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