The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0325 GMT - Iron ore is higher in early Asia trading. The supply-demand dynamic for iron ore remains largely unchanged, according to Baocheng Futures analysts in a research note. Steel mills are actively maintaining production and rigid demand remains robust, providing solid support for iron ore prices, they note. However, prices are unlikely to rise further given the high valuation, they note. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.3% higher at 795.0 yuan a ton. (tracy.qu@wsj.com)
0246 GMT - Palm oil prices are higher on bargain hunting. Crude palm oil sentiment may remain volatile as weaker competing edible oils weigh on sentiment, AmInvestment Bank says. However, concerns over Indonesia's export restructuring and firmer biodiesel demand could help cushion downside risks as it benefits Malaysia's palm oil sector. The near-term outlook remains mixed, with a sideways to mildly bearish bias, it adds. AmInvestment Bank sees resistance at 4,520 ringgit a ton and support at 4,390 ringgit a ton. The Bursa Malaysia Derivatives contract for August delivery is 3 ringgit higher at 4,461 ringgit a ton. (yingxian.wong@wsj.com)
0243 GMT - Copper prices are higher in early trade on strong fundamentals. Recent earnings updates from mining companies suggest that supply additions this year are likely to fall short of expectations, leaving the tightness in the copper concentrate market unresolved, Jinrui Futures analysts write in a note. Looking ahead, slower-than-expected recovery in copper mine supply continues to underpin prices, likely keeping LME copper prices elevated in the near term, they say. Concerns over energy supply disruptions in Peru have further fueled expectations of reduced copper supply, they add. The three-month LME copper contract is up 0.6% at $13,586.50 a ton.(jiahui.huang@wsj.com; @ivy_jiahuihuang)(Comments about the markets were from NAB's Ken Crompton. "Gold Edges Lower Amid Mixed Sentiment -- Market Talk," at 2334 GMT, incorrectly attributed them to InTouch Capital Markets. The correct version follows: ) 2334 GMT - Gold edges lower in early Asian trade amid mixed sentiment. "Risk has been on and off," NAB's Ken Crompton says in commentary. The latest 14-point framework from the U.S. was reported by Iranian media as having "narrowed the gap," and Secretary of State Rubio told the Financial Times that there were some "good signs," the head of Rates Strategy says. However, "optimism quickly unravelled as [the] Iranian Supreme Leader issued a directive: near-weapons-grade uranium must not be sent abroad," Crompton adds. Spot gold is 0.1% lower at $4,537.45 per ounce. (ronnie.harui@wsj.com)
2334 GMT - Gold edges lower in early Asian trade amid mixed sentiment. "Risk has been on and off," NAB'S Ken Crompton says in commentary. The latest 14-point framework from the U.S. was reported by Iranian media as having "narrowed the gap," and Secretary of State Rubio told the Financial Times that there were some "good signs," the team notes. However, "optimism quickly unravelled as [the] Iranian Supreme Leader issued a directive: near-weapons-grade uranium must not be sent abroad," the team adds. Spot gold is 0.1% lower at $4,537.45 per ounce. (ronnie.harui@wsj.com) Corrections & Amplifications
1943 GMT - Crude futures settle lower in an up-and-down session with conflicting expectations for an agreement to end the U.S.-Iran stalemate. Prices spiked early on a report that Iran insists on keeping its enriched uranium, but hopes for a deal were rekindled late in the session with Pakistani mediators in Tehran for meetings. Talk of an imminent deal has proven false on several occasions, sending oil prices back up, Ritterbusch & Associates says in a note. "This scenario could continue to play out in the coming weeks until some framework of a deal is achieved that could, at least, provide for a partial reopening of the Strait of Hormuz." WTI settles down 1.9% at $96.35 a barrel and Brent falls 2.3% to $102.58 a barrel. (anthony.harrup@wsj.com)
1942 GMT - Lean hog futures settle down 1.8% to $1.0015 a pound, this even as the slaughter rates for hogs are trending lower than this time last year. Steiner Consulting Group says in a note that hog slaughters last week were 1.4% lower than this time the previous year. That's supposed to extend into this week, with weekly hog slaughter expected to be off 1.5% to 2% this week, says the firm. But the slower flow of supplies doesn't seem to be affecting pork cutout prices -- with the USDA reporting lower average carcass prices at midday today as well as yesterday afternoon. Live cattle futures finish down 1.3% to $2.4995 a pound. (kirk.maltais@wsj.com)
1933 GMT - U.S. natural gas futures settle modestly higher following a slightly larger-than-expected inventory build. The EIA reported a 101 Bcf storage injection for last week, putting supplies 149 Bcf or 6.6% above the five-year average. "The heat wave that began late in the week did not drive significant increases in power burn until after the cutoff for today's report and will be reflected in next Thursday's release," Andy Huenefeld of Pinebrook Energy Advisors says in a note. "There appears to be significant support surrounding $3.00 per mmBtu for the prompt-month contract, which was tested and held in the minutes following the report." Nymex gas settles up 0.5% at $3.018/mmBtu. (anthony.harrup@wsj.com)
1854 GMT - CBOT grain futures turned lower in afternoon trading, with traders appearing to pare risk ahead of the holiday weekend. The long weekend takes place as markets across the board are on edge about a potential resolution to the U.S.-Iran conflict -- or lack thereof. Heavy rainfall is being seen in parched crop-growing areas like Kansas, Oklahoma, and Texas, which may ease the stress seen on crops there."Large speculators are shedding net market length ahead of the long U.S. holiday weekend," says AgResource in a note. CBOT corn is down 0.8%, while soybeans fall 0.5% and wheat is down 1.9%. (kirk.maltais@wsj.com)
1815 GMT - Gold futures settle higher for the second consecutive day. Investors are watching Treasury yields, with elevated yields a pressure point for precious metals. How the peace process fares over the long weekend could determine how yields move next. "A U.S. attack on Iran in light of Supreme Leader's refusal to compromise on the nuclear issue would likely rally the 10-year yield towards the 5.000% line in the sand, with the reverse correlation drilling gold through the 200 day moving average," says Robert Yawger of Mizuho Securities USA in a note, adding that this could result in gold sliding to $4,000 a troy ounce for the first time since November 2025. Front-month gold closes up 0.2% to $4,539.80/oz. (kirk.maltais@wsj.com)
1740 GMT - The longer the U.S.-Iran war drags on, and the longer the Strait of Hormuz remains closed, makes a return to normalcy in energy that much more complicated. While oil prices are expected to draw back considerably if a peace deal is made, the process of clearing the logjam of ships attempting to enter and leave the Strait looks to be extensive, says David Oxley of Capital Economics in a note. "At best, it could take weeks for ships to reposition themselves," says Oxley. "At worst, a lack of shipping could be a constraining factor for months and delay production timetables." The movement of oil prices has been a key factor dictating how other commodities move, which is why many agricultural futures and metal futures have added war premium. (kirk.maltais@wsj.com)
1525 GMT - CBOT corn futures are up 0.3% after spending much of the opening hours oscillating between either side of unchanged. Strong export demand reported by the USDA this morning for corn is teaming with questions about if the reopening of the Strait of Hormuz is coming within the next month -- or if China's $17B deal for American agriculture will result in booming demand at a time where inputs and logistics are still squeezed. "China securing additional ag products has tipped the scales with U.S. farmers enjoying expanded profitability," says Daniel Flynn of Price Futures Group in a note. "Demand-led bull markets are ahead." (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
May 22, 2026 00:15 ET (04:15 GMT)
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