The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0920 ET - Swedish miner Boliden's potential acquisition of Votorantim's 64.7% stake in Nexa Resources could create a dominant player in the global zinc market, UBS analyst Daniel Major writes. A combination of Nexa's and Boliden's operations would create the third largest zinc miner and smelter globally, he adds. Adding scale and diversification in both mining and smelting could generate some synergies from things like marketing, but UBS sees limited potential operational synergies between Boliden in Europe and Nexa in Latin America. Nexa's current consensus valuation is cheaper than Boliden's, and Nexa has more financial leverage and lower asset quality, the bank says. Nexa has $1.7 billion market capitalization, implying a current equity valuation for Votorantim's stake of around $1.1 billion, equating to around 7% of Boliden's market capitalization. Shares in Boliden rise 0.5%. (dominic.chopping@wsj.com)
0610 ET - Palm oil fell in Asian trading, with the Bursa Malaysia Derivatives contract for September delivery down23 ringgit at 4,483 ringgit a ton. The market was likely concerned over rising output and higher stock buildup ahead of a key crop report due next week, which will reflect overall supply and demand, said David Ng, a trader at Kuala Lumpur-based Iceberg X. (kimberley.kao@wsj.com)
0405 ET - Gold is poised to end a volatile week on the front foot after cooler-than-expected U.S. jobs data eased investors' rate-hike expectations. New York gold adds 1.5% to trade at $4,188.10 a troy ounce in early European trade. The dollar and U.S. Treasury yields fell following Thursday's nonfarm payrolls data, in turn increasing the appeal of nonyielding gold. Gold is also supported by central banks returning to the market as buyers in May, ING analysts Warren Patterson and Ewa Manthey write.(josephmichael.stonor@wsj.com)
0335 ET - Oil prices are broadly stable as markets move toward a short-term supply glut. Brent crude rises 0.3% to $72.02 a barrel, while WTI contracts for August delivery are flat at $68.73 a barrel. Oil prompt spreads are in contango--where oil futures are more expensive than spot prices--signaling ample near-term supply, MUFG's Soojin Kim writes. "The recovery in Gulf exports, together with rising oil volumes of Iranian oil held offshore, continues to add to short-term supply." Risks to supply remain however, as key issues between the U.S. and Iran remain unresolved, including the future governance of the Strait of Hormuz, the analyst adds.(josephmichael.stonor@wsj.com)
0335 ET - London's miners rise after a weaker-than-expected U.S. jobs report eases expectations that the Federal Reserve will hike rates, pushing gold prices up. Higher interest rates typically weigh on nonyielding assets like gold and silver. The metal also continues to benefit from renewed concerns over the central bank's independence as President Trump continues to criticize it, MUFG's Soojin Kim writes. In New York, gold futures rise 1.4% to $4,185.30 a troy ounce and silver rises nearly 3% to $62.85 an ounce. Precious-metal miners Fresnillo and Hochschild Mining both rise around 2.2%. Anglo American gains 1.4% and commodities giant Glencore is up 1%. (adam.whittaker@wsj.com)
2252 ET - 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)
2243 ET - 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)
2236 ET - 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)
2155 ET - 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)
2029 ET - 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)
1529 ET - 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)
1528 ET - 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)
(END) Dow Jones Newswires
July 03, 2026 12:15 ET (16:15 GMT)
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