The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0914 ET - Crude futures are moderately higher after the U.S. resumed its blockade of ships in and out of Iranian ports, although President Trump withdrew his plan for the U.S. to charge a 20% fee for protecting other ships through the Strait of Hormuz. Short of another major U.S. bombing campaign, or use of ground troops, "we are viewing this closure of the strait as simply setting back the clock to where it was prior to the Memorandum of Understanding," Ritterbusch & Associates says in a note. While the $120 a barrel levels reached at the start of the war are probably out of reach, "additional price gains of as much as 8%-10% cannot be ruled out," the firm adds. WTI is up 0.5% at $79.74 a barrel, and Brent is up 0.1% at $84.83.(anthony.harrup@wsj.com)
0910 ET - CBOT wheat is up 3% overnight, climbing in reaction to mounting attacks from Ukraine on Russian shipping vessels in the Sea of Azov. Analysts are reacting to media reports of over 100 Russian ships being hit by Ukrainian drones over the past nine days, which is expected to significantly hobble Russia's ability to ship products like wheat. "Retaliation is likely coming for Ukraine's grain export ports and routes, raising global concern over wheat supplies from the Black Sea region," says Matt Zeller of StoneX in a note. Also lifting CBOT grains are the renewed hostilities in the U.S.-Iran conflict, with traders adding risk premium ahead of any potential new complications out of the Strait of Hormuz. Corn is up 0.8% and soybeans rise 0.2%. (kirk.maltais@wsj.com)
0650 ET - Palm oil edged lower amid ample supply. While geopolitical tensions in the Middle East has again escalated, palm oil supply is ample, weighing on the vegetable oil's prices, Nanhua Futures says in a note. However, in the mid- and long-term, supply is expected to be tight due to a likely strong El Nino event, they say. Malaysia's palm oil exports during the July 1-15 period are estimated to have risen 4.0% on month to 646,438 metric tons, cargo surveyor AmSpec Agri Malaysia said Wednesday. The Bursa Malaysia Derivatives contract for September delivery ended 4 ringgit lower at 4,569 ringgit a ton. (sherry.qin@wsj.com)
0422 ET - Gold could fall further if expectations for higher U.S. interest rates remain entrenched, as weakening investment demand strips away one of the metal's strongest sources of support, according to ANZ. Rising Treasury yields have made risk-free assets more attractive relative to nonyielding bullion. At the same time, Fed Chairman Kevin Warsh's hawkish stance has boosted confidence in the central bank's independence, prompting investors to unwind trades that favored gold as a hedge against currency debasement. "If expectations for Fed tightening stay firm, gold is likely to remain under pressure until lower price levels reinvigorate retail and institutional investment flows and jewelry demand," ANZ analysts say. "Until that occurs, a drop towards $3,500 an ounce is a possibility." (giulia.petroni@wsj.com)
0408 ET - Gold slips after climbing more than 2% in the previous session as investors balance a softer-than-expected U.S. inflation print and risks stemming from higher energy prices linked to the Iran war. "Lower gasoline prices helped ease inflationary pressures, prompting investors to scale back bets on tighter monetary policy and supporting a rebound in gold prices," analysts at MUFG say. "However, renewed U.S.-Iran tensions and higher oil prices continue to pose upside risks to inflation, while Fed Chairman Kevin Warsh reiterated that further policy tightening remains an option if price pressures persist." In early trading, New York gold futures are down 1% to $4,030.50 a troy ounce. (giulia.petroni@wsj.com)
0333 ET - Antofagasta's second-quarter copper production miss should raise caution, RBC Capital Markets analysts Ben Davis and Marina Calero say. Production missed expectations on temporary maintenance at the Los Pelambres mine, although delayed volumes should be recognized in the second half of the year, the analysts say. While the company maintained its annual production guidance, the analysts highlight higher cost pressures from diesel and other consumables. The analysts also remain wary of uncertainty surrounding copper prices, citing global growth risks and potential U.S. tariff decisions. Despite key growth projects progressing on schedule, the stock's valuation remains demanding relative to the risks, RBC says. Shares trade 2.5% lower at 3,745 pence. (nina.kienle@wsj.com)
