The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0245 GMT - West African Resources bull Macquarie says it will be watching closely for a maiden dividend or buybacks, or both, in the second half of 2026. "Kiaka ownership uncertainty has been resolved, and WAF finally has some clean air," says Macquarie in a note. "Moving forward, capital management key to watch." The company could also look for M&A opportunities elsewhere in West Africa now that its balance sheet is in a robust position, Macquarie says. The bank has an outperform rating and A$4.00 target on the stock. Shares are down 3.8% at A$3.08. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0243 GMT - Iron ore prices are lower in early Asian trade amid expectations of weak demand. As China prioritizes initiatives to curb excess competition and production, there is unlikely to be large-scale stimulus for steel in the near term, Nanhua Futures says in a research note. Iron-ore inventories at Chinese ports are slowly destocking as steel mills replenish their inventories, it says. Still, overall iron-ore supply and demand is stable and there is lack of a unilateral driving force for prices, it says. The most actively traded September iron ore contract on the Dalian Commodity Exchange is 1.4% lower at 776.00 yuan a ton. (sherry.qin@wsj.com)
0238 GMT - Palm oil prices fall in Asian trading, weighed by softer export demand and higher palm oil production, PhillipCapital says in a note. Malaysia's palm oil exports for April 1-25 are estimated to have fallen 17% on month, according to cargo surveyor AmSpec Agri Malaysia. PhillipCapital pegs resistance at 4,680 ringgit a ton and support at 4,511 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery is 5 ringgit lower at 4,529 ringgit a ton. (yingxian.wong@wsj.com)
0236 GMT - India's steel-output growth continues to be a standout among the world's biggest steel-producing economies, says Commonwealth Bank of Australia analyst Vivek Dhar. "India's steel output has been supported by impressive steel demand in India's construction sector since 2022," Dhar says. Other steel consuming sectors, including manufacturing and automotive, have also improved, he says. The World Steel Association expects India's steel demand growth to slow slightly in 2026--to 7.4% from 8% the year prior--before accelerating to 9.2% in 2027, says Dhar. Globally, crude steel output fell 4.2% in March from a year earlier, underpinned by a contraction in Chinese production, he says. Output also fell in Russia, the European Union and Japan. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0102 GMT - Nickel rises in early Asian trade, with the three-month LME nickel contract 0.6% higher at $19,215.00 a ton. Sentiment is supported by the prospect of tighter supplies from Indonesia, as the country has lowered its mining quotas to boost prices and tackle oversupply in the mining industry, ANZ Research writes in a note. This is being compounded by a global shortage in sulphur, a key component used in processing nickel, ANZ adds. (kimberley.kao@wsj.com)
2334 GMT - Gold edges higher in early Asian trade as investors assess Iran's proposal to the U.S.. The Wall Street Journal reported, citing officials familiar with the matter, that Iran has offered to halt its attacks in the Strait of Hormuz in exchange for a full end to the war and a lifting of the U.S. blockade of Iranian ports. However, President Trump and his national-security team are skeptical. The precious metal found some support from a weaker dollar stemming from this news, FXEM's Abdelaziz Albogdady says in an email. But "mixed diplomatic signals, including setbacks in planned engagements, have kept conviction low for bullion," the manager of Market Research & Fintech Strategy adds. Spot gold is 0.2% higher at $4,691.75 per ounce. (ronnie.harui@wsj.com)
Polymetals Resources's revenue outlook is "extraordinary for a company with a current market capitalization of A$280 million," Shaw & Partners says. The bank starts Polymetals at buy, with a A$1.62/share price target. Polymetals owns the Endeavor silver, lead, and zinc mine. Once a stalled asset, it has become a high-margin silver-zinc producer. "By successfully restructuring an onerous 100% silver royalty that had hamstrung the project for 20 years, Polymetals has unlocked the economic value of its high-grade silver ore," analyst Peter Kormendy says. At current prices, silver from the mine could generate more than A$700 million in gross revenue over the next three years, Shaw says. "And that is before counting the zinc and lead credits that come with the ore," it adds. Polymetals ended Monday at A$0.895. (david.winning@wsj.com; @dwinningWSJ)
1914 GMT - U.S. natural gas futures edge higher with the market seemingly oblivious to events in the Middle East and awaiting signs of greater weather-driven demand. "Near-term fundamentals continue to look mostly bearish," Andy Huenefeld of Pinebrook Energy Advisors says in a note. "Weather patterns remain mild overall, with only modest lingering heating demand in northern markets and little meaningful cooling load elsewhere." Still, lower production, softer imports from Canada and solid LNG flows mean "the broader supply picture is not as loose as headline storage data alone would suggest," he adds. Nymex natural gas settles up 1.1% at $2.55/mmBtu.(anthony.harrup@wsj.com)
1910 GMT - Oil futures settle higher as U.S.-Iran talks were postponed again this weekend and the market doubts the Trump administration would accept an Iranian proposal to open the Strait of Hormuz on condition the U.S. lift its blockade and leave Iran's nuclear activities for later discussion. "The trade is increasingly skeptical that anything is going to get done anytime soon, and the move to the upside is gaining traction," Mizuho's Robert Yawger says in a note. "The longer the strait stays closed, the higher the price will rise." WTI settles up 2.1% at $96.37 a barrel and Brent rises 2.8% to $108.23 a barrel. (anthony.harrup@wsj.com)
1902 GMT - CME lean hog futures settled higher today, climbing 0.3% to $1.02175 a pound. Higher export sales seen this year have been supportive for hog futures, ADM Investor Services says in a note, but last week's figure reported by the USDA was weak. If more weeks like that happen, then hogs may be in for an extended slide. "Pork exports were low last week and if they don't increase over the next couple of months with the increasing hog numbers, pork and hog prices will drop," the firm says. The USDA reported a marketing-year low of 16,100 metric tons of pork sold in last week's weekly export sales report. Live cattle futures settled up 1.5% to $2.48975 a pound. (kirk.maltais@wsj.com)
1842 GMT - High near-term oil prices offer "strong single-well economics" that could spur marginal activity among smaller U.S. producers, while larger players are likely to maintain a high degree of discipline, Macquarie Group energy strategist Walt Chancellor says in a note. But even assuming low rates of marginal reinvestment of excess cash flows, at current prices "we see scope for a step-wise increase in '26 growth from larger companies." He notes that the U.S. raised liquids production by around 800,000 barrels a day in 2025 "even in a maturing shale industry and generally falling oil price environment." And as geopolitical risk could support longer-dated pricing, U.S. producers could "ultimately embrace a moderate increase in medium-term growth targets while remaining focused on capital discipline." (anthony.harrup@wsj.com)
1839 GMT - Gold and silver have had a rough go in recent weeks, with today's lower close extending the losing period, according to data from FactSet. Front-month gold futures settle down 1% to $4,675 a troy ounce, while silver closes off 1.8% to $75.003 a troy ounce. It's the eighth lower session out of the past 12 for gold futures, while silver fell for four out of the past six sessions. Uncertainty about the war in Iran injected weakness into precious metals today, analysts say. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
April 28, 2026 00:15 ET (04:15 GMT)
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