Markets, 27 October 2026
Tuesday open: a quiet session, with US steel up about 5% on the week
What moved
- Oil is barely moving. Brent is around $110 a barrel and WTI around $101, both down about 0.3% on the day. Over a week Brent is up about 1% and WTI about 3%. Brent’s monthly +13% still spans the late-September contract roll, so I wouldn’t lean on it.
- Metals. COMEX copper is about $14,500 a tonne, up 0.5% on the day and down about 3% in a month. Aluminium is around $3,110, down 0.3% on the day and about 10% below a month ago. Zinc hasn’t updated since 23 October ($3,944).
- Steel is the one to watch. US Midwest HRC is about $1,530 a tonne, up 0.4% today and about 4.6% on the week. Shanghai rebar closed at 3,035 yuan a tonne, down 0.3%, still with no weekly history.
- Stocks had a decent Monday. The S&P 500 closed at 7,677 (+0.7%) and the Nasdaq at 26,169 (+0.8%). In the UAE, the DFM rose 0.3% to 5,752 and the ADX 0.6% to 9,641, though both are still down about 4–5% in a month.
- Rates, dollar and gold. The latest Treasury yields are from 23 October: the 2-year at 4.69% and the 10-year at 5.00%, each up 4 basis points that day. The dollar index is about 102.0, and gold about $4,029, down about 3% on the week and 7% in a month.
- Slow-moving indexes (September, unchanged): the US PPIs for copper wire and cable (+0.8%), steel wire drawing (+0.6%) and cement (flat).
The truth: For UAE cable, electrical and construction suppliers, today is mostly noise, with one exception. Copper is steady around $14,500, and aluminium is still about 10% cheaper than a month ago, so conductor costs aren’t giving you a reason to move. Steel is. US hot-rolled coil is up nearly 5% in a week, and that’s the input behind wire, mesh, fencing, tray and towers. One market doesn’t set Gulf prices, but it’s worth asking your mills where their next offer is heading. Oil near $110 keeps Gulf budgets comfortable, and freight and energy costs aren’t easing. The 10-year Treasury at 5% means financing stays expensive, and with the dirham pegged to the dollar it carries straight through. My read: keep quote validity short on steel-heavy work, keep metal escalation clauses in, and don’t chase anything off one session.
Sources and as-of dates for every number are on the Markets board.