The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0910 ET - Crude futures lose ground with the market holding out hope for an end to the U.S.-Iran conflict, while reports of some tanker transit through the Strait of Hormuz and the UK's easing of restrictions on Russian diesel and jet fuel offer some relief. Oil prices will likely continue to zig-zag as the continued blockage of the strait contains downward corrections, while "creative methods" for skirting the strait to get oil out limits upside, Ritterbusch & Associates says in a note. "But our stance remains bullish as we still see a big gap between the U.S. and Iran regarding the nuclear issue." WTI is down 2.3% at $101.80 a barrel as the July contract moves to the front of the curve. Brent is down 2.4% at $108.58.(anthony.harrup@wsj.com)
0621 ET - Palm oil futures ended little changed, with the Bursa Malaysia Derivatives contract for August delivery falling 2 ringgit to close at 4,583 ringgit a metric ton. Rival oils traded weaker overnight as slow progress in resolving the U.S.-Iran conflict weighed on sentiment, say Kenanga Futures analysts in a note. Profit taking after a recent rally and concerns that India may raise import duties likely also pulled down prices, they say, although a weaker Malaysian ringgit could cushion the fall. They peg the support and resistance levels for the August contract at 4,500 ringgit and 4,625 ringgit, respectively. (megan.cheah@wsj.com)
0558 ET - Laopu Gold is unlikely to repeat last year's triple-digit earnings growth, Morningstar analyst Jeff Zhang says. The Chinese jeweler's shares fall by the most in two months a day after data showed China's gold, silver and jewelry sales value declined by more than 20% on year in April. Zhang reckons investor concerns about Laopu's earnings growth potential led to the stock selloff. He estimates that sales volume may have dropped by about 50%, weighing on the top-line performance of Laopu and its peers. The jeweler's shares end 6.9% lower at HK$496.00, their lowest level since February last year. (jason.chau@wsj.com)
0517 ET - Oil prices extend losses, falling more than 2% in midmorning European trade as the Trump administration continues to pressure Tehran to agree to U.S. demands to end the conflict. Brent crude is down 2.1% to $108.93 a barrel, while WTI futures fall 2% to $102.05 a barrel. Meanwhile, the U.K. government watered down sanctions on Russia, allowing imports of diesel and jet fuel refined abroad from Russian oil to enter the country as the near-closure of the Strait of Hormuz continues to squeeze supply. Earlier this week, the U.S. extended a sanctions waiver allowing countries to purchase Russian oil currently stranded at sea. (giulia.petroni@wsj.com)
0325 ET - Gold prices extend the previous session's losses on a firmer dollar as a lack of progress in U.S.-Iran talks fuels inflation fears and expectations of higher interest rates. In early European trading, New York futures are down 0.6% to $4,485.90 a troy ounce. "Surging energy prices linked to the Iran war triggered a broad selloff in global bond markets and pushed U.S. 30-year Treasury yields to levels last seen during the 2007 financial crisis period," says Soojin Kim from MUFG. "Gold has now fallen around 15% since the conflict began." Traders now await the Federal Reserve's minutes from the April meeting due later on Wednesday for more cues on the interest-rate path. (giulia.petroni@wsj.com)
2245 ET - Palm oil prices fall, weighed by weaker overnight soybean oil prices on the Chicago Board of Trade. However, technical analysis suggests crude palm oil futures remain bullish and could extend gains toward the next resistance level at 4,670 ringgit a ton, AmInvestment Bank says in a note. Any price correction may provide an opportunity to build long positions, it adds. AmInvestment Bank sees support at 4,510 ringgit a ton. The Bursa Malaysia Derivatives contract for August delivery is 19 ringgit lower at 4,566 ringgit a ton. (yingxian.wong@wsj.com)
2202 ET - Iron ore falls in early Asian trade, with the most-traded iron-ore contract on the Dalian Commodity Exchange down 0.25% at 796.5 yuan a ton. Recent China economic data shows that investment in infrastructure resumed its decline in April, ANZ Research analysts say in a note. There are also concerns that higher energy prices will hit consumers globally, hurting Chinese steel exports, ANZ says. (amanda.lee@wsj.com)
2133 ET - Aluminum edges higher in early Asian trade. Prices are likely supported by rising tensions in the Middle East, raising the prospect of ongoing disruption to supplies, ANZ Research says in a note. The three-month LME aluminum contract is 0.1% higher at $3,606.50 a ton. (kimberley.kao@wsj.com)
1933 ET - Gold edges higher on a possible technical recovery after front-month gold futures settled down 1% overnight. However, gains may be capped as the U.S. and Iran remain far apart on a potential peace deal, with President Trump calling of the use of force and then threatening it again. "Gold prices could remain under some pressure amid higher yields and a firm U.S. dollar," FFA Kings' Fadi Al Kurdi says in an email. "Constant uncertainty over the geopolitical situation in the Middle East and the resulting elevated oil prices could continue to support the dollar and Treasury yields, weighing on non-yielding assets like gold," the founder and CEO says. Spot gold is 0.2% higher at $4,489.57 per ounce. (ronnie.harui@wsj.com)
1549 ET - CME live cattle futures settle up 0.5% to $2.54625 a pound, closing in on the all-time record as beef demand remains high ahead of the start of grilling season in the U.S. The ongoing war hasn't derailed this most-recent upward trend in cattle, with the contract gaining 16% in the past week. Cattle has managed to shake off concerns about inflation popping beef demand strength, although how long they can continue to do so is questionable among analysts. "Will war-driven energy prices be able to stop the rally, just as the market faces the tightest supply and peak seasonal demand?" asks Don Close of Terrain Ag in a note. Lean hogs close down 0.6% to $1.021 a pound. (kirk.maltais@wsj.com)
1523 ET - Oil futures settle lower in steady trade as President Trump says he's giving some time, maybe a few days and maybe until early next week, for an agreement to be reached with Iran before taking more military action. Traders wary of false starts in previous rounds of talks remain cautious. "A peace deal could reverse prices dramatically, and an opening of the Strait of Hormuz would likely trigger a counter-seasonal long liquidation sell-off throughout the price curve," Dennis Kissler of BOK Financial says. He notes the U.S. also extended sanction waivers for Russian crude exports, "easing tighter supplies into Asia." The WTI contract for June delivery goes off the board at $107.77 a barrel, down 0.8%. Brent falls 0.7% to $111.28 a barrel. (anthony.harrup@wsj.com)
1519 ET - U.S. natural gas futures rise for a fifth straight session with heat in the Eastern U.S. driving up power-sector demand. "This 'sudden summer' pattern aligns with broader forecasts for above-average temperatures," lifting demand as market focus shifts from the shoulder-season to peak summer risks, Phil Flynn of the Price Futures Group says in a note. "Early heat waves like this can slow storage builds or even trigger early draws if the pattern holds-duration will be key." Nymex gas settles up 3% at $3.114/mmBtu. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
May 20, 2026 09:15 ET (13:15 GMT)
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