Five Metals Producers Trade Higher as Gold, Silver and Copper Futures Pull Back
NEW YORK, Nov. 3, 2026 /CNW/ -- US Metal News News Commentary - Gold and silver futures gave back part of Monday's gains on Tuesday morning, Election Day in the United States, and copper futures fell by more than their Monday advance, yet several metals producers with fresh quarterly numbers or project studies traded higher, among them a Brazil-focused copper miner, a zinc miner and smelter, an aluminum products maker, a Canadian steel plate producer and a Newfoundland-focused gold company. Active Companies from around the markets with current developments this week include: Ero Copper Corp. (TSX: ERO) (NYSE: ERO), Nexa Resources S.A. (NYSE: NEXA), Constellium SE (NYSE: CSTM), Algoma Steel Group Inc. (NASDAQ: ASTL) (TSX: ASTL), New Found Gold Corp. (TSX: NFGC) (NYSE American: NFGC).
Gold, silver and copper futures all settled higher on Monday, November 2. CME Group settlement data show December gold futures at $3,969.60 an ounce, up $70.70, December silver at $50.888, up $1.612, and December copper at $6.5675 a pound, up 8.55 cents. Tuesday morning brought a pullback. In CME Group's delayed quotes time-stamped about 10:35 a.m. ET, December gold was at $3,938.50, down 0.78%, silver was at $49.700, down 2.33%, and copper was at $6.4105, down 2.39%. Miner funds were also lower, with the VanEck Gold Miners ETF (GDX) down 1.12% and the Global X Copper Miners ETF (COPX) down 1.10% as of about 10:36 a.m. ET. The five companies below, each with results or a project update released between October 22 and November 2, moved the other way. In quotes checked at about 10:36 a.m. ET, Algoma Steel was up 4.66%, Nexa Resources was up 2.41%, Constellium was up 0.96% and Ero Copper was up 0.94%, while New Found Gold traded at $1.51 against its Monday close of $1.49.
The World Gold Council's Gold Demand Trends report for the third quarter, published today, put central bank buying at 321 tonnes for the quarter and said it lifted year-to-date central bank demand to 675 tonnes, up 6% year over year. The council also reported that gold ETFs added 211 tonnes in the quarter following second-quarter outflows, and that mine production rose 3% year over year to 1,071 tonnes, a third quarter record. Interest rates remain part of the picture. At its October 28 meeting, the Federal Reserve held the federal funds target range at 3-3/4 to 4 percent, with Lisa D. Cook and Beth M. Hammack dissenting in favor of a quarter-point increase. In its outlook, the council said higher policy rates, bond yields and a stronger U.S. dollar could weigh on fourth-quarter demand across gold ETFs, Western bar and coin, derivatives and OTC activity, while fiscal concerns, inflation risks, geopolitics and financial market stress may provide support.
A session in which metal futures and miner funds slip while individual producers rise is the kind of split that charts can help sort out. Readers who want a structured way to compare company news with price action can start with the free Knowledge is Power guide from Stock Preachers at usmetalnews.com/.
In other industry developments and happenings in the market this week include:
Ero Copper Corp. (TSX: ERO) (NYSE: ERO)
Ero Copper reported on November 2 what it called record third-quarter 2026 results. The Brazil-focused miner produced 18,345 tonnes of copper in concentrate, up 6% sequentially, at C1 cash costs of $2.51 per pound produced, while gold from its Xavantina Operations rose 23% from the previous quarter to 25,258 ounces. Net income attributable to owners of the company was $116.2 million, or $1.10 per diluted share, adjusted EBITDA was $200.6 million, and net debt fell by approximately $100 million during the quarter to $353.5 million. Ero left its 2026 copper production guidance unchanged at 67,500 to 77,500 tonnes, with the fourth quarter expected to be the strongest of the year at both copper operations, and updated its consolidated copper C1 cash cost guidance to $2.25 to $2.45 per pound produced.
"Results were supported by continued growth in copper and gold sales volumes, cost savings from our OneEro initiative, and our foreign exchange hedge strategy designed to protect cash operating margins," said Makko DeFilippo, Ero's President & Chief Executive Officer.
Nexa Resources S.A. (NYSE: NEXA)
Nexa Resources reported on October 29 third-quarter adjusted EBITDA of US$301 million, up 62% year over year, as its adjusted EBITDA margin widened 7.7 percentage points to 32.1%. The zinc miner and smelter, which also produces copper and silver, posted a net loss of US$47 million that included a US$124 million non-cash impairment charge related to its Brazilian smelting assets and a US$51 million silver-streaming remeasurement adjustment. Mining zinc production rose 7% from the second quarter to 85 thousand tonnes, driven by Aripuanã, where average plant utilization rose to 84% from 71% in the second quarter and reached 90% in September, and silver production rose 8% to 2.9 million ounces. In August, Votorantim signed a definitive agreement to sell its controlling stake in Nexa to Boliden, with closing expected in the first quarter of 2027, subject to customary approvals.
