The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0315 GMT - Iron ore edges lower in early Asian trading. Molten iron output, a strong signal of iron ore's demand, remains steady, according to Nanhua Futures analysts in a commentary. However, further demand upside is limited due to a seasonal slowdown, they note. While port stocks are still falling, the current price level looks stretched, they add. The most traded iron-ore contract on the Dalian Commodity Exchange is 0.1% lower at 816.5 yuan a ton.(tracy.qu@wsj.com)
0243 GMT - Palm oil prices fall in Asian trading, weighed by higher inventories and a sluggish export performance, AmInvestment Bank says in a note. Even though escalating U.S.-Iran tensions could potentially support biofuel-related demand and crude oil prices, technical analysis suggests crude palm oil futures remain under persistent bearish momentum, it says. AmInvestment Bank pegs resistance at 4,520 ringgit a ton and support at 4,431 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery is 6 ringgit lower at 4,475 ringgit a ton. (yingxian.wong@wsj.com)
0204 GMT - The meeting between President Trump and Chinese leader Xi Jinping set for this week is likely to bear little fruit, Danske Bank economists say, anticipating minor impact on financial markets in the near term. Trump has neither the incentives nor the means to pressure China, with his focus remaining on the Iran War and a court ruling that constrains his tariff weapon, the economists say in a note. For China, keeping the relationship on a stable track is the top priority, especially on the Taiwan issue, they say, adding that a change in a wording of U.S. policy on the island would be a major victory for Beijing. China might agree to buy more American agricultural products, extend the tariff truce and establish trade and investment boards that would be largely symbolic, they say. (singaporeeditors@dowjones.com)
0139 GMT - Copper rises in early Asia trade amid signs of stronger Chinese demand and mounting supply risks, ANZ Research analysts say in a note. Recent economic data showing better-than-expected industrial activity in China, which has seen only limited impact from the Iran war, has boosted market sentiment. The rally in artificial-intelligence-related stocks has also strengthened expectations for further investment in data centers, supporting copper demand. Meanwhile, concerns over a looming supply crunch continue to build as disruptions to sulphuric acid supplies from the Persian Gulf persist, adding upward pressure to prices. The three-month contract on the London Metal Exchange is up 0.6% at $14,109 a ton, just shy of its record high of $14,500 a ton. (jason.chau@wsj.com)
0026 GMT - Gold edges higher in early trade after U.S. consumer prices gained in April, potentially spurring the precious metal's prices given its typical position as a hedge against inflation. Structurally stronger safe-haven demand, particularly in response to U.S. Fed independence concerns and aggressive U.S. tariff policy, could help gold find support around $6,000 an ounce by the year-end, says Commonwealth Bank of Australia's Vivek Dhar in a note. Spot gold is up 0.2% at $4,724.45 an ounce. (megan.cheah@wsj.com)
2257 GMT - JBS says U.S. consumers are seeking more affordable protein options, leading to record net first-quarter sales in its U.S. pork business. The segment's sales ticked up 1.5% in the quarter from a year ago, with the results driven by strong domestic demand as well as the company's efforts to expand its value-added and branded product portfolio, JBS says. The demand for pork comes as beef prices rise, driven by soaring cattle costs. (kelly.cloonan@wsj.com)
A cattle shortage continues to drive up costs for JBS and Tyson Foods, weighing on the meatpacking giants' bottom lines. JBS says its North America beef business recorded record sales in the latest quarter, up 12% from a year ago, though the segment's profitability came under pressure from an increase in live cattle prices, driven by low cattle availability. Rival Tyson, meanwhile, last week reported a steeper fiscal second-quarter loss in its beef division from the year-ago quarter, as its beef sales price rose while sales volumes fell. (kelly.cloonan@wsj.com)
1944 GMT - The U.S. lumber lobby says that President Trump's "highly effective" trade policy has reduced Canada's share of America's forest products market to 19% -- down from a 34% level in 2016. The US Lumber Coalition adds it wants the Trump administration to continue its hardball approach with Canada on lumber in the hopes of reducing the market share further. Canada PM Mark Carney and other officials have said that tariff relief on industrial sectors, like lumber, is crucial before Ottawa agrees to any changes to USMCA. The U.S. imposes a tariff on Canadian softwood lumber, used in the construction of house, of about 35%. (paul.vieira@wsj.com; @paulvieira)
1920 GMT - Livestock futures on the CME settle lower, with live cattle futures down 0.7% to $2.476 a pound and lean hog futures finishing down 1.8% to 98.45 cents a pound. The May WASDE report from the USDA showed a lower beef production for 2026, but higher pork production. For both, higher grain futures on the CBOT became a source of pressure, with the entire row crop complex rising -- particularly for wheat, which gained 7.1% on the day. Hog futures have finished lower for four out of the past five trading sessions. (kirk.maltais@wsj.com)
1918 GMT - Crude futures extend gains to three sessions as the U.S. remains far from reaching a deal with Iran, which refuses to give up its nuclear program and seeks to extend its control of the Strait of Hormuz. Oil prices have risen less than could be expected given the largest oil supply disruption in the history of the market, analysts at Morgan Stanley say in a note. Aside from the supply buffers that existed at the outset of the conflict and expectations of a prompt reopening of the strait, U.S. exports have increased and Chinese imports have fallen, they say. But a closure of the strait "for longer than China or the U.S. can sustain current flows could cause renewed tightness." WTI settles up 4.2% at $102.18 a barrel and Brent rises 3.4% to $107.77.(anthony.harrup@wsj.com)
1701 GMT - Expect oil prices to be higher for longer, Enverus's research arm suggests. The energy data analytics platform maintains its forecast for Brent crude to average $95 a barrel for the rest of 2026 and $100 for all of 2027. Its outlook is driven by the closure of the Strait of Hormuz, which it assumes will last three months and restricts oil flows, as well as low OECD and product stock levels. For each additional month the strait remains closed, it expects $10-$15 a barrel to be added to its price outlook. Structural factors including constrained spare capacity and a muted U.S. supply response support a sustained geopolitical risk premium on oil, Enverus says. (robb.stewart@wsj.com; @RobbMStewart)
1639 GMT - The USDA reduced its outlook for U.S. winter wheat by roughly 350 million bushels from the prior year, which is the main reason that the USDA marked down its overall wheat figure in the May WASDE report. At over $6.78 a bushel, wheat is trading at its highest level since May 2024. The contract is up by 7% currently, while corn rises 0.8% and soybeans are up 1.2%. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
May 13, 2026 00:15 ET (04:15 GMT)
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