The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0332 GMT - 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)
0254 GMT - 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)
0208 GMT - 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)
0128 GMT - 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)
0109 GMT - Gold still offers value as a hedge against large equity-price declines, says Capital Economics' Thomas Mathews in a note. The yellow metal has arguably behaved more like a "risky" asset than a "safe" one lately, as its recent price volatility has been comparable with that of the benchmark S&P 500 stock index, the strategist says. Gold's underperformance amid the Middle East conflict also seems to undermines its alleged inflation-hedge status, he says. However, gold's link with real bond yields still seems intact, and he expects that any fall in real yields would give the metal a boost. He also doesn't anticipate gold's recent positive correlation with equities to last if the economy takes a blow and spurs the Federal Reserve to cut policy rates aggressively. Spot gold rises 0.3% to $4,022.19 a troy ounce. (megan.cheah@wsj.com)
0031 GMT - Gold edges higher in Asian trade. Physical demand for the metal, particularly in China, and central bank buying are underpinning the gold market, say ANZ Research analysts in a note. While bullion faces near-term headwinds from Federal Reserve tightening expectations and a firm dollar, investment positioning in the yellow metal looks lean after months of exchange-traded fund outflows, which suggests further declines could be limited, the analysts add. A higher interest-rate environment typically weighs on nonyielding assets like gold. Spot gold rises 0.1% to $4,014.07 a troy ounce.(megan.cheah@wsj.com)
2325 GMT - AIC Mines has been sold off after its 4Q output softened slightly, but Ord Minnett stays bullish and says there aren't likely to be any lingering issues from the quarterly result. Ord Minnett raises its price target by 5.9%, to A$0.90/share, citing AIC Mines's new outlook that includes an accelerated expansion of its Eloise copper project. AIC Mines now expects to reach 25,000 tons of copper concentrate annually by FY29, beating expectations. "There is now improved valuation appeal," says analyst Paul Kaner. AIC Mines's share price closed Monday at A$0.625, close to a one-month low. Ord Minnett retains a "speculative buy" call on its stock. (david.winning@wsj.com; @dwinningWSJ)
Capital Management is shaping up as an option for Aurelia Metals, says Jefferies. Aurelia Metals had A$143.9 million in cash at the end of June. That was up A$49.2 million on 3Q and beat consensus hopes by 14%. Analyst Daniel Roden notes Aurelia Metals's liquidity stands at A$183.9 million, and the company hasn't drawn on its A$40 million revolving credit facility. "The new facility carries no cash-backing requirement, materially lower financing costs, and opens forward capital management as a live option," Jefferies says. It retains a buy call and A$0.40/share price target on Aurelia Metals, which ended Monday at A$0.29. (david.winning@wsj.com; @dwinningWSJ)
2250 GMT - Jefferies assumes AIC Mines's expansion of its Eloise copper project will incur capital costs of A$30 million. That's higher than the A$15 million guided by the company to bring Eloise's capacity to 1.5 million tons of ore a year. Still, analyst Daniel Roden says the capex forecast is "meaningfully below our prior estimated A$45 million-A$65 million, given key long-lead items have been oversized during Stage 1." AIC Mines says the expanded Eloise operation will be ready in the December quarter of 2028. That's around two years earlier than previously planned. Jefferies has a "buy" call on AIC Mines and raises its price target by 11%, to A$1.00/share. AIC Mines ended Monday at A$0.625. (david.winning@wsj.com; @dwinningWSJ)
2213 GMT - The Canadian dollar weakened after President Trump's plan to impose a 50% tariff on a broad range of goods. The escalation in trade tension "threatens to damage the Canadian economy and add to the strain of an already vulnerable currency," says Karl Schamotta, chief market strategist at forex firm Corpay. The 50% duty, he says, will apply regardless of whether they were previously exempted under USMCA's terms--removing a key protection for Canadian exporters. There are carve outs, such as energy, which Schamotta says should limit the macroeconomic blow. Along with the tariffs, the White House unveiled a series of measures aimed at building up aluminum-smelting capacity in the US, which Schamotta warns could hit Canada hard. Canada is America's top foreign supplier of the metal. (Paul.Vieira@wsj.com, @paulvieira)
2040 GMT - Cracker Barrel investors seem to approve of the company's lifted outlook and strategic actions, with the stock up 5% to $56.34 after-hours. The company said it divested from the Maple Street Biscuit Co. business and entered a sale-leaseback transaction for 26 company-owned locations. The actions mean that it will exceed its adjusted Ebitda guidance and meet or exceed its revenue guidance for the fiscal year, which ends July 31. The news continues some positive momentum for Cracker Barrel, which defied expectations of a third-quarter loss earlier this summer. (elias.schisgall@wsj.com)
1937 GMT - Live cattle futures on the CME settle higher. It's the first higher close for the most-active cattle contract in 15 trading sessions, pumping the brakes on a losing streak that saw the contract shed roughly 9%. Lackluster consumer demand for beef now that Independence Day has passed was behind the slide in prices, and also seen as a needed move backward after rising to all-time record highs earlier this year. But ongoing issues with New World screwworm in the U.S. look to be supportive for cattle futures, analysts say. Live cattle futures rose 0.9% to $2.265 a pound. Lean hog futures close down 0.4% to $1.01225 a pound. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
July 21, 2026 00:15 ET (04:15 GMT)
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