Markets, 14 November 2026

What moved

Oil. Brent is around $96.08 and WTI around $88.92, each up about 0.3% on the day. Brent is down about 2.3% on the week and 9.3% on the month. Contract rolls can distort monthly figures, so treat those as rough.
Copper and aluminium. COMEX copper is around $13,367 a tonne, down 2.1% on the day, 2.8% on the week and 8.3% on the month. Aluminium is around $3,110 a tonne, down 0.8% on the day and 2.6% on the week.
Steel. US Midwest HRC is around $1,545 a tonne, up 0.07% on the day and 4.3% on the month. Shanghai rebar is at 3,031 yuan a tonne, flat on the day. Zinc is stale: the last update is 23 October ($3,944).
Gold and the dollar. Gold is around $3,888 an ounce, up 0.15% on the day but down 4.6% on the week. The dollar index is around 103.41, up 1.1% on the week.
Stocks. On Friday the S&P 500 closed at about 7,562 (down 0.4%) and the Nasdaq at about 25,136 (down 0.9%). Emerging markets (EEM) fell 0.3% to 60.92. Dubai’s DFM closed flat at about 6,198 (up 2.9% on the week) and Abu Dhabi’s ADX at about 9,667 (down 0.6%).
Rates. On 12 November the 2-year Treasury yield was 4.86% and the 10-year 5.10%, up 13 and 12 basis points on the day and 40 and 26 on the week. The monthly US PPIs for copper wire and cable, steel wire drawing and cement are still the September figures.

The truth: Copper fell again and is now down more than 8% on the month, so conductor buyers get more relief, but I wouldn’t call a bottom off one session. Oil is steady near $96, which keeps Gulf budgets comfortable for now. HRC is firm and up about 4% on the month, so steel-based lines like wire, mesh, fencing and rebar still need short quote validity. Yields jumped this week and the dollar is firmer. The dirham is pegged, so local rates follow, and that makes project financing a little dearer. Markets are closed for the weekend, so I’ll read Monday before drawing anything from it. Not investment advice.

Sources and as-of dates for every number are on the Markets board.