Base metals fell collectively across overseas and Chinese exchanges in the overnight session into Saturday, Shanghai Metals Market reported. LME tin dropped 2.53 percent and LME nickel 2.03 percent, the two largest declines. LME copper fell 1.58 percent and LME zinc 1.49 percent, while on the SHFE zinc fell 1.16 percent, tin 1.97 percent and nickel 1.71 percent. The remaining base metals declined within 1 percent, with alumina the exception, its main contract up 1 percent.
Ferrous markets moved the same way. Rebar fell 0.53 percent, iron ore and hot rolled coil edged down, coking coal fell 0.88 percent and coke 1.39 percent, while stainless steel closed flat at 13,465 yuan per tonne.
The precious metals leg of the same liquidation was covered in full by the mining beat on October 31 and is not duplicated here: COMEX gold fell 3.63 percent to an intraday low of 3,879.3 dollars per ounce, its lowest since October 2025, and COMEX silver fell 6.2 percent, per SMM. The site market tables put copper at 6.48 dollars per pound, down 1.5 percent on the day and flat on the week.
The divergence to watch is copper. The price is falling in a liquidation driven by the technology rout and rising oil led rate expectations, while the physical outlook tightened this week, with Chile’s Cochilco cutting 2026 output to 4.94 million tonnes. Price and physical tightness are moving in opposite directions, which is the classic setup for a sharp reversal in either direction once the liquidation exhausts itself.