"Our integrated business model allows us to capture value across the chain: higher zinc prices supported mining results, while stronger contributions from by-products sustained our smelting margins," wrote Ignacio Rosado, CEO of Nexa, in his message accompanying the results.
Constellium SE (NYSE: CSTM)
Constellium reported on October 28 third-quarter revenue of $2.6 billion, up 22% from a year earlier, which the aluminum products maker attributed to higher revenue per ton, including higher metal prices, partially offset by lower shipments. Shipments were down 1% at 368 thousand metric tons, net income rose to $119 million from $88 million, and adjusted EBITDA was $276 million. Segment adjusted EBITDA in Packaging & Automotive Rolled Products rose 98% to $162 million, while Aerospace & Transportation shipments increased 18%. Constellium raised its 2026 guidance and now expects adjusted EBITDA of $1.03 billion to $1.06 billion, excluding the non-cash impact of metal price lag, and free cash flow in excess of $300 million. During the quarter, Constellium returned $30 million to shareholders through its share repurchase program, and it ended September with leverage of 1.6x.
"Constellium delivered another strong quarter, including record third quarter Adjusted EBITDA, despite the ongoing uncertainties on the macroeconomic and geopolitical fronts," said Ingrid Joerg, Constellium's Chief Executive Officer.
Algoma Steel Group Inc. (NASDAQ: ASTL) (TSX: ASTL)
Algoma Steel reported on October 28 results for a third quarter in which all of its liquid steel came from its first electric arc furnace unit, after the company permanently halted its legacy blast furnace operations on January 18, 2026. Average net sales realization rose 33.7% from a year earlier to C$1,510 per ton of steel sold, reflecting higher steel prices and a higher proportion of plate in the sales mix. Shipments fell to 144,527 tons from 419,173 tons, which the company tied to the transition to electric arc furnace steelmaking, U.S. Section 232 tariffs on export sales and a third-quarter turbine outage at Lake Superior Power. It posted a net loss of C$129.6 million, and its adjusted EBITDA loss of C$13.9 million was in line with previously announced expectations. Its second electric arc furnace unit, Unit Two, produced its first heat of liquid steel on October 9.
"Our plate-first strategy continued to drive results, with higher steel prices and a greater share of plate driving stronger net sales realization per ton," said Rajat Marwah, Algoma's Chief Executive Officer.
New Found Gold Corp. (TSX: NFGC) (NYSE American: NFGC)
New Found Gold, which describes itself as a new Canadian gold producer, released on October 22 a revised preliminary economic assessment and an updated mineral resource estimate for its Queensway Gold Project in Newfoundland and Labrador. At a base case gold price of US$3,600 per ounce, the study shows an after-tax net present value at a 5% discount rate of C$1.728 billion and an internal rate of return of 126%, with 1.744 million ounces of gold produced over a 15-year phased open pit and underground operation and initial capital of C$149.8 million. Measured and Indicated Mineral Resources increased 38% to 1.920 million ounces of gold. The company anticipates delivering the first mineralized material from Queensway to its expanded Pine Cove mill in the fourth quarter of 2027.
"The PEA more than doubles the Project's NPV5% to $1.7 billion and lifts the IRR to 126%, while Phase 1 capital costs remain in line with the earlier PEA at $150 million," stated Keith Boyle, CEO of New Found Gold.
On a morning when futures and miner funds were lower, these five stocks moved the other way, a reminder that each company's chart can tell its own story. Learn to read those setups with the free Knowledge is Power guide from Stock Preachers at usmetalnews.com/.
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This article is independent news commentary. US Metal News is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. Company results and project figures are as reported by the companies in news releases dated October 22 through November 2, 2026. Futures settlements are CME Group data for November 2, 2026; intraday futures values are CME Group delayed quotes time-stamped about 10:35 a.m. ET on November 3, 2026; share and fund price moves are intraday quotes as of about 10:36 a.m. ET on November 3, 2026 and will change during the session; gold demand figures are from the World Gold Council's Gold Demand Trends Q3 2026 report dated November 3, 2026; and policy references are from the Federal Reserve's FOMC statement of October 28, 2026. Information is drawn from company news releases and filings, government and industry data, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.
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