Markets, 9 November 2026
Monday: gold and copper bounce, oil quiet near $98, Gulf stocks still on Friday's closes
What moved
- Gold and copper bounce. Gold is around $4,125 an ounce, up about 1.2% on the day and about 4.3% on the week. COMEX copper is around $13,971 a tonne, up about 1.6% on the day but still down about 3.1% on the week and 5.3% on the month. These are live quotes, not closes.
- Oil is quiet. Brent is around $98.15 and WTI around $91.21. Both are down roughly 5% on the week. Contract rolls can distort weekly figures, so treat them as rough.
- Steel and aluminium. Aluminium is around $3,206 a tonne, up about 0.5% on the day. US Midwest HRC is around $1,562 a tonne, down about 0.6% on the day but up about 7.6% on the month. Shanghai rebar closed Friday at 3,046 yuan a tonne. Zinc is stale: the last update is 23 October ($3,944).
- Stocks. Nothing new yet: these are Friday 6 November closes. The S&P 500 was about 7,377, the Nasdaq about 24,579, and emerging markets (EEM) 59.33. Dubai’s DFM closed at about 6,026 and Abu Dhabi’s ADX at about 9,393, down about 1.3% on the day.
- Rates and the dollar. Treasury yields are still from 5 November: the 2-year at 4.46% and the 10-year at 4.84%. The dollar index is around 102.18, down about 0.1%. The monthly US PPIs for copper wire and cable, steel wire drawing and cement are still the September figures.
The truth: Nothing here is a shock. Copper bouncing a little doesn’t change the bigger picture of a softer month, which is still some relief on conductor costs. HRC up about 8% on the month means steel-based lines like wire, mesh, fencing and rebar still need short quote validity. Oil near $98 is comfortable for Gulf budgets and project pipelines. Yields are well down on the month and the dirham is pegged, so financing isn’t getting harder. I’ll know more once Gulf markets open. Not investment advice.
Sources and as-of dates for every number are on the Markets board.