The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0910 ET - U.S. natural gas futures gain in early trading with warmer weather forecasts lifting demand expectations for coming weeks. "The first test could come tomorrow and into the weekend where the northeast will see the mercury climb through 90 again," Tradition Energy's Gary Cunningham says in a note. The coming heat is expected to add to power-sector gas demand "and firm up the fundamentals for the remainder of summer," he adds. Storage data for last week due at 10:30 a.m. ET are expected to show an injection of 105 Bcf, slightly larger than the five-year average, according to a WSJ survey of analysts. Nymex natural gas is up 1.8% at $3.273/mmBtu. (anthony.harrup@wsj.com)
0442 ET - China Mengniu Dairy's revenue outlook looks positive, Steven Nie of Daiwa says in a research note. The analyst reckons Mengniu's liquid milk revenue continued to rise in April, estimating about 3% on-year growth. For 2026, he expects channel expansion to spur sales volume growth of 6%, a rebound from last year's 8% drop. Risks to the outlook include a weaker-than-expected recovery in downstream demand, he says. Daiwa keeps a buy rating on the stock but lowers the target price to HK$21.50 from HK$22.00 on a sector derating. Shares close at HK$16.96. (tracy.qu@wsj.com)
0350 ET - Gold prices tick higher as traders reassess expectations for a U.S.-Iran peace deal after Israel and Lebanon agreed to a conditional ceasefire. In early trading, New York futures are up 0.5% to $4,488.40 a troy ounce, aided by a softer dollar and falling crude prices. "Overall, gold remains rangebound, with steady central bank demand being offset by ETF outflows and short-term momentum traders positioning for a deeper correction," analysts at Saxo Bank say. "Key focus remains on support around $4,425, developments in the Middle East and oil market, as well as incoming U.S. data following the recent hawkish shift in Fed rate expectations." (giulia.petroni@wsj.com)
0331 ET - Rio Tinto has a great opportunity to pocket a large cash payout by selling off a portion of its future royalty rights from its 66% stake in Mongolia's Oyu Tolgoi mine, Berenberg analysts Richard Hatch and Jasper Mainwaring say. Selling the silver production rights could generate $1.1 billion to $1.8 billion in cash proceeds as it capitalizes on the elevated price of silver, the analysts say in a note. It would also unlock some noncore value from the mine at a price the analysts say isn't fully appreciated by the market. "If Rio were to execute the conceptual stream for an upfront cash consideration of around $1.4 billion... it would crystallize around 9% of the asset's net asset value," Berenberg says. Shares are down 2.2% at 7,894 pence. (anthony.orunagoriainoff@dowjones.com)
2328 ET - Iron ore prices are lower in early Asian trading. Prices are under pressure due to a sudden surge in exports from Guinea's Simandou iron ore project, according to ANZ research analysts in a commentary. That said, the downside of the black metal's price are limited in the near term due to high shipping costs, Nanhua Futures analysts say in a commentary. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 1.7% at CNY768.5 a ton. (tracy.qu@wsj.com)
2307 ET - Cisarua Mountain Dairy will continue to outperform its peers, with Ebit projected to grow around 22% through 2028, Nomura analyst Heng Siong Kong says. Key drivers include significant expansion of its distribution network and planned capacity additions, supporting the company's earnings trajectory. The bank raises its target price for the stock to 9,250 rupiah from 9,150 rupiah, while maintaining its buy rating. Shares are down 3.5% at 4,380 rupiah. (venkat.pr@wsj.com)
2307 ET - Rabobank expects firmer wheat and barley prices ahead, supported by tighter markets. Weather-related challenges in the U.S., Eastern Europe and Australia, combined with elevated production costs, are curbing planted area and fertilizer use, Australia-based analyst Vitor Pistoia says in a monthly report. "The 2026 season is expected to produce lower grain volumes compared with recent years, resulting in a tighter global supply-demand balance and, consequently, better underlying price support," he says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2241 ET - Palm oil prices fall in Asian trading, weighed by lower soybean oil prices overnight on the Chicago Board of Trade as well as weaker crude oil prices, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Uncertainty over Indonesia's crude palm oil export policies, increasing competition from other vegetable oils and recent weakness in CPO demand also weigh on market sentiment, he adds. Ng expects prices to face resistance at 4,720 ringgit a ton and find support at 4,550 ringgit a ton. The Bursa Malaysia Derivatives contract for August delivery is 32 ringgit lower at 4,645 ringgit a ton. (yingxian.wong@wsj.com)
2159 ET - Recent copper-price strength appears to be U.S. "tariff-driven more than positioning-driven," says Sucden Financial. The Commerce Secretary has until June 30 to update President Trump on U.S. copper markets, after which the President could consider tariffs on refined metal. The deadline "continues to distort flows, with more metal being pulled toward U.S. ports," Sucden Financial says. The Commodity Futures Trading Commission's Commitments of Traders report "shows funds reduced net length, which suggests the move is not yet just crowded speculative buying," it says. Copper briefly traded above $14,000/metric ton. The broker reckons buying ahead of the deadline will continue to support copper near term. "But copper now needs to hold the breakout rather than just spike through it," it says. Copper is down 0.6% at $13,744.50. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2115 ET - Copper edges lower in early Asian trade, with the benchmark three-month LME contract on the London Metal Exchange down 0.2% at $13,798.00 a ton. There are concerns that the Middle East conflict could temper signs of demand growth seen so far this year, ANZ Research analysts say in a note. Traders are also wary over possible U.S. tariffs on refined copper, ANZ adds. (amanda.lee@wsj.com)
2102 ET - Malaysia's plantation sector could report a better 2Q, supported by sequentially higher crude palm oil prices and stronger production, Maybank IB analyst Ong Chee Ting says in a note. He expects earnings to recover from a seasonally weak 1Q, with CPO prices supported by elevated crude oil prices, higher biodiesel mandates in Indonesia and Malaysia and potential supply disruptions from Indonesia's policy changes. Ong turns tactically positive on Malaysian planters over a three-month horizon, citing clearer earnings visibility and lower regulatory risks compared with Indonesian peers. He remains neutral on Indonesia's growers due to policy uncertainty. Maybank rates SD Guthrie, Sarawak Oil Palms and Genting Plantations as preferred buys. (yingxian.wong@wsj.com)
2029 ET - Gold rises in early trade amid a slightly weaker dollar that makes the U.S.-dollar denominated precious metal less expensive for potential investors. "Looking ahead, investors will closely monitor upcoming U.S. labor market data and developments in the Middle East for clues on the future path of monetary policy," FXEM's Abdelaziz Albogdady says in an email. Ongoing central bank purchases continue to provide an important source of structural demand for the precious metal, the market research & fintech strategy manager adds. Spot gold is 0.4% higher at $4,451.07 an ounce. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
June 04, 2026 09:15 ET (13:15 GMT)
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