Summary
US equities weakened on lingering AI sentiment concerns, but softer-than-expected PPI reduced the risk of sharp Fed hikes, pausing the dollar and Treasury yields.
Copper extended its descent, with the bias still lower, while tin’s tightest spreads since July 2023 failed to lift outright prices.
Oil was steady while gold and silver stayed under pressure, retesting recent support levels.
Macro
US equities closed lower, capping a turbulent week as investors continued to assess the AI momentum. Sentiment was partly steadied late in the session by inflation data, which eased some concerns about the Fed's tightening cycle. US producer prices rose 0.3% MoM in October and 6.5% YoY, the fastest annual pace in four years, but the print fell short of expectations. That reduced the likelihood of sharp rate hikes from the Fed and tempered fears of an inflation-driven policy overshoot. Markets are still pricing in a 25bp hike in December, with a 70% probability of a further hike in January 2027, so the policy path remains firmly tilted towards tightening. The softer-than-expected print helped stall the recent advance in the dollar and Treasury yields, which paused at 103.33 and 5.13% respectively.
Base Metals
Base metals were mixed today, with copper continuing its descent. Prices softened during the early hours, initially testing support around $13,500/t. However, once this level was breached, a fresh wave of selling emerged, pushing copper towards $13,430/t, its lowest level since July. The break of another key support level keeps the near-term bias tilted lower, with little evidence so far that buyers are prepared to defend the market as aggressively as they did at higher levels.
Aluminium, meanwhile, continued to hold above the $3,000/t support level as activity in the nearby spreads stabilised following yesterday’s unwind. Cash-to-three-month remained in a steep backwardation of around $137/t, leaving the underlying market structure relatively supportive despite the volatility seen earlier in the week.
Attention today shifted towards tin, where nearby spreads tightened aggressively, with Cash–3M reaching around $715/t — the strongest backwardation since July 2023. The tightening initially coincided with a sharp move higher in outright prices, but resistance around $48,000/t proved resilient. Tin subsequently gave back the move and returned towards its opening level around $46,650/t. The failure to sustain the rally despite pronounced nearby tightness suggests that the physical signal is providing support but is not yet sufficient to overcome selling interest at higher outright prices.
Precious Metals
Oil prices were little changed today, while precious metals remained under pressure and retested recent support levels, with gold at $3,878/oz and silver at $49.10/oz.
All price data is from 13.11.2026 as of 17:30