Markets, 11 November 2026

What moved

Oil is steady after last week’s drop. Brent is around $92.39 and WTI around $86.63, both up slightly on the day. Brent is down about 13% on the month and WTI about 7%. Contract rolls can distort monthly figures, so treat that as rough. These are live quotes.
Copper and aluminium edge up. COMEX copper is around $13,921 a tonne, up about 0.7% on the day but down 1.5% on the week and 6.6% on the month. Aluminium is around $3,140 a tonne, up about 0.8% on the day.
Steel. US Midwest HRC is around $1,569 a tonne, up about 8% on the month. Shanghai rebar is at 3,039 yuan a tonne. Zinc is stale: the last update is 23 October ($3,944).
Gold and the dollar. Gold is around $4,056 an ounce, up about 0.4% on the day and down 3.3% on the month. The dollar index is around 102.26.
Stocks. On Tuesday the S&P 500 closed at about 7,521 (down 0.4%) and the Nasdaq at about 25,066 (down 0.7%). Emerging markets (EEM) fell 0.8% to 60.57. Dubai’s DFM closed at about 6,170 (up 1.4%, and up 6.2% on the week) and Abu Dhabi’s ADX at about 9,556 (up 0.8%).
Rates. The latest Treasury yields are from 9 November: the 2-year at 4.56% and the 10-year at 4.88%, both down on the month. The monthly US PPIs for copper wire and cable, steel wire drawing and cement are still the September figures.

The truth: A quiet day after a loud week. Oil holding near $92 means freight and energy costs aren’t getting worse for now, but I wouldn’t call a trend from a few sessions. Copper is up a little today but still well down on the month, so conductor buyers have some relief and may keep waiting for lower quotes. HRC up about 8% on the month means steel-based lines like wire, mesh, fencing and rebar still need short quote validity. Gulf stocks are firm, which says sentiment at home is fine. 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.