The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0250 GMT - Copper falls in Asian trading, with the three-month LME copper contract 0.3% lower at $13,840.00 a ton. Investors are digesting macro concerns stemming from the Middle East conflict as well as supply tightness in China, ANZ Research analysts say in commentary. Nanhua Futures analysts note that domestic spot liquidity continues to shrink in China, as cross-regional supply reallocation remains insufficient. Meanwhile, prices face pressure from the off-peak season weighing on end-user demand, Nanhua adds. (tracy.qu@wsj.com)
0249 GMT - Palm oil falls in early Asian trading amid expectations for producing countries' stockpiles to grow, AmInvestment Bank says in a note. Malaysia's inventories are expected to swell to a record high this year as production outpaces exports, it says. Annual output could exceed 20 million tons despite the coming El Nino, which brings hotter and drier weather, with its impact likely to become more pronounced next year, it adds. AmInvestment Bank expects prices to face resistance at 4,661 ringgit a ton and find support at 4,570 ringgit a ton. The Bursa Malaysia Derivatives contract for October delivery is 12 ringgit lower at 4,598 ringgit a ton. (yingxian.wong@wsj.com)
0237 GMT - Indah Kiat Pulp & Paper is likely to benefit from tailwinds, Bahana Sekuritas' Arvin Lienardi says in a research report. Its pulp-price environment looks favorable with hardwood pulp prices currently above $600 per ton and July futures having reached $650 a ton, signaling continued firmness, the analyst says. Second, the Indonesian company's 2.4-million-ton industrial paper mill in Indonesia's Karawang finally came online in 1H, and is expected to help boost core profit growth by 55% in 2026 and 20% in 2027. The brokerage initiates coverage of the stock with a buy rating and a target price of 10,600.00 rupiah. Shares are 0.3% higher at 7,900.00 rupiah. (ronnie.harui@wsj.com)
0227 GMT - Iron ore falls in early Asian trade as the global demand outlook continues to deteriorate, ANZ Research analysts say. Chinese steel mill profit margins have slipped further from last week to 37%, down 23 percentage points from a year earlier, the analysts say, citing data from Mysteel. Operating rates at blast furnaces, one of the primary consumers of iron ore, have also declined, piling further pressure on futures. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 0.7% at 742.0 yuan a ton. (jason.chau@wsj.com)
0054 GMT - Crude palm oil prices could range between 4,400 ringgit a ton and 4,650 ringgit a ton in August, supported by the B50 biodiesel mandate in Indonesia, firmer energy markets and improved biodiesel economics, Malaysian Palm Oil Council says in a note. Renewed U.S.-Iran tensions drove gasoil prices up 30% between early and mid-July, pushing them above both palm oil and soybean oil prices, it says. However, further gains are expected to be capped by softer demand and ample vegetable oil inventories in key consuming markets, it adds. The Bursa Malaysia Derivatives contract for October delivery ended 34 ringgit lower at 4,609 ringgit a ton.(yingxian.wong@wsj.com)
0035 GMT - Gold advances in Asian trade. Prices are likely supported by a broad pullback in global bond yields and a softer dollar as markets weigh the prospect of renewed U.S.-Iran talks, says Tickmill's Joseph Dahrieh in commentary. "Optimism around a possible truce could ease concerns over energy-driven inflation, reducing the perceived need for the Federal Reserve to tighten monetary policy aggressively," he says. A higher interest-rate environment typically weighs on nonyielding assets such as gold. XS.com's Antonio Di Giacomo expects gold prices to increase gradually from a technical perspective, as long as it maintains above $4,000 a troy ounce, with $4,100 as the immediate resistance level. Spot gold gains 0.5% to $4,094.89 an ounce. (megan.cheah@wsj.com)
1935 GMT - The most-active contract for lean hogs has switched to October delivery, but that contract closed up 0.5% to 88.2 cents a pound. That's well below the $1.01 a pound that August futures closed at today, but gives the October contract a lot of room to move higher to meet August's level. "The daily chart uptrend remains intact, supported by rising cash hog prices," says Joe Davis of Futures International in a note. Average carcass cutout prices gained $2 per hundredweight through midday today, to $105.10 per cwt, according to USDA data. Live cattle futures close virtually unchanged at $2.2645 a pound. (kirk.maltais@wsj.com)
1905 GMT - Oil futures rise for a third straight session as the U.S. and Iran continue strikes, while President Trump says the U.S. isn't interested in a meeting until Iran is ready to meet in what he called "a meaningful way." His comments dampen expectations for a quick return to the negotiating table. "The market remains supported by elevated geopolitical risk, but any meaningful diplomatic breakthrough could quickly remove part of the current risk premium," analysts at Kotak Neo say in a note.WTI for August delivery goes off the board at $84.91 a barrel, up 2%, while the September contract rises 2.3% to $84.34. Brent settles up 2% at $91.01 a barrel. (anthony.harrup@wsj.com)
1903 GMT - U.S. natural gas futures end a rangebound session near flat as cooling demand in the south and central U.S. is tempered by milder temperatures in the east and prospects that Tropical Storm Bertha could interrupt LNG exports in the Gulf and bring cooling rains to parts of Louisiana and Texas. The August contract remains "stuck between support near the upper $2.70s and resistance around the $3.00 level," Gelber & Associates says in a note. "The broader balance still leaves sellers with room to defend resistance." Nymex natural gas settles up 0.2% at $2.865/mmBtu.(anthony.harrup@wsj.com)
1812 GMT - Trump's new 50% tariffs should only affect a narrow slice of Canadian forest-product exports, says TD Cowen's Sean Steuart. He says in a report that major Canadian forest products are "seemingly exempted from the annex list provided by the U.S. government," and that only a few equities will likely be exposed to potential Section 338 tariffs. Steuart says the tariffs apply mainly to paper packaging, tissue, and certain specialty engineered wood products, while major Canadian exports like softwood lumber, OSB, and market pulp are excluded. He notes that KP Tissue is the most exposed, while Cascades and West Fraser Timber are only marginally exposed to the tariffs. (adriano.marchese@wsj.com)
1808 GMT - Front-month gold and silver settle higher, getting a boost as equities also rise on strength in technology shares as earnings season heats up. Silver rose for the third consecutive day, climbing 3.6% to $58.835 a troy ounce. Analysts have pointed to silver's usage in tech as a factor supporting the white metal. Front-month gold finishes 1.5% higher to $4,071.10/oz, making it two out of the past three sessions that gold has closed higher. (kirk.maltais@wsj.com)
1750 GMT - Movement in energy prices is supporting the turnaround seen in grain futures this afternoon, says Oliver Sloup of Blue Line Futures. "I think you see strength in the energy complex; oil, heating oil, RBOB also offering support," says Sloup. Light crude is up 2.5%, to $85.28 a barrel, according