposes and should not be regarded as a recommendation to buy, sell or otherwise deal in any particular investment. Please be aware that, where any views have been expressed in this report, the author of this report may have had many, varied views over the past 12 months, including contrary views.

A large number of views are being generated at all times and these may change quickly. Any valuations or underlying assumptions made are solely based upon the author’s market knowledge and experience.

Please contact the author should you require a copy of any previous reports for comparative purposes. Furthermore, the information in this report has not been prepared in accordance with legal requirements designed to promote the independence of investment research. All information in this report is obtained from sources believed to be reliable and we make no representation as to its completeness or accuracy.

This report is not subject to any prohibition on dealing ahead of the dissemination of investment research. Accordingly, the information may have been acted upon by us for our own purposes and has not been procured for the exclusive benefit of customers. Sucden Financial believes that the information contained within this report is already in the public domain. Private customers should not invest in these products unless they are satisfied that the products are suitable for them and they have sought professional advice. Please read our full risk warnings and disclaimers.

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Base Metals

We execute and clear a significant proportion of the market activity on the London Metal Exchange (LME), the world's largest non-ferrous metals exchange. We also provide access to the CME’s base metal futures and options contracts on its COMEX exchange, nickel contracts on the Shanghai Futures Exchange (SHFE) and copper contracts on the Shanghai International Energy Exchange (INE).

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Precious Metals

We provide access to OTC and exchange-traded futures and options contracts for gold, silver, platinum, and palladium, covering all hedging and speculative requirements.

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