Markets, 15 November 2026
Sunday: weekend read of Friday's closes. Copper down 1.7% on the day, yields still elevated
What moved
- Oil. Brent closed Friday at $95.84 and WTI at $88.56. Brent is down 2.5% on the week and 9.5% on the month. Contract rolls can distort monthly figures, so treat that as rough.
- Copper and aluminium. COMEX copper closed at about $13,426 a tonne, down 1.7% on the day, 2.4% on the week and 7.9% on the month. Aluminium closed at $3,120 a tonne, down 0.5% on the day and 2.2% on the week.
- Steel. US Midwest HRC is at about $1,545 a tonne, up 4.3% on the month. Shanghai rebar is 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 closed at about $3,886 an ounce, up 0.1% on the day but down 4.6% on the week. The dollar index is 103.41, up 1.1% on the week.
- Stocks. 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) closed at 60.92. Dubai’s DFM was flat at about 6,198 (up 2.9% on the week) and Abu Dhabi’s ADX closed 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%. The monthly US PPIs for copper wire and cable, steel wire drawing and cement are still the September figures.
The truth: Friday’s copper close confirms the slide: down nearly 8% on the month. That helps conductor buyers, but I wouldn’t call a bottom off a few sessions. Oil sits near $96, which keeps Gulf budgets comfortable for now. HRC is firm, so steel-based lines like wire, mesh, fencing and rebar still need short quote validity. Yields are high and the dollar is firmer. The dirham is pegged, so local rates follow, and project financing stays dearer. Nothing new has traded since Friday, so I’ll wait for Monday before drawing more. Not investment advice.
Sources and as-of dates for every number are on the Markets board.