Markets, 10 November 2026
Tuesday: oil sharply lower on the week, copper and gold slip, Gulf and US stocks closed higher on Monday
What moved
- Oil is the big mover. Brent is around $91.60 and WTI around $85.81. Brent is down about 12% on the week and WTI about 11%. Contract rolls can distort weekly figures, so treat that as rough. These are live quotes.
- Copper and gold slip. COMEX copper is around $13,976 a tonne, down about 0.7% on the day, 1.2% on the week and 5.3% on the month. Gold is around $4,120 an ounce, down about 0.7% on the day but up about 4.6% on the week.
- Steel and aluminium. Aluminium is around $3,185 a tonne, little changed. US Midwest HRC is around $1,562 a tonne, up about 7.6% on the month. Shanghai rebar is at 3,033 yuan a tonne. Zinc is stale: the last update is 23 October ($3,944).
- Stocks. Monday’s closes were strong. The S&P 500 closed at about 7,550 (up 2.4%) and the Nasdaq at about 25,253 (up 2.8%). Emerging markets (EEM) rose 2.9% to 61.03. Dubai’s DFM closed at about 6,087 (up 1.0%) and Abu Dhabi’s ADX at about 9,483 (up 1.0%).
- Rates and the dollar. The latest Treasury yields are from 6 November: the 2-year at 4.51% and the 10-year at 4.86%, both down on the month. The dollar index is around 101.67. The monthly US PPIs for copper wire and cable, steel wire drawing and cement are still the September figures.
The truth: Oil down about 12% in a week is the headline, and I wouldn’t read too much into one week. If it holds, it eases freight and energy costs for suppliers, but it also trims Gulf budget comfort over time. Copper is softer on the month, which is some relief on conductor costs, but a falling price makes buyers wait, so quotes may stay cautious. HRC up about 8% on the month means steel-based lines like wire, mesh, fencing and rebar still need short quote validity. Yields are well down on the month and the dirham is pegged, so financing isn’t getting harder. Not investment advice.
Sources and as-of dates for every number are on the Markets board.