The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0252 GMT - Palm oil rises in early Asian trade, driven by bargain hunting after recent weakness, AmInvestment Bank says in a note. However, the upside for CPO prices may be capped by cautious market sentiment and technical resistance. The medium-term outlook could remain bearish amid expectations of improving palm oil supply, it adds. AmInvestment Bank expects prices to face resistance at 4,540 ringgit a ton and find support at 4,444 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is higher by 4 ringgit at 4,510 ringgit a ton. (yingxian.wong@wsj.com)
0243 GMT - Base metals rise in early Asian trade. The sector found support after the U.S. jobs report triggered a selloff in the dollar, ANZ Research writes in a note. The weaker dollar and easing concerns of U.S. monetary tightening boosted risk appetite, ANZ adds. The three-month LME copper contract is 0.7% higher at $13,416.00 a ton, while that of nickel is 1.7% higher and aluminum was up by 0.6%. (kimberley.kao@wsj.com)
0236 GMT - Iron ore falls in early Asian trading amid record-high inventories sitting at Chinese ports, ANZ Research analysts say. Still, the metal is finding support after China signals plans to restrict the use of certain inventories held at mainland ports. However, any price gains are likely to be limited, ANZ says. The most-traded iron ore contract on the Dalian Commodity Exchange is down 0.7% at 742.00 yuan a ton.(jason.chau@wsj.com)
0155 GMT - Gold's medium-term role as a target for asset diversification remains valid, but its price is likely to be weighed by a tougher macroeconomic backdrop, say OCBC Group Research strategists in a note. The yellow metal's demand is likely to be anchored by the official sector, with central banks indicating they intend to raise their gold reserves over the next 12 months, the analysts say. However, this is unlikely to fully offset near-term macro pressure from rising real yields and a firmer dollar as investors price in Federal Reserve rate hikes, they add. OCBC expects gold prices to reach $4,360 a troy ounce by end-2026 and $4,680 an ounce by end of 2Q 2027. Spot gold rises 1.4% to $4,180.45 an ounce.(megan.cheah@wsj.com)
0029 GMT - Gold gains in early Asian trade as investors digest a cooler-than-expected U.S. jobs report. Employers in the country added 57,000 new jobs in June, the U.S. Labor Department said Thursday, lower than economists' expectations for growth of 115,000. A softer labor market is likely to ease pressure on the Federal Reserve to raise its interest rates at its next meeting in July, say ANZ Research analysts in a note. Higher interest rates typically weigh on non-interest-bearing assets like gold, despite the yellow metal's traditional status as an inflation hedge. Spot gold is up 0.4% at $4,138.16 an ounce.(megan.cheah@wsj.com)
1929 GMT - Crude futures recover early losses ahead of the U.S. Independence Day holiday. Prices are hovering near pre-conflict levels with market focus on the resumption of flows through the Strait of Hormuz and U.S.-Iran talks. "While the U.S.-Iran process remains fragile and disputes over Hormuz administration and transit fees persist, we expect the MOU to hold and turn into a deal over the coming months as incentives to de-escalate outweigh the alternative for the U.S., Iran, and much of the Middle East region," Citi's Francesco Martoccia says in a note. Physical markets have weakened and inventories have drawn much less than expected, he adds. "We continue to recommend selling any summer rallies and forecast Brent reaching $60-$65/barrel by the turn of the year." WTI settles up 0.2% at $68.69 a barrel and Brent rises 0.3% to $71.80. (anthony.harrup@wsj.com)
1928 GMT - Lean hog futures settled higher for the third trading session out of the past four, according to data from FactSet. Hogs close up 1.6% to 98.6 cents a pound. Carcass cutout prices were reported as higher yesterday, as well as at midday today. In the midday report, the USDA says that average carcass cutout prices rose 53 cents a pound to $96.24 per cwt. Additionally, the USDA reported an uptick in weekly pork export sales today, with 37,600 metric tons sold for delivery in 2026. That's up 44% from the prior week. Live cattle futures fell 1.2% to $2.39025 a pound, even after the USDA reported a marketing-year high in export sales for the week. (kirk.maltais@wsj.com)
1927 GMT - U.S. natural gas futures end modestly lower heading into the long Independence Day weekend with little impact from an above-estimate inventory build. The 87 Bcf storage injection for last week was above the 64 Bcf five-year average, and bigger than the 81 Bcf estimate in a Wall Street Journal survey of analysts. Reaction was muted as prices remain supported by near-term heat and strong export demand, Andy Huenefeld of Pinebrook Energy Advisors says in a note. "Although temperature anomalies are expected to soften beyond the holiday weekend, power generation demand will likely remain strong in the weeks ahead as storage builds trend lower into peak summer." Nymex natural gas settles down 0.7% at $3.196/mmBtu.(anthony.harrup@wsj.com)
1804 GMT - The number of rigs drilling for oil in the U.S. rose by five this week to 445, which was up by 20 from a year ago and the most since the end of May 2025, oil services company Baker Hughes reports. The rig count has risen in nine of the 10 past weeks as higher crude oil prices encourage drilling. Even as flows from the Middle East return with the reopening of the Strait of Hormuz, the need to refill inventories is expected to support demand in months ahead. Rigs directed at natural gas increased by one this week to 126, or 18 more than a year ago, according to Baker Hughes. (anthony.harrup@wsj.com)
1545 GMT - Agnico Eagle's mine suspension in Quebec will likely affect OR Royalties, since it owns a royalty position on the operations. OR owns a 5% net-smelter royalty on the Malartic mine where a wall movement forced the company to temporarily pause operations. "Based on AEM's updated guidance, we expect OR's 2026 GEOs will be reduced by 3.5-4.5% (or 3-4koz gold-equivalent ounces)," says TD Cowen's Derick Ma in a report. To make matters worse, the analyst says 2027 and 2028 production could also be negatively impact by about 8%, or 7,500 ounces, but Ma notes, "AEM is evaluating mitigating options." OR shares are down 2.9% at C$43.59. (adriano.marchese@wsj.com)
1540 GMT - Wheat futures have been leading the CBOT row crop complex higher in recent days, after a set of USDA reports released earlier this week showed less acres and smaller stocks than anticipated by the market. U.S. winter wheat production is generationally low, and issues with wheat crops elsewhere are supporting futures. "The international picture adds fuel," says Jim Wiesemeyer of Ag Bull in a note. Canada is reporting a 5.8% decrease in wheat production for 2026, while Russian farmers are being crimped by higher input costs. "Add lingering damage from the European heatwave and a U.S. balance sheet suddenly smaller than assumed, and wheat--the most shorted and most disparaged of the majors-- has the raw material for a short-covering rally," says Wiesemeyer. (kirk.maltais@wsj.com)
1535 GMT - Natural gas in underground storage increased by 87 billion cubic feet last week to 2,922 Bcf, expanding the surplus over the five-year average to its highest level since mid-January, according to data from the EIA. The injection was well above the 64 Bcf average for the week and larger than the 81 Bcf estimate in a WSJ survey of analysts. Stocks were 175 Bcf above the five-year average, compared with a 152 Bcf surplus the previous week. Nymex natural gas is down 1.9% at $3.158/mmBtu. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
July 03, 2026 00:15 ET (04:15 GMT)
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