The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
1209 ET - Copper prices rise despite a softer U.S. dollar and renewed trade concerns, with futures on the London Metal Exchange up 1.1% to $12,9670 a metric ton. Gains in recent weeks have been driven by heavy stockpiling in the U.S. due to fears of potential U.S. tariffs on the refined metal and a series of mine disruptions. However, sentiment was tempered after President Trump said he would impose 10% tariffs on imports from several European countries to pressure Denmark into selling Greenland to the U.S., stoking concerns that escalating trade tensions could weigh on global economic growth and metals demand. Gains were also capped by regulatory curbs in China, after authorities ordered exchanges to remove high-frequency trading servers from their data centers, cooling a rally fuelled by strong Chinese investor demand, according to ANZ analysts. (giulia.petroni@wsj.com)
1100 ET - The U.S. term premium--or the extra compensation investors demand for holding longer-duration bonds--looks too low, Pictet Asset Management's Christopher Preece and Arun Sai say in a note. The risk is that a U.S. policy mistake causes a selloff in longer dated Treasurys, driving yields higher, investment manager Preece and senior strategist Sai say. "Our base case is for U.S 10-year Treasury yields to stay below 5%, but higher yields remain a significant tail risk," they say. U.S. Treasurys will remain a core part of global portfolios, but with U.S. foreign policy in flux it makes sense to hedge this exposure, they say. Allocation to gold is an option, which is also a natural hedge against the dollar. (emese.bartha@wsj.com)
0955 ET - Oil prices pare earlier losses as traders closely monitor the escalating standoff over Greenland. Brent crude is down 0.3% to $63.94 a barrel, while WTI slips 0.2% to $59.3 a barrel after both benchmarks fell about 1% earlier in the session. Sentiment remained under pressure after President Trump threatened to impose a 10% tariff on some European nations from Feb. 1, reviving concerns that a renewed trade dispute could weigh on global demand. "Additional tariffs could weigh on global growth expectations and reduce confidence in the demand outlook for crude," Christopher Tahir from Exness says. Meanwhile, "easing near-term supply fears from Iran helped drive prices down, after reports that U.S. actions in the region have been put on hold, lowering the perceived risk of an immediate disruption." (giulia.petroni@wsj.com)
0530 ET - Investors are more cautious after U.S. President Donald Trump threatened some European countries with up to 25% tariffs in an attempt to acquire Greenland, AJ Bell's Dan Coatsworth says in a note. Renewed trade tensions between the U.S. and Europe have led investors to take flight to safer assets such as gold and government bonds and dampened appetite for risky assets. The U.S. tariffs "could cause major upset to European corporate earnings if U.S. buyers seek more competitively priced products from alternative sources," Coatsworth says. (miriam.mukuru@wsj.com)
0514 ET - Palm oil prices ended lower, tracking weakness in soybean oil on the Chicago Board of Trade overnight, Kenanga Futures says in a note. Prospects of profit-taking after the recent rally are also weighing on market sentiment, it adds. Kenanga Futures pegs support for CPO futures at 4,000 ringgit/ton and resistance at 4,115 ringgit/ton. The Bursa Malaysia Derivatives contract for April delivery closed 3 ringgit lower at 4,069 ringgit/ton. (amanda.lee@wsj.com)
0342 ET - Precious metals surge to fresh records, driven by investor demand for safe-haven assets after President Trump said he would impose import tariffs on several European countries in a push to take over Greenland. In early trading, gold futures in New York rise 1.7% to $4,673.80 a troy ounce, having touched $4,698 earlier in the session. Silver climbs 5.1% to $93.10 an ounce after hitting a high of $94.37. Trump's move risks upending a landmark trade deal reached with the EU last year, raising concerns about trade disruption and geopolitical instability. "Combined with ongoing Iran risks, concerns about Fed independence, and investor aversion to the dollar and U.S. government bonds amid rising fiscal debt worries, the underlying demand for hard assets remains firm," Saxo Bank analysts say. (giulia.petroni@wsj.com)
