The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0857 ET - CIBC Capital Economics says that May's inflation data for Canada likely represents a peak, with crude-oil prices retreating this month after an agreement between the US and Iran. Headline inflation in Canada accelerated in May, 3.2%, or slightly above consensus, powered by a sizable rise--33.2%--in gasoline prices. The key thing, the firm says, is that core CPI, which strips out volatile items, remains unchanged, near 2%. Core CPI is likely to accelerate in the months ahead, as air fares pickup and the World Cup in Toronto and Vancouver boost prices. But core CPI's low-starting point "should enable the Bank of Canada to look through any near-term acceleration," says economist Andrew Grantham, sticking to CIBC's call for BOC to keep its policy rate unchanged through 2026. (Paul.Vieira@wsj.com; @paulvieira)
0630 ET - Morgan Stanley says its bullish $5,200-a-troy-ounce gold price target for the second half of the year has become more challenging to achieve without a meaningful rebound in ETF inflows. "While central bank gold buying may resume regardless, ETF flows are more sensitive to changes in rate expectations," analysts at MS say. "The missing piece is ETF demand, which is likely to remain sensitive to the Fed path, real yields and the dollar." The U.S. bank remains positive on the precious metal's long-term outlook, as easing tensions in the Middle East and lower oil prices help reduce concerns over inflation. However, the Federal Reserve struck a hawkish tone at its last meeting, raising expectations that interest rates will stay higher for longer and increasing the opportunity cost of holding non-yielding assets such as gold. (giulia.petroni@wsj.com)
0618 ET - Palm oil ended higher. Prices are supported by higher soybean oil prices and expectations for stronger export numbers in the coming weeks, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng sees palm oil prices supported above 4,600 ringgit a ton and resistance at 4,750 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is 25 ringgit higher at 4,671 ringgit a ton. (tracy.qu@wsj.com)
0246 ET - Gold prices fall as investors weigh the outlook for U.S.-Iran peace negotiations and U.S. monetary policy. In early trading, New York futures are down 0.7% to $4,218.20 a troy ounce. "For now, the yellow metal remains stuck in technical limbo," analysts at Saxo Bank say. Progress in U.S.-Iran negotiations, including efforts to ensure safe passage through the Strait of Hormuz despite diplomatic challenges over Lebanon, eased concerns over energy supply disruptions and reduced fears of a broader inflation shock. However, hawkish remarks from Federal Reserve Chair Kevin Warsh reinforced expectations that U.S. interest rates will remain elevated for longer, reducing the appeal of nonyielding assets. Meanwhile, the U.S. dollar index is up 0.1% to 100.93, making dollar-denominated commodities more expensive for overseas buyers. (giulia.petroni@wsj.com)
2246 ET - Palm oil prices rise in Asian trading, driven by prospects of stronger demand, AmInvestment Bank says in a note. Expectations of lower production due to the ongoing effects of El Nino have also continued to support prices, it says. A Malaysian Palm Oil Council forecast that crude palm oil prices will trade between 4,400 ringgit a ton and 4,650 ringgit a ton in July, also supports prices, it adds. AmInvestment Bank expects crude palm oil futures to find support at 4,602 ringgit a ton and face resistance at 4,715 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is 18 ringgit higher at 4,664 ringgit a ton. (yingxian.wong@wsj.com)
2219 ET - Iron ore prices are lower in early Asia trade, as ample supply and concerns over seasonal weakness in steel demand offset support from steady raw-material demand at Chinese steel mills, analysts at Baocheng Futures say. Steel mills have maintained stable production levels, keeping iron ore consumption relatively strong and providing some support for prices, they say. However, the analysts note that seasonal weakness in the steel market is becoming more apparent, with limited room for demand improvement, they add. The fundamentals of iron ore remain soft, with demand holding up but lacking clear growth momentum, they say. The most actively traded September iron ore contract on the Dalian Commodity Exchange is 0.3% lower at 744.0 yuan a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
2152 ET - Copper prices rise in early Asia trade as supply remains tight and declining inventories outweighed concerns of a hawkish Fed and a strong U.S. dollar, says Everbright Futures analysts in a note. The market continues to find support from tightening copper concentrate supply, with domestic treatment charges falling to fresh record lows, underscoring ongoing feedstock shortages, they say. Demand remains mixed, with downstream consumers relying primarily on existing orders and showing limited willingness to chase higher prices. The three-month LME copper contract is up 0.5% at $13,661.00 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
2149 ET - PLS Group's spending on long-lead procurement for the proposed P2000 expansion project "is a credible signal that PLS sees high probability" of board approval later this year, says Citi analyst Jack Whelan. "The company would not be ordering mills, crushers, ore sorters, and flotation cells if FID [final investment decision] were genuinely conditional," Whelan says. Citi expects total capex for the P2000 project at around 1.8 billion Australian dollars, and first ore in mid-2029. At current spodumene concentrate prices, project economics are attractive, says Whelan. Citi has a neutral rating and A$5.25/share target on PLS. Shares are down 4.3% at A$5.63. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2133 ET - Regis Resources' McPhillamys deposit "is back in play" as a credible growth project with robust economics and a clearer development pathway, says Citi. Regis reinstated its ore reserve at McPhillamys after developing an alternative tailings plan for the proposed development. "The market had largely treated McPhillamys as an unvalued real option following the 2024 Section 10 impairment and management's own prior guidance of a 5+ year timeline to identify an alternative solution," Citi says. Reestablishing the project materially upgrades the growth pipeline of Regis, which is expected to merge with Vault Minerals later this year, says the bank. Citi has a neutral rating and A$8.10/share target on Regis. The stock is up 1.7% at A$7.06. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2125 ET - Gold rises in early Asian trade. The precious metal is likely to remain sensitive to geopolitical issues and evolving expectations around monetary policy, says Inki Cho, financial market strategist at Exness. While current conditions remain tough for gold, the demand from central banks could provide structural support for prices and limit the downside risk over the medium- and long-term, Cho says. Spot gold is 1.3% higher at $4,211.02 an ounce. (kimberley.kao@wsj.com)
1901 ET - BCI Minerals gets a new bull in Shaw & Partners, which says the company will soon become Australia's largest solar salt operation and the third-largest globally. BCI owns the Mardie Salt and Potash Project in Western Australia. It is currently 81% built. Analyst Peter Kormendy says BCI has A$522 million in available liquidity, versus A$333 million in remaining capex. "The hardest milestones are now behind BCI," Shaw says. It believes the market undervalues the completed asset. "With a market cap below the replacement cost of already-built infrastructure, BCI shares are too cheap for a project with a 60-year mine life, binding customer agreements covering 62% of initial output, and infrastructure-scale cash flows approaching," Shaw says. It starts BCI at buy with a A$0.75/share price target. BCI ended last week at A$0.35. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
June 22, 2026 09:15 ET (13:15 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments