Miners lead the FTSE 100 rebound as metals prices strengthen

The British Retail Consortium’s report, released on November 10, showed modest growth in consumer spending. Total retail sales increased by 1.5% year on year in October, compared with 1.3% in September and 1.6% in October 2025. Food sales rose 3.2%, against 3.5% a year earlier, while non-food sales were unchanged. In-store non-food sales fell 1.1%, compared with growth of 0.1% a year earlier. Online non-food sales increased by 1.8%, against flat sales in October 2025 and a three-month average growth rate of 0.8%. Online purchases accounted for 38.6% of non-food sales, up from 38.2% a year earlier. These figures measure spending in monetary terms rather than sales volumes.

UK government bond yields have also edged lower. The one-year yield was quoted at 4.513%, compared with 4.551% in the previous week. The benchmark 10-year yield stood at 5.130%, against 5.167% on Friday, while the 20-year yield eased to 5.548% from 5.574%. The 30-year yield was 5.588%, below the earlier reference of 5.611%.

Among the leading gainers in the November 9 session were Antofagasta PLC (+6.17%), Anglo American PLC (+5.21%), Fresnillo PLC (+4.97%), Babcock International Group PLC (+4.77%) and Rolls-Royce Holdings PLC (+4.71%).

Decliners included Imperial Brands PLC (–2.49%), Haleon PLC (–2.39%), Whitbread PLC (–2.26%), British American Tobacco PLC (–1.97%) and Smith & Nephew PLC (–1.77%).

Support and resistance levels

On the daily chart, the index is attempting to move away from the support line of a broader ascending channel with boundaries at 10500.0–11800.0. The recovery follows the broader structure discussed in our previous FTSE 100 analysis.

Technical indicators are strengthening a tentative buy signal: the Alligator indicator’s moving averages are widening their spread, while the Awesome Oscillator histogram forms corrective bars in positive territory.

Support levels: 10770.0, 10580.0.

Resistance levels: 10880.0, 11080.0.

Trading scenarios and FTSE 100 forecast

Long positions may be opened after the index rises and holds above 10880.0, targeting 11080.0, with a stop-loss at 10800.0. Implementation period: 7 days or more.

Short positions may be opened after the index declines and holds below 10770.0, targeting 10580.0, with a stop-loss at 10870.0.