The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0912 ET - Crude futures are higher as the U.S. continues its strikes on Iranian targets and Iran attacks U.S. bases and other sites around the Gulf. Adding to supply concerns are Houthi threats against Saudi shipping in the Red Sea and Ukraine's attacks on Russian energy infrastructure. Price advances with the latest escalation have been contained by expectations there could be a return to talks at any time. "Like everyone else I am gunshy on being overly bullish considering the headline risks that can be generated at any moment that will send oil down $5 when the market is clearly long," Scott Shelton of TP ICAP says in a note. WTI for August delivery is up 1.9% at $84.79 ahead of today's expiry and Brent is up 1.7% at $90.76.(anthony.harrup@wsj.com)
0850 ET - The Crop Progress report from the USDA showed the conditions of U.S. crops little changed entering this week. U.S. corn is in 67% good-or-excellent condition, off one point from the prior week. Soybean crops are 66% good-or-excellent, up a point from the previous week. While these changes are less than expected by the market, analysts are still lowering their yield outlooks for both U.S. corn and soybeans. In a note following the report's release, Michael Cordonnier of Soybean & Corn Advisor says that losses are expected to crop quality next week, due to the hot and dry conditions seen in prior days. Cordonnier cut his yield projections for corn down 1 bushel an acre to 181 bpa, while reducing soybeans by 0.5 bpa to 52 bpa. (kirk.maltais@wsj.com)
0726 ET - Copper prices rise more than 1.5%, supported by tightening supply conditions in China. Demand for refined copper strengthened after scrap shortages pushed China's Yangshan import premium to its highest level in more than a year, reflecting increased appetite for imported metal, according to ING analysts. Supply has also been constrained by maintenance at several Chinese smelters and with Beijing's copper inventories near the lower end of their seasonal range. Meanwhile, as more metal gets drawn into the Chinese market, stocks on the London Metal Exchange have fallen. Expectations of potential U.S. tariffs have provided additional price support, according to ING. Still, uncertainty surrounding global economic growth and the Federal Reserve's interest rate outlook could limit further gains in the near term. LME copper futures are up 1.5% at $13,854.50 a metric ton. (giulia.petroni@wsj.com)
0616 ET - Palm oil futures closed lower, weighed by a pullback in rival soy oil and potential profit taking overnight, Kenanga Futures analysts said in a note. The downside was likely cushioned by concerns over the possible impact of a super El Nino on future supply and expectations of strong demand from India ahead of the festive season, it added. Kenanga Futures pegs the support and resistance for the October contract at 4,560 ringgit a metric ton and 4,665 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for October delivery ended 34 ringgit lower at 4,609 ringgit a ton. (amanda.lee@wsj.com)
0454 ET - London's miners trade higher in mid-morning European trade as gold prices gain. This comes as mediators work on a new ceasefire agreement. Reports that talks were ongoing halted oil's rise and eased some inflation concerns. At the same time, investors have bought gold, which has suffered from some price weakness, MUFG's Soojin Kim writes. "Markets continue to balance the inflationary impact of higher energy costs against weaker U.S. economic data, with expectations that persistent inflation could prompt the Fed to maintain a tighter monetary policy stance," she writes. In New York, gold futures are up 1.3% at $4,068 a troy ounce. In London, precious metal miners Fresnillo, Hochschild Mining and Endeavour Mining all rise over 2.3%. Commodities giant Glencore gains 2% and Anglo American rises 1.5%.(adam.whittaker@wsj.com)
0427 ET - Gold prices gain more than 1% as diplomatic efforts for a U.S.-Iran ceasefire pause oil's rally. "Bullion is holding that line despite a firmer dollar and higher yields, as traders weigh Middle East inflation risk against mediation headlines," analysts at Saxo Bank say. In early trading, New York gold futures are up 1.4% at $4,071.90 a troy ounce. Escalating attacks in the Middle East pushed oil prices to their highest level in over a month on Monday, raising concerns over inflation pressure and interest-rate hikes, which increase the opportunity cost of holding non-yielding assets such as gold. While the Federal Reserve is widely expected to keep rates unchanged at next week's meeting, traders currently see more than a 60% chance of a rate hike in September, according to the CME FedWatch Tool. (giulia.petroni@wsj.com)
0330 ET - The war in the Middle East is expected to drag on, says Madison Cartwright, economist at CBA. CBA's base case suggests there is a 55% probability that the war will continue at the current intensity for at least the next 2 months, she adds. After two months, CBA expects that a diplomatic outcome will become more viable, and a deal to open the Strait of Hormuz can be negotiated. CBA assigns just a 15% probability to a diplomatic breakthrough and new ceasefire in the next two months.There is a 30% risk that the war escalates further in the next two months, she adds. (james.glynn@wsj.com; X @JamesGlynnWSJ)
0120 ET - Higher nickel ore prices are likely to support Central Omega Resources' earnings, despite a quota cut on mining, says UOB Kay Hian. Indonesia's new nickel ore benchmark pricing framework, which took effect April 15, and the limited nickel ore mining quota across the industry have driven realized prices of the commodity sharply higher, the analyst says. However, the brokerage cuts its 2026 and 2027 net-profit forecasts for the mining and mineral processing company by 6% and 21%, respectively, to reflect lower sales volume assumptions. It lowers the stock's target price to 820.00 rupiah from 900.00 rupiah, with an unchanged buy rating. Shares are 3.0% lower at 655.00 rupiah. (ronnie.harui@wsj.com)
2332 ET - Iron ore futures are lower. Prices are likely to remain range-bound in the near term, according to Nanhua Futures analysts in a research note. Both supply and demand are expected to be weak. "An increasing number of steel mills are undergoing maintenance as profits decline, leading to an anticipated drop in hot metal output," they say. Hot metal output is often used as an indicator of iron ore demand. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 1.4% at CNY747.0 a ton.(tracy.qu@wsj.com)
2254 ET - Palm oil falls in early Asian trading, weighed by weaker soybean oil prices on the Chicago Board of Trade, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Lower palm olein on the Dalian Commodity Exchange is also weighing on palm oil prices, he says. However, Ng expects declines to be limited, citing recent strength in crude oil prices and the implementation of Indonesia's B50 biodiesel program. The Bursa Malaysia Derivatives contract for October delivery is 30 ringgit lower at 4,613 ringgit a ton. (yingxian.wong@wsj.com)
2208 ET - Iron ore falls in Asian trade amid continued weak demand. The most-traded iron ore contract on the Dalian Commodity Exchange is 1.8% lower at 744.00 yuan a ton. ANZ Research analysts say steel mill margins are still deteriorating as production moderates, reflecting soft end-user demand for steel while China's property sector remains under heavy pressure. However, lower iron ore exports from Australia and Brazil are driving inventory drawdowns and leading to tightening supply that is providing some support to prices. (jason.chau@wsj.com)
2128 ET - Copper rises in Asian trade. Gains are likely spurred by signs of stronger demand in China, as the premium paid for copper over local supplies in the country rose to $100 a metric ton, from a January low of $20 a ton, say ANZ Research analysts, citing market-intelligence provider Shanghai Metals Market. This follows a tax shakeup in China triggering a shortage of copper scrap and boosting demand for imports, they add. Speculation that the U.S. may impose a tariff on refined metal has also seen an increasing amount of metal taken off-market and kept in stockpiles, ANZ adds. The three-month copper contract on the London Metal Exchange adds 0.1% to $13,638.50 a ton. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
July 21, 2026 09:15 ET (13:15 GMT)
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