Metals mixed as tin rises and zinc falls
Metals traded mixed overnight as LME tin rose 2.16% and zinc fell 1.96% after strong US payrolls and a more than 13% weekly crude decline. Indian counters showed long build-ups in futures open interest.
pre-market2 sources ↓machine-written, see hownot a recommendation
- HINDALCO close
- ₹958.40
- On the day
- +2.19%
- Futures OI, long build-up
- +11.8%
- Put-call ratio
- 0.71
- Max pain
- ₹930.00
Overnight commodity markets remained mixed on 07 Nov 2026 after US nonfarm payrolls far exceeded expectations and crude oil recorded a weekly decline of more than 13%. LME tin led major base metals with a 2.16% rise, while LME zinc fell 1.96%. LME copper declined 0.64%, aluminium rose 0.28%, lead slipped 0.4% and nickel gained 0.39%. COMEX gold fell 0.83%. ⚙️
China’s contracts showed a similar lack of direction. SHFE tin gained 1.02%, aluminium rose 0.43% and nickel added 0.39%, while zinc fell 1.31%, lead declined 0.84% and copper edged down 0.05%. The most-traded alumina futures contract advanced 0.49%, while the continuous-casting aluminium contract rose 0.11%.
Key points:
• Ferrous metals were also mixed: the continuous stainless-steel contract rose 0.32%, iron ore fell 0.44%, and rebar and hot-rolled coil gained less than 0.2%. Coking coal declined 0.25% and coke fell 0.15%.
• The cross-commodity performance points to selective positioning rather than a broad-based metals trend. Strong US employment data can affect expectations for interest rates and the dollar, while the sharp oil decline changes the cost outlook for transport and industrial users. Lower energy prices can support metal processors’ input costs, but rate-sensitive commodities remain exposed to macroeconomic volatility. Energy ⚡
• Hindalco closed at ₹958.40 on 06 Nov 2026, up 2.19%, after gaining 8.3% over five sessions. OI Charts data showed futures open interest up 11.8%, indicating a long build-up. Its ₹950 call had the largest call open interest, the ₹900 put led put open interest and max pain stood at ₹930.
• Tata Steel rose 2.36% to ₹186.30, extending its five-session gain to 11.2%. Futures open interest increased 0.8%, also indicating a long build-up. The largest call open interest was at ₹190, the largest put open interest at ₹170 and max pain was ₹180.
• Reliance gained 0.50% to ₹1,320 and rose 13.3% over five sessions. Futures open interest increased 1.5%, consistent with a long build-up. The ₹1,300 call and ₹1,200 put carried the largest open interest, while max pain was ₹1,250.
Traders will watch the dollar, US rate expectations, crude oil’s follow-through and whether zinc weakness spreads across base metals. The ₹950, ₹190 and ₹1,300 call levels remain near-term reference points, alongside the respective max-pain levels.
Source: Shanghai Metals Market, 07 Nov 2026; news.google.com, 07 Nov 2026
Not investment advice. For informational purposes only.