The S&P 500 touched 4,608.08 on Friday before closing up 0.2% to 4,605.38.

However base metals could be under more pressure today after the latest factory data out of China on Sunday showed a further contraction.

The purchasing managers' index (PMI) for the country's manufacturing sector came in at 49.2 in October, down from 49.6 in September and below analysts' expectations.

Factors being pointed to include higher raw material prices, softer demand, China's energy crisis and fresh COVID-19 outbreaks.

Base metals had closed lower in London on Friday as China's National Development and Reform Commission said production costs for coal miners were much lower than current spot prices and had room to fall further, Marex's Anna Stablum said from the LME desk (Singapore).

Among mining majors, Glencore gained 1.63% on Friday in London, Barrick Gold lost 2.82% in Toronto and BHP was off 0.6% in Australia this morning.

Federal banks in Australia, the US and England are meeting this week, with all eyes on interest rate decisions, and US non-farm payroll data is due out on Friday.

Finally, the gold price has slipped a little to US$1,781 an ounce on the spot market.