2248 ET - Palm oil falls in early Asian trading, weighed by lower soybean oil prices on the Chicago Board of Trade overnight. Technical analysis suggests that CPO futures' bullish momentum has moderated. As long as price holds above 4,525 ringgit a ton, the market bias remains cautiously positive, AmInvestment Bank says in a note. A sustained breakout above 4,612 ringgit a ton could pave the way for a retest of the 4,630 ringgit-4,650 ringgit a ton range, it adds. The Bursa Malaysia Derivatives contract for September delivery is 19 ringgit lower at 4,554 ringgit a ton.(yingxian.wong@wsj.com)
2202 ET - Iron ore strengthens in early Asian trading hours, amid strong demand from China. The ferrous metal is getting a boost from Chinese trade data showing strong demand in the country, ANZ Research analysts say in a note. China's exports surged more than expected in June, with outbound shipments rising 27.0% from a year earlier. The most-traded iron ore contract on the Dalian Commodity Exchange is 1.2% higher at 762.50 yuan a ton.(amanda.lee@wsj.com)
2115 ET - Press Metal Aluminium's recent share-price weakness is a buying opportunity as its long-term growth outlook remains intact, RHB IB analyst Iftaar Hakim Rusli says in a note. Aluminum prices are expected to stay above $3,000 a ton in the near to medium term, supported by supply disruptions in the Middle East that are likely to keep the global market in deficit, he says. A stronger dollar could also lift earnings, as more than 90% of the company's products are exported. However, the analyst lowers his 2026-2027 earnings estimates on Press Metal by 3%-5% after revising down aluminum price assumptions and amid higher carbon anode costs. RHB trims Press Metal's target price to 9.80 ringgit from 10.50 ringgit while maintaining a buy rating. Shares are 1.0% lower at 8.11 ringgit. (yingxian.wong@wsj.com)
2019 ET - Gold is steady in the early Asian trade. Broadly higher yields increase the opportunity-cost of holding non-interest-bearing assets like gold, says Swissquote's Ipek Ozkardeskaya in a note. While the $4,000 an ounce support level for the yellow metal appears to be intact, there is "little conviction that further stress across financial markets will drive significant flows into the precious metal," she says. Some central banks could be forced to sell part of their gold reserves to stabilize their currencies as oil prices start to rise, which prevents gold from acting like a safe-haven asset. Still, any price pullback should be viewed as an opportunity for long-term investors, she adds. Spot gold is flat at $4,051.67 an ounce. (megan.cheah@wsj.com)
1653 ET - Livestock futures are mixed with cattle falling for a 12th straight session, while hogs edge higher. Retail beef demand has remained strong this year despite record prices, although wholesale demand began to weaken in late May, AgResource says in a note. The firm's wholesale demand index has been in the red for eight straight weeks. "Record large imports continue to work against wholesale demand, even as retail demand remains strong," AgResource adds. Live cattle falls 1.4% to $2.31425 a pound. Lean hogs rise 0.4% to 98.45 cents a pound. (anthony.harrup@wsj.com)
1518 ET - Oil futures add to yesterday's gains but settle off the day's highs after President Trump withdrew a plan to charge a 20% fee to cover the cost of protecting ships through the Strait of Hormuz. "That was exponentially higher than the $1 per barrel that the Iranians were charging," says Mizuho's Robert Yawger. "That cost-of-carry issue is out the window and you see prices coming off accordingly." Yawger expects the U.S. would lift its blockade of Iranian ports when a certain number of ships are seen crossing the strait unmolested by Iran. That could mean 20 to 40 ships a day, well below pre-conflict levels, he says. "That's the new reality until we get some kind of bad deal that everybody can live with." WTI rises 1.5% to $79.34 a barrel and Brent gains 1.7% to $84.73. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
July 15, 2026 09:15 ET (13:15 GMT)
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