The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0855 ET - Oil futures pull back from highs after President Trump urges Israel and Iran to stop their strikes and Iran says it has ended its retaliatory attacks on Israel. The renewed outbreak of fighting between Iran and Israel sent prices soaring overnight on concerns that it could derail efforts to bring the Middle East conflict to an end. Trump posted that peace negotiations are proceeding, and said the blockade of the Strait of Hormuz will remain in effect until a "Final Deal" is reached. WTI is up 1.4% at $91.78 a barrel and Brent is 1.8% higher at $94.73. (anthony.harrup@wsj.com)
0614 ET - Palm oil ended higher as crude oil prices rose amid escalating Iran-Israel tensions fueling concerns over Middle Eastern supply disruptions. Despite the rise in the session, Nomura expects palm oil prices to fall slightly this week due to worries of higher palm oil supply going forward, anticipating prices to fall to 4,500 ringgit a ton by June 11. However, if the Middle East conflict escalates, CPO prices could rise to 4,600 ringgit a ton, the analysts note. The Bursa Malaysia Derivatives contract for August delivery ended 19 ringgit higher at 4,573 ringgit a ton. (sherry.qin@wsj.com)
0452 ET - Austrian specialty steelmaker Voestalpine is expected to benefit from increased steel prices, which are anticipated to rise further as import quotas are reduced in the EU, UBS analysts say in a research note. However, much of this positive outlook now appears to be reflected in the share price, the analysts add. While higher steel prices, trade protections, and growth in the railway business should support earnings, the stock looks fairly valued at current levels, the analysts say. There are also risks that weaker European demand, potentially linked to geopolitical tensions, could limit further price increases and reduce some of the expected benefits, UBS says. The analysts cut their recommendation on the stock to neutral from buy but raise the price target to 50 euros from 43 euros. Shares trade 2.6% lower at 45.96 euros. (nina.kienle@wsj.com)
0422 ET - Gold is likely to benefit from continued central-bank buying, which appears to be the strongest structural force in the precious metal markets, says Carsten Menke at Julius Baer. Central bank buying should continue for another three to five years given emerging economies' desire to be less dependent on the dollar as a reserve currency and a below-average share of gold in their reserves, he says in a note. While volatility may remain elevated as long as the Iran war lasts, and concerns of U.S. monetary policy tightening persist, Julius Baer still sees a favorable fundamental backdrop for gold and remains constructive on the precious metal. (monica.gupta@wsj.com)
0409 ET - Gold prices fall 1% as fresh strikes between Israel and Iran dim hopes for a near-term deal in the Middle East, heightening inflation concerns and reinforcing expectations of higher interest rates. "Following Friday's jobs report and a broader deterioration in risk sentiment that also weighed on equities, bullion closed below its 200-day moving average for the first time since October 2023," analysts at Saxo Bank say. "A combination of resilient economic growth and rising inflation expectations has created a challenging environment for gold, overshadowing the longer-term supportive themes of central bank buying, fiscal concerns, and reserve diversification." In early European trading, New York gold futures are down 1% to $4,320.40 a troy ounce. (giulia.petroni@wsj.com)
0354 ET - Zijin Mining Group seems more cautious toward overseas mergers and acquisitions given the challenging geopolitical landscape, says Citi Research's Jack Shang in a note. At the Chinese miner's annual general meeting, Chairman Zou Laichang said that competition in the metals and mining industry is becoming fiercer amid rising geopolitical risks and resource nationalism, the Citi analyst says. Zijin also seems to be prioritizing stable operations and delivering its production guidance, he says. These suggest that its stance toward overseas M&A is more prudent, Shang adds. However, the company likely still has appetite for overseas expansion, he says, citing conversations with several executives. Citi sees Zijin Mining's shares as undervalued and retains its buy rating and target price of HK$51.80. Shares drop 4.1% to HK$31.60. (megan.cheah@wsj.com)
0308 ET - ArcelorMittal is well positioned to benefit from new steel-trade protections introduced not only in Europe but also in major markets such as India, Brazil, and Turkey, AlphaValue analysts say in a research note. These measures reduce the risk of excess Chinese steel flooding global markets and putting pressure on prices, the analysts say. With operations spread across Europe, the U.S., and India, the Luxembourg-based steel maker is relatively protected and could benefit from higher steel prices worldwide, they add. As trade measures take full effect, ArcelorMittal could see stronger margins, more resilient earnings, and a significant increase in profitability over the next few years. Shares in Amsterdam trade 2.6% lower at 57.66 euros. (nina.kienle@wsj.com)
2244 ET - Palm oil prices rise in Asian trading, supported by higher soybean oil prices at the Chicago Board of Trade on Friday. Market sentiment is likely to remain cautious as investors weigh demand outlooks and competition from other vegetable oils, AmInvestment Bank says in a note. Although technical selling pressure may persist, oversold conditions could prompt short-covering, leading to choppy but largely rangebound trading during the session, it adds. AmInvestment Bank expects prices to face resistance at 4,611 ringgit a ton and find support at 4,520 ringgit a ton. The Bursa Malaysia Derivatives contract for August delivery is 31 ringgit higher at 4,585 ringgit a ton. (yingxian.wong@wsj.com)
2227 ET - Iron ore prices are lower, weighed by weak demand. The prices remain under pressure as the supply-demand balance weakens, Baocheng Futures analysts write in a note. Downstream steel consumption is easing from elevated levels, while shrinking mill margins continue to weigh on demand, they say. Inventories have resumed building, while stronger coking coal and coke prices are reshaping profit distribution across the steelmaking chain, adding further pressure on iron ore, they say. The most actively traded September iron ore contract on the Dalian Commodity Exchange is 0.6% lower at 760.5 yuan a ton.(jiahui.huang@wsj.com; @ivy_jiahuihuang)
2206 ET - Aluminum gains in early Asian trade, with the three-month contract on the London Metal Exchange 0.4% higher at $3,606.00 a ton. Prices are caught between seasonally weakening demand in China and tight supply conditions elsewhere, according to Nanhua Futures analysts in a commentary. They expect the current pattern of relative Chinese weakness and overseas strength is expected to continue. Nanhua is watching for marginal changes in global inventory levels and the broader market risk appetite. (jason.chau@wsj.com)
2034 ET - Gold rises in early Asian trade. The yellow metal has retreated from the $5,000 a troy ounce level as Treasury yields climb amid higher inflation risk from elevated energy prices, notes UOB's research team in its 3Q outlook report. Further consolidation in gold prices could be necessary as investors weigh higher opportunity costs from the high-yield environment, the team adds. Still, the bank reiterates its long-term positive view on the precious metal. UOB projects gold prices to be around $4,600 an ounce in 3Q and $4,800 an ounce in 4Q, before rising to $5,000 an ounce in 1Q next year. Spot gold is up 0.5% at $4,349.71 an ounce.(megan.cheah@wsj.com)
(END) Dow Jones Newswires
June 08, 2026 09:15 ET (13:15 GMT)
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