The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0610 ET - Palm oil futures ended higher, tracking crude oil prices. Prices remain below prior peaks despite strong equity performance in the plantation sector, suggesting further upside potential, AmInvestment Bank says in a note. This also indicates that the commodity isn't yet overbought, with the recent break above the resistance level of 4,600 ringgit signaling the early stages of an upward trend, it adds. The Bursa Malaysia Derivatives contract for June delivery rose 56 ringgit at 4,642 ringgit a ton. (kimberley.kao@wsj.com)
0245 ET - Goldman Sachs cut its oil-price forecast for the second quarter after the U.S. and Iran agreed to a temporary cease-fire, citing easing near-term risk premiums. The U.S. bank now sees Brent crude at $90 a barrel and WTI at $87 a barrel in the period, from previous expectations of $99 and $91, respectively. Goldman kept its third and fourth-quarter projections unchanged, at $82 and $80 for Brent and at $77 and $75 for WTI. Analysts added that risks remain skewed to the upside, driven by potentially longer disruptions and crude production losses. (giulia.petroni@wsj.com)
0241 ET - Gold prices ease after climbing back above $4,800 a troy ounce in the previous session, as traders await U.S.-Iran talks on Friday and the release of key inflation data. In early European trading, gold futures in New York fall 0.8% to $4,738.10 an ounce. Doubts that the two-week cease-fire would hold are hurting sentiment, reigniting concerns over high energy prices and inflation pressures. Meanwhile, minutes from the Federal Reserve's March meeting revealed that the majority of officials thought progress bringing inflation down could be slower than expected. Traders now await the release of PCE data later on Thursday and CPI figures on Friday. (giulia.petroni@wsj.com)
0136 ET - Gold is likely to rebuild its gains and could retest record highs this year amid heightened geopolitical risks, says Standard Chartered's energy and metals research team in a note. There are tentative signs of gold prices stabilizing as exchange-traded product flows turned positive in April, the team says. Investors of such products tend to track real yields more closely than structural drivers, they note. If such flows stabilize, gold prices are more likely to find a floor, they add. Central banks also remain net buyers of gold, the team adds. Standard Chartered's 2Q spot gold estimate is $4,650.00 an ounce. Spot gold is flat at $4,719.01 an ounce. (megan.cheah@wsj.com)
0051 ET - Lithium is now Morgan Stanley's top pick among mined commodities, as Zimbabwe's export ban drives meaningful near-term tightness in supplies. MS says it is also bullish on thermal coal and uranium, supported by strong energy market demand. Aluminum remains MS's preferred base metal owing to production losses in the Middle East. Although, aluminum prices "have already moved quite a lot," says the bank, which is neutral on the metal's outlook. Among precious metals, "gold's liquidity has been working against it but we see room to rebound after a larger than normal sell-off," MS says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2310 ET - Palm oil prices rise in Asian trading, tracking soybean oil's strength on the Chicago Board of Trade as well as crude oil prices, says David Ng, a trader at Kuala Lumpur-based Iceberg X. He thinks the price uptrend could persist, given expectations of lower stockpiles in weeks to come and the implementation of Indonesia's B50 biodiesel mandate, which requires a 50% palm-based blend, he adds. Ng sees resistance at 4,700 ringgit a ton and support at 4,550 ringgit a ton. The Bursa Malaysia Derivatives contract for June delivery is up 27 ringgit at 4,613 ringgit a ton. (yingxian.wong@wsj.com)
2222 ET - Iron ore prices decline in Asian trade, weighed by high inventories and strong supply. Global supply is stronger than expected, Bohai Futures analysts say in a note, adding that high inventories are also pressuring prices. Demand is recovering slightly, but is still at a relatively weak level, they add. The most actively traded September iron ore contract on the Dalian Commodity Exchange is 1.6% lower at 757.0 yuan a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
2138 ET - Aluminum falls in early Asian trading, with the three-month contract on the London Metal Exchange 0.3% lower at $3,445 a metric ton. Macro sentiment continues to drive short-term volatility, Nanhua analysts say in commentary. High inventories and weak demand in China continue to weigh on prices, though overseas markets remain relatively firm because of supply disruptions in the Middle East. "The key trading tension lies between shifting macro expectations and soft domestic fundamentals," the analysts add. (jason.chau@wsj.com)
1936 ET - Gold edges lower in early trade on a likely technical correction after front-month Comex gold futures rose nearly 2% overnight. Recent declines in oil prices are leading to an "easing of inflation risks and, consequently, a downward adjustment in interest-rate expectations, Commerzbank Research's Carsten Fritsch says in a research report. "This prospect has led to a fall in bond yields, from which gold, as a non-interest-bearing investment, benefits. Whether this remains the case depends on whether a lasting peace settlement [between the U.S. and Iran] is found in the coming two weeks or whether there is a renewed escalation thereafter," the commodity analyst adds. Spot gold is 0.2% lower at $4,709.31 per ounce. (ronnie.harui@wsj.com)
1856 ET - Ramelius Resources may downgrade guidance for FY 2026 all-in sustaining costs when fleshing out its 3Q performance on April 29, Shaw & Partners says. Ramelius's preliminary update pointed to gold output of 38,100 oz, representing another sequential drop. Ramelius is targeting AISC of A$1,700-A$1,900/oz in FY 2026. "The lower gold production in 3Q suggests unit AISC could be higher than 1Q/2Q," analyst Alex Barkley says. Ramelius has also faced rising diesel costs. Shaw cuts its FY26 production forecast to 194,000 oz from 201,000 oz. It increases its FY26 AISC forecast to A$1,960/oz, from A$1,825/oz. Still, Shaw notes consensus forecasts already anticipate a miss. "This could limit any potential market weakness on the softer Q3, and incrementally negative FY26 guidance commentary," Shaw says. (david.winning@wsj.com; @dwinningWSJ)
1516 ET - Lean hog futures on the CME settled down 0.7% to 90.175 cents a pound Wednesday, with the most-active contract taking its cue from the movement in pork cutout prices. The average carcass cutout price fell to $97.82 per hundredweight yesterday afternoon, according to USDA data. The slide comes now that Easter has passed, with the holiday seen as a demand driver for pork. But right around the corner is the so-called "grilling season," when Americans are more likely to go outside to grill meat. This is typically the period between Memorial Day in May and Labor Day in September. Most-active live cattle futures settled up 0.3% to a record $2.48975 per pound. (kirk.maltais@wsj.com)
1502 ET - Oil futures post their sharpest single-day losses in six years as the U.S. and Iran reach a two-week cease-fire agreement that includes the reopening of the Strait of Hormuz. The price retreat is contained somewhat by concerns about the truce holding, the outcome of negotiations, and the logistical complications and time involved in restoring the passage of oil through the strait. The agreement triggered a noticeable shift in tone across markets, says Fawad Razaqzada of Forex.com. "If shipping flows pick up meaningfully, it should take some of the heat out of oil prices and, by extension, unwind some of the stagflation trades that dominated recently." WTI settles down 16% at $94.41 a barrel and Brent falls 13% to $94.75. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
April 09, 2026 09:15 ET (13:15 GMT)
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