Digging the Dirt: LME Wrap — Copper, Zinc, Nickel and Strategy: BI Replay

The October edition of Digging the Dirt wraps up LME Week with a focused outlook for copper, zinc and nickel. Copper’s rally looks vulnerable to a 4Q pullback as softer physical signals, crowded positioning and prices above $14,000 raise unwind risk. Nickel remains one of 2026’s weakest base metals, trading near the industry cost floor despite tighter Indonesian ore supply. Zinc should stay tight into year-end, though recovering mine and refined supply could push the market into surplus in 2027. Mike McGlone will assess what a potential 5% ceiling for the US five-year Treasury yield could mean for metals and stocks. Join Bloomberg Intelligence analysts Alon Olsha and Grant Sporre and commodity strategist Mike McGlone on Thursday, Oct. 29, at 2 p.m. GMT/10 a.m. ET. A replay will be available.