0333 ET - London and South African miners trade up as precious metal prices climb on President Trump's threat to impose 10% tariffs on imports from eight European countries. This triggers a flight to safety among investors and pushes gold and silver to highs overnight. In New York, gold futures are up 1.8% at $4,676.80 a troy ounce while silver trades up 5.3% at $93.260 an ounce. In London, silver and gold miner Fresnillo leads the FTSE 100 index and trades up 5.3%. Endeavour Mining is the index's second largest gainer, up 2.5%. Hochschild Mining rises 0.6%. In Johannesburg, Harmony Gold rises 3% and Gold Fields rises nearly 2%. (adam.whittaker@wsj.com)
0321 ET - Palm oil producer Bumitama Agri is likely to serve as a proxy for rebounding crude palm oil prices, Macquarie analysts Amanda Foo and Hanel Tan say in a note. The Singapore-listed company's 100% upstream exposure provides high earnings leverage to palm oil prices, they say. Given current weakness in palm oil prices is likely temporary, the analysts see potential for Bumitama's stock to re-rate over several months. They expect Bumitama to post 2025-2026 adjusted profit of S$224 million-S$236 million. "We estimate a MYR100/ton change in crude palm oil price could lift earnings by 7%, all else equal," they add. Macquarie initiates coverage of Bumitama with an outperform rating and S$1.70 target price. Shares fall 0.8% to S$1.27. (megan.cheah@wsj.com)
0201 ET - Fresh geopolitical tensions over Greenland have sent gold and silver up again, adding to an already bullish outlook for the haven metals in 2026. Gold is set to keep scaling new heights this year, fueled by demand from retail and institutional investors, HDFC Securities analysts say in a note. Aggressive central bank buying will continue too, they expect, noting that for the first time since 1996, global central banks' gold reserves exceed U.S. Treasury holdings, reflecting a pivot away from U.S.-dollar assets and geopolitical risk management. Silver will perform even better, they add, as a structural supply deficit combines with strong demand. HDFC Securities recommends investors allocate up to 10% of their portfolio to gold and silver. (megan.cheah@wsj.com)
0149 ET - Trump's new tariff threats on several European countries mark a dramatic escalation in his attempts to obtain Greenland, says Pepperstone's Michael Brown. Markets have reacted relatively predictably, with equity futures lower across the board, the dollar softer amid a modest "sell America" trade and precious metals surging. While there are a lot of moving parts--and a need to mind Europe's reaction--Brown reckons this is another Trump gambit: make an outlandish threat, escalate significantly, extract concessions, reach some form of agreement. For markets, that likely means some near-term choppiness as headline noise becomes deafening, followed by a relief rally when another "TACO" moment arrives. For Brown, this bolsters an already strong bull case for precious metals. The fundamental bull case for equities remains solid too, giving opportunity to buy on dips. (fabiana.negrinochoa@wsj.com)
2235 ET - BHP may yet seek to gatecrash takeover talks between Rio Tinto and Glencore, according to the Australian mining giant's former chief economist, Huw McKay. Aside from a hunger for copper, BHP--like rival Rio Tinto--could be interested in Glencore for its marketing muscle, McKay says in a social-media post. Physical trading businesses could be a useful hedge for miners in a new era of geopolitical rivalry, he says. "That could be encouraging the majors to be less dismissive of trading, and who better than Glencore to acquire that capability from?" Buying Glencore would also give its suitor "pure, unadulterated scale in a world dominated by passive investing and mega caps," McKay says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2152 ET - There's increasing evidence that U.S. assets such as the dollar are now carrying a much higher political risk premium, says Chris Weston, head of research at Pepperstone. This would compel foreign investors to reduce exposure to U.S. assets. Whether this leads to outright reductions in U.S. equity exposure is debatable, but it may well encourage investment funds to reduce their dollar notional exposures held in relation to their U.S. equity holdings, he adds. That would hurt the dollar and add further upside pressure to the precious metals trade, Weston says. Uncertainty is building, and the ability to price risk with confidence is diminished, he adds. (james.glynn@wsj.com; X @JamesGlynnWSJ)
(END) Dow Jones Newswires
January 19, 2026 12:15 ET (17:15 GMT)
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