The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0259 GMT - Iron ore is lower in early Asian trading. Higher coke prices are still squeezing steel mills' margins, prompting greater caution toward additional ore purchases, according to ANZ research analysts in commentary. There is further downside for iron ore prices as shipments from nonmainstream ore remain at a high level, Nanhua Futures analysts say in commentary. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 1.1% at 734.5 yuan a ton. (tracy.qu@wsj.com)
0245 GMT - Palm oil rises in Asian trade. Technical analysis suggests selling pressure may be easing in the near term after recent losses, AmInvestment Bank says in a note. A sustained break above the 4,654 ringgit-4,690 ringgit a ton resistance zone could improve market sentiment and pave the way for further gains. Meanwhile, a failure to hold above the 4,580 ringgit a ton level may trigger renewed profit-taking, it adds. The Bursa Malaysia Derivatives contract for September delivery is higher by 45 ringgit at 4,602 ringgit a ton. (yingxian.wong@wsj.com)
0113 GMT - Copper prices decline in early Asian trading, with the three-month LME copper contract down 0.5% at $13,212.50 a ton. A stronger dollar following the Fed's hawkish stance at this month's meeting has weighed on prices, but easing inflation concerns as oil retreats toward preconflict levels have improved the broader macro backdrop, Guotai Junan Futures analysts write in a note. Downside may be limited as easing macro risks and bargain hunting by downstream buyers are supporting copper's fundamentals. Tight copper concentrate supply is increasingly constraining refined copper production in China, Guotai Junan adds. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
0026 GMT - Gold falls in the early Asian session. While the market expects gold prices to rebound after falling to $4,000 a troy ounce, Capital Economics' Hamad Hussain reckons the precious metal still has further to fall over the next 18 months. He cites the prospect of Federal Reserve rate hikes boosting real yields and weighing on gold prices. A potential equities tumble could also add greater downward pressure on gold prices, as investors often have to sell quality assets to meet margin calls during sudden stock selloffs, the economist says. Capital Economics expects gold to fall to $3,500 an ounce and $3,250 an ounce by end-2026 and end-2027, respectively. Spot gold is down 0.2% at $4,018.77 an ounce. (megan.cheah@wsj.com)
1904 GMT - Crude futures settle higher after reports of an Iranian attack on a cargo ship in the Strait of Hormuz raise concerns about how smooth the reopening of the waterway will be. Oil prices fell briefly to pre-war levels early in the session as the increasing number of tankers crossing the strait eases tight global supplies. "I don't see a scenario where the war in Iran resumes even after the 60-day negotiating period is over because there is too much to lose on both sides," Mizuho's Robert Yawger says in a note. WTI settles up 2.2% at $71.92 a barrel. Front-month Brent rises 2.1% to $75.26 a barrel. (anthony.harrup@wsj.com)
1902 GMT - U.S. natural gas futures extend their winning streak to three sessions as forecasts show weather heating up and driving electricity-sector demand for gas. "The demand side is where the more constructive argument sits, as power burn is expected to rise sharply next week and LNG feedgas continues to hold near strong operating levels," Gelber & Associates says in a note. The EIA reported a 76 Bcf storage build for last week, practically in line with the five-year average but above the 70 Bcf estimate in a WSJ survey of analysts. "The miss is not large enough to reset the broader market narrative by itself, but it does reinforce that the storage cushion remains meaningful even as summer demand begins to build," Gelber & Associates says. Nymex natural gas settles up 3.8% at $3.343/mmBtu.(anthony.harrup@wsj.com)
1815 GMT - Gold and silver both settle higher, snapping a four-day losing streak for both. While finishing with a gain today, gold has more room to move lower, says Hamad Hussain of Capital Economics, who doesn't see $4,000 as the bottom. "We think that more speculative excess could be squeezed out of the gold market," he says. He attributes this to AI/tech stocks continuing to be the preferred money-maker for speculators, as well as the view that the Kevin Warsh-led Federal Reserve will stay hawkish on interest rates. Front-month gold futures finish up 1% to $4,030.50/oz, while silver closes up 0.5% to $58.348/oz. (kirk.maltais@wsj.com)
1804 GMT - Grain futures on the CBOT are higher, with traders seen as doing short-covering ahead of the end of the month and quarter next week. "I think we are seeing the return of risk buying as well," says Karl Setzer of Consus Ag Consulting. The most-recent Commitments of Traders report from the CFTC showed growing short positions in grains, particularly corn. So traders have space to cover some short positions ahead of the start of July and 3Q. Most-active CBOT corn is up 2.2%, while soybeans climb 1.7% and wheat rises 0.6%. (kirk.maltais@wsj.com)
1702 GMT - U.S. Drought Monitor data shows small improvements to dryness in some crop-growing states. The latest map indicates the area of Nebraska covered with extreme drought lessened, while further east, the northwestern corner of Iowa is wetter, as is the northern portion of Illinois. The National Weather Services' Climate Prediction Center says the Corn Belt is going to be draped with hotter-than-normal temperatures over the next two weeks, along with the rest of the eastern half of the United States. But because of adequate-to-surplus soil moisture in the eastern side of the Corn Belt, the dry period may be welcomed. CBOT grain futures are higher. (kirk.maltais@wsj.com)
1652 GMT - U.S. natural gas futures are higher following a slightly bigger-than-expected inventory build for last week. The 76 Bcf net injection into storage reported by the EIA "carries a bearish lean" but wasn't a significant surprise to the market, Andy Huenefeld of Pinebrook Energy Advisors says in a note. "Next week's report will reflect the mild weather experienced in recent days and should show a larger storage build," he adds. But as much hotter weather settles in "we should see the strongest cooling demand of the season and much lighter injections in the weeks that follow." Nymex natural gas is up 1.5% at $3.269/mmBtu. (anthony.harrup@wsj.com)
1649 GMT - Crude futures turn higher after testing pre-war levels on optimism about the returning flow of oil through the Strait of Hormuz. "I think we bounced off a low because we'd been down four days in a row," says Phil Flynn of the Price Futures Group. The trend is still lower and "my base case is that we're going to go down before we start to go back up again." Oil prices could rally after the selloff because of the need to replenish stocks, Flynn adds. "Over the next couple of months I think you'll see a lot of production. And that is raising hopes that our empty strategic inventories and our supplies are going to be filled up pretty nicely." WTI is up 1.7% at $71.57 a barrel after falling as low as $68.90. Most active Brent is up 1.5% at $74.98. (anthony.harrup@wsj.com)
1546 GMT - Farm income looks to be increasingly buoyed by government payments, with the Trump Administration calling for a fresh round of aid totaling $11B to $12B. Last month, the USDA said that 2026 net farm income was forecast at $153.4B, with $44.3B coming from "direct government farm payments." With the additional supplement, direct government payments now exceeds the record-high of $45.7B set in 2020, in the midst of the Covid-19 pandemic shutting down markets and scrambling supply chains. Increased farm aid also brings government payments as a percentage of farm aid comparable to the late 90s. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
June 26, 2026 00:15 ET (04:15 GMT)
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