The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0907 ET - Oil futures resume their decline and are again probing pre-war levels as the market focuses on increased flows out of the Persian Gulf. "Traffic through the Strait of Hormuz has improved but it has not been plain sailing," Kieran Tompkins of Capital Economics says in a note, pointing to yesterday's attack on a cargo ship and reports that Iran turned several tankers around. The firm expects half of the region's shut-in production to be back within a month and to reach pre-war levels in 4Q. "National oil companies are gearing up to sell more oil in July, suggesting that their outlook has become more positive," Tompkins adds. WTI is down 3.5% at $69.40 a barrel and Brent is off 3.9% at $72.34. (anthony.harrup@wsj.com)
0631 ET - Palm oil prices ended higher, supported by stronger export estimates, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. However, falling crude oil prices may have a negative impact on palm oil, Ng says. He sees prices of crude palm oil supported above 4,500 ringgit a ton and resistance at 4,700 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery rose 9 ringgit to 4,566 ringgit a ton. (tracy.qu@wsj.com)
0330 ET - Gold prices bounced back above $4,000 a troy ounce, but are still headed for a weekly loss as investors weigh the monetary policy outlook and developments in the Middle East. "Gold is heading for a fourth weekly loss, with investor sentiment still shaken by the recent selloff as markets adjust to the twin headwinds of a hawkish Fed and a stronger dollar," analysts at Saxo Bank say. "While the technical breakdown continues to weigh on sentiment, continued declines in energy prices and softer bond yields may eventually reduce pressure on the Federal Reserve to tighten policy further, potentially offering some support to the precious metal." In early trading, New York futures are flat at $4,047.30 an ounce, down nearly 5% on the week. (giulia.petroni@wsj.com)
0311 ET - Comex gold futures' overall technical setup is still bearish, RHB Retail Research's Aiman Kamil Bin Ahmad Shauqi says in a note. The futures' relative strength index on the daily chart is now trending below the 50% threshold, the analyst notes. If bearish momentum persists in coming sessions, the commodity could fall below support at $4,000 per ounce and test subsequent support at $3,700 an ounce. On the upside, the commodity's initial resistance is pegged at $4,400 per ounce, the analyst adds. Spot gold is 0.1% higher at $4,029.67 per ounce. (ronnie.harui@wsj.com)
0134 ET - Merdeka Copper Gold stands to gain from higher copper prices and rising gold output, Maybank Sekuritas Indonesia analysts say in a research report. With copper prices holding at elevated levels through 2Q, the brokerage has lifted its long-run copper price assumption to $9,260 a ton from around $8,000 a ton. The copper and gold miner's Pani gold mine has also delivered its first gold in 1Q, says the brokerage, which estimates the Indonesian group's gold production will rise to 165,000 ounces in 2026 and 465,000 ounces by 2030 from 103,000 ounces last year. The brokerage raises the stock's target price to 3,800 rupiah from 2,800 rupiah, with an unchanged buy rating. Shares are 4.8% lower at 2,760 rupiah. (ronnie.harui@wsj.com)
2259 ET - 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)
2245 ET - 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)
2113 ET - 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)
2026 ET - 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)
1504 ET - 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)
1502 ET - 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)
1415 ET - 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)
(END) Dow Jones Newswires
June 26, 2026 09:15 ET (13:15 GMT)
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