The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0521 GMT - Bumi Resources Minerals' long-term growth is likely supported by two tailwinds, UOB Kay Hian's Benyamin Mikael says in a report. The mining company is upgrading its first Carbon-in-Leach plant to 2,000 tons per day from 500 tons per day, with completion targeted for 4Q, the analyst says. Also, the development of the Indonesian company's underground gold mine at Poboya is progressing well and is expected to start production by mid-2027, which would enable processing of higher-grade ore. The brokerage raises the stock's target price to IDR1,330.00 from IDR1,080.00 to reflect the valuation roll-forward, with an unchanged buy rating. Shares are 3.3% lower at IDR740.00. (ronnie.harui@wsj.com)
0321 GMT - Oil prices have further upsides despite recent profit-taking, according to Phillip Nova's Priyanka Sachdeva in a research note. Oil markets are shifting from panic-driven buying to tactical positioning with some profit-taking going on, the senior market analyst says. The market has already priced in major geopolitical risks, while upside momentum remains intact, she says, noting any further upside now depends on actual supply losses, not just threats. Front-month WTI crude oil futures are 0.95% lower at $101.87 per barrel; front-month Brent crude futures are 1.15% lower at $111.48 per barrel. (tracy.qu@wsj.com)
0228 GMT - Aluminum rises in Asian trade, with the three-month contract on the London Metal Exchange rising 1.5% to $3,453.00 a metric ton. The metal extends gains from the day before amid recent attacks on Gulf aluminum plants, which threaten further disruptions to supply, say ANZ Research analysts in a note. The effective closure of the Strait of Hormuz has forced customers to use their inventories, which are now largely eroded. "This has left the market with little buffer to cushion any supply shocks," the analysts add. (megan.cheah@wsj.com)
2312 GMT - Meaningful earnings upgrades could be coming for Alcoa as aluminum-supply disruptions in the Middle East push metal prices to a four-year high, Jefferies analyst Christopher LaFemina says. "Furthermore, with obvious challenges in shipping alumina through the Strait of Hormuz, additional supply shocks in aluminum could lead to fly-up price spikes," LaFemina says. Alcoa, among the world's biggest aluminum producers, is the biggest beneficiary within LaFemina's coverage, he says. Its shares aren't immune from recession risk, however, and operating costs are likely to rise given the jump in energy prices, he adds. Alcoa shares are down 1.4% in Sydney, at A$92.07, paring an 8.6% gain Monday. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2240 GMT [Dow Jones]--As South32 gears up for a new CEO, the miner's focus should be executing its growth projects well rather than any strategic shift or portfolio "tinkering," Citi analyst Ephrem Ravi says. The company has "options galore" to grow and strong execution "is the need of the hour," says Ravi. Citi reckons South32 could double its copper-equivalent volumes in a decade, mainly in copper and zinc. The bank upgrades the stock to buy from neutral. It raises its target to A$5.40 from A$5.00. South32 ended Monday at A$4.41. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2205 GMT - Northern Star Resources's new bull lays out the case for the gold miner to sell high cost, shorter life assets. UBS upgrades Northern Star to buy, from sell, arguing a 40% fall in its stock price over the past month is overdone. Analyst Levi Spry says Northern Star could improve the quality of its portfolio through asset sales. Doing so could lower average all-in sustaining costs by A$200/oz, or 10%, and extend average asset life by four years, UBS says. "Based on domestic and global peer valuations, this higher-quality portfolio could justify up to additional 2 turns on its enterprise value-to-Ebitda multiple, partially offsetting lost earnings," UBS says. Also, proceeds from asset sales would likely fund share buybacks or dividends, potentially lifting the stock more. (david.winning@wsj.com; @dwinningWSJ)
1837 GMT - Gold and silver futures settle higher as end of the month and quarter approach. Front-month gold futures finish up 0.8% to $4,526 a troy ounce, while silver closes with a 1.1% gain to $70.324 a troy ounce. Gold gained in 3 out of the past 4 sessions, while silver is up 4 out of the past 5. Although both metals are experiencing upward momentum, analysts are not sure if they're in position to begin another extended rally--as the war in Iran and the bottleneck at the Strait of Hormuz continue to throw curveballs at world markets. (kirk.maltais@wsj.com)
1751 GMT - Aluminum prices on the LME jump after attacks that impacted facilities run by Aluminium Bahrain and Emirates Global Aluminium. The companies are assessing the damage. Middle East aluminum is a big source for U.S. manufacturers, with the Gulf representing approximately 27% of world aluminum output. Three-month aluminum futures on the LME are up 4% to $3,428.50 a metric ton. (kirk.maltais@wsj.com)
1644 GMT - Sigma Lithium is gaining traction with major offtake agreements to supply high grade premium lithium oxide concentrate. The TSX Venture-listed lithium producer signed an offtake agreement for prepayment of $50 million to supply 40,000 metric tons annually for three years starting in 2026. Sigma Lithium had previously announced another agreement for prepayment of $96 million for 70,500 tons during 2026. These will take a large chunk of Sigma's production, which for 2026 is expected to reach 240,000 tons. In 2028, the company expects production to reach 770,000 tons. Sigma says it has generated about $67 million in 4Q25-1Q26 from selling roughly 650,000 tons of high-purity lithium fines and 5,000 tons of high-grade premium lithium oxide concentrate. Sigma Lithium shares are sharply higher. (adriano.marchese@wsj.com)
1004 GMT - Palm oil futures ended higher, with the Bursa Malaysia Derivatives contract for June delivery gaining 141 ringgit to 4,772 ringgit a metric ton. Strength in rival oils likely boosted sentiment, while the ringgit weakening may continue to improve export competitiveness, Kenanga Futures analysts say in a note. Expectations of stronger near-term demand should further underpin buying interest, they add. (megan.cheah@wsj.com)
0922 GMT - Tianqi Lithium's steady capacity growth is likely to underpin increases in production volume this year, say DBS Group Research analysts in a note. This comes as its mines' and facilities' production capacities are ramping up, the analysts say. The analysts expect lithium prices to remain elevated in 2026, driven by robust demand for energy storage. This should improve Tianqi's profitability, they say, citing higher average-selling prices and better scale effects from new capacity. DBS retains its buy rating and HK$77.00 target price on Tianqi's Hong Kong-listed shares. It also maintains its 77.00 yuan target price on the company's Shenzhen-listed shares. Tianqi's H shares closed 0.1% higher at HK$47.80, while its A shares closed 1.2% lower at 57.24 yuan. (megan.cheah@wsj.com)
0916 GMT - Gas is likely to remain a structural growth driver for PetroChina, DBS Group Research writes in a note. China's energy transition efforts and domestic supply security priorities are likely to drive its gas business segment, with management guiding for increased spending this year to support upstream and gas infrastructure expansion, DBS says, noting PetroChina's resilient business model supports a stable outlook. Net profit for 2025 was impacted by 14% lower realized oil prices, but encouraging improvements to the performance in other segments help offset some profit decline and helped the oil giant outperform its rivals, DBS says, noting, "PetroChina remains a safer proxy to oil price leverage." DBS retains a buy rating on the stock, which closed 1.6% higher in Hong Kong. (kimberley.kao@wsj.com)
(END) Dow Jones Newswires
March 31, 2026 04:20 ET (08:20 GMT)
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