US Oct PPI hits 4-year high, metals broadly lower; LME copper, nickel and SHFE zinc lead declines, gold and silver fall on weekly charts [Overnight Market Wrap]

SMM, November 14:

In the metals market:

Overnight, base metals on both domestic and ex-China markets mostly fell, with only LME lead, LME tin, and SHFE lead rising together. LME lead gained 0.37%, LME tin rose 0.1%, and SHFE lead climbed 1.37%. LME copper, LME nickel, SHFE zinc, and SHFE nickel all fell more than 1%, with LME copper down 1.74%, LME nickel down 1.98%, SHFE zinc down 1.05%, and SHFE nickel down 1.47%. Other metals posted declines within 1%, with the alumina main contract down 2.32% and the cast aluminum main contract down 0.02%.

Overnight, ferrous metals mostly fell, with iron ore down 1.12%, while other metals posted declines within 1%. In the coking coal and coke segment, coking coal rose 1.4% and coke gained 1.3%.

Overnight in precious metals, COMEX gold edged up 0.06%, with a weekly decline of 4.6%. COMEX silver fell 2.83%, hitting an intraday low of $48.405/oz, a new low since November 2025, with a weekly drop of 6.34%. In China, SHFE gold fell 0.21%, with a weekly decline of 4.57%, while SHFE silver dropped 2.16%, with a weekly loss of 4.69%. Expectations of hawkish rate hikes intensified, and a stronger US dollar weighed on gold prices.

As of 8:40 a.m. on November 14, overnight closing prices: