Copper miners rose 4.29 percent, the day’s biggest move, extending a second straight day of gains as the tape kept repricing Chilean supply risk around the Centinela strike (see the Centinela strike story). Copper itself added 2.65 percent to $6.69 a pound, part of the same metals bid.
Corn held at 479.8 cents, down 4.1 percent, in the aftermath of the October WASDE, which raised the US corn yield to 181.2 bushels an acre and buried the drought-damage narrative (see yesterday’s WASDE corn shock story). Wheat followed, down 1.79 percent to 671 cents.
Dry bulk freight fell 4.07 percent to 13.89, the weakest of the commodity groups this morning; no clear single driver in this morning’s reporting.
Silver rose 3.36 percent to $61.05 and silver miners added 2.56 percent, with gold up 1.43 percent to $4,216.30 and gold miners up 2.95 percent. No clear single driver in this morning’s reporting beyond the broad metals bid that has run for two sessions.
Amazon gained 3.29 percent, leading the megacaps as the AI trade bounced back on Friday, with Microsoft up 2.38 percent alongside it. No clear single driver in this morning’s reporting.
The cross-market read: metals bid while the dollar barely moved (DXY +0.07 percent) and rates sat still (US 10Y +1.3bp to 5.24 percent), a combination that points to commodity-specific and positioning flows rather than a macro rates impulse. Grains are the mirror image, still digesting the bearish WASDE supply print. Equities leaned risk-on in the US and Europe (DAX +1.13 percent, FTSE +1.06 percent, Hang Seng +1.79 percent) while semiconductors lagged, down 5 percent on the week. With the Riyadh airport strike and the Hormuz tanker disruption unfolding over the weekend, energy and freight open the week with the most headline risk.