The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0855 ET - Oil futures are toying with pre-war levels as the market reacts to the quick movement of oil through the Strait of Hormuz under the U.S.-Iran agreement. Brent for September delivery is trading above the August contract--a condition known as contango--which "would be much more typical of a huge supply surplus instead of the exceptionally low global stockpiles that currently exist," Ritterbusch & Associates says in a note. "This seeming anomaly forces a reminder that commodity futures are anticipatory, and it is obvious that the speculative entities are expecting an elimination of the large crude deficit that currently exists." WTI is down 1% at $69.62 a barrel. August Brent falls 1.2% to $72.87 and the most active September contract is off 0.8% at $73.27 a barrel.(anthony.harrup@wsj.com)
0631 ET - Palm oil ended lower, following a decline in crude oil prices. Easing Middle East tensions have caused oil prices to fall back to prewar levels. Broader market sentiment was also hurt by Wall Street's tech-led declines amid concerns that the AI-driven equity rally has run too far, Kenanga Futures analysts say in a research note. The Bursa Malaysia Derivatives contract for September delivery dropped 75 ringgit to 4,558 ringgit a ton. (tracy.qu@wsj.com)
0341 ET - Gold prices hold below $4,000 a troy ounce on rising bets of interest-rate hikes by the Federal Reserve this year. In early European trading, gold futures in New York are down 0.2% to $3,999.70 an ounce. Spot gold falls 2.7% to $3,999.08 an ounce, the lowest since November of last year. "Despite a slump in energy prices, concerns about persistently higher inflation have seen a significant re-rating of monetary policy expectations," analysts at ANZ say. Meanwhile, the Fed's hawkish stance "appears to have derailed the debasement trade, where assets such as gold were favoured over currencies vulnerable to inflation, fiscal and monetary excess." (giulia.petroni@wsj.com)
2242 ET - Palm oil falls in Asian trading, tracking declines in soybean oil prices overnight on the Chicago Board of Trade, PhillipCapital says in a note. Softer crude oil prices are also weighing on crude palm oil prices as weaker oil markets diminish palm oil's appeal as a biofuel alternative, it adds. PhillipCapital expects prices to face resistance at 4,700 ringgit a ton and find support at 4,433 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is 95 ringgit lower at 4,538 ringgit a ton. (yingxian.wong@wsj.com)
2214 ET - Copper prices are flat in Asia trade as persistent supply-side tightness continue to offset concerns over weakening seasonal demand, say Ruida Futures analysts in a note. Copper concentrate treatment charges remain near historically low levels, highlighting tightness in raw-material availability. Demand for copper remains subdued, they add. Elevated copper prices and weaker downstream processing orders during the traditional off-season is curbing purchasing appetite, with buyers largely maintaining hand-to-mouth procurement and selectively replenishing inventories on price dips, they say. The three-month LME copper contract is flat at $13,091.00 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
2155 ET - Iron ore prices rise in early Asian trading hours after a prolonged selloff, easing some market concerns over downside risks, Everbright Futures analysts write in a note. Port inventories and seaborne supply remain elevated, however, while demand growth appears to have peaked, limiting the scope for a sustained rebound, they say. Modest decline in domestic production of iron ore concentrate has done little to offset abundant supply and rising inventories, they add. While fundamentals still point to a well-supplied market, iron ore prices are likely to remain range-bound in the near term despite the latest recovery, they say. The most actively traded January iron ore contract on the Dalian Commodity Exchange is up 0.3% at 745.5 yuan a ton.(jiahui.huang@wsj.com; @ivy_jiahuihuang)
2132 ET - Gold edges higher in early Asian trade. The precious metal has been pressured by a resurgent dollar and last week's hawkish FOMC meeting, says IG market analyst Tony Sycamore in a note. The non-yielding asset is struggling to hold its ground, as markets are now pricing in around a 40% chance of a Fed rate hike as early as next month. "A central bank that is very focused on restoring its inflation-fighting credibility is a tough environment for gold right now," he says. Spot gold is up 0.2% at $3,998.71 an ounce.(amanda.lee@wsj.com)
1533 ET - Most-active CME live cattle futures settle up 0.3% to $2.4665 a pound, this as the USDA's Animal and Plant Health Inspection Service (APHIS) reported 3 new cases of New World screwworm today -- bringing the total to 19 cases. The latest cases were found in Terrell County, Texas, which is right on the U.S.-Mexico border. Meanwhile, estimates are being published this week showing that the price for beef consumed at cookouts this Independence Day holiday are significantly up from last year -- with analysts from Wells Fargo pointing to a 14% increase in beef costs. Lean hog futures turned lower after a higher start, falling 0.7% to 96.575 cents a pound. (kirk.maltais@wsj.com)
1456 ET - Oil futures fall to their lowest level since the start of the U.S.-Iran conflict as more oil shipments make it out of the Persian Gulf. Signs are that production and exports will return much faster than had been thought during the war, Mizuho's Robert Yawger says in a note. "Once storage draws down, oil producers can ramp up production and return to business as usual" as long as the U.S. and Iran reach an agreement in the 60-day negotiation period that keeps Strait of Hormuz open. Yawger expects the Trump administration would extend the negotiating period rather than go back on the offensive in mid-August, "just two-and-a-half months away from the mid-term elections, where affordability will be a major issue." WTI settles down 3.9% at $70.34 a barrel and front-month Brent falls 4.3% to $73.74. (anthony.harrup@wsj.com)
1444 ET - U.S. natural gas settles up 2.4% at $3.221/mmBtu as weather outlooks add near-term demand and the market looks to tomorrow's weekly inventory data from the EIA. Following light to moderate national demand through Saturday, heat picks up over the eastern two-thirds of the U.S. with temperature highs of upper 80s to 100s, "including 90s for many major central and eastern U.S. cities from Chicago to Washington D.C.," NatGasWeather.com says in a note. Natural gas storage is expected to have risen by 70 Bcf last week, according to a WSJ survey of analysts, paring the surplus over the five-year average to 146 Bcffrom 151 Bcf.(anthony.harrup@wsj.com)
1426 ET - Front-month gold futures settle down 3.4% to $3,990.30 a troy ounce, its lowest close for since early November, and its fourth consecutive losing session. The main catalyst for gold selling today came from Treasury Secretary Scott Bessent, who predicted a return to 3% GDP growth by year-end in a CNBC interview. That would mean higher interest rates, says Peter Cardillo of Spartan Capital Securities. Cardillo adds that additional downside pressure could come as a result of the close under $4,000. Silver finishes down 6.4% to $58.052 a troy ounce. (kirk.maltais@wsj.com)
1407 ET - Analysts surveyed by WSJ are forecasting an uptick in soybean export sales in the USDA's report this week. The data will cover the period through June 18, and analysts predict sales totaling between 700,000 metric tons and 1.4 million tons. That's compared to sales totaling 729,000 tons last week. Grain traders have been looking for signs that China is again buying U.S. soybeans, with the USDA publishing flash notices last week giving the ag market some optimism. Most-active CBOT soybeans are down 0.5%, while corn falls 0.4% and wheat rises 0.2%. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
June 25, 2026 09:15 ET (13:15 GMT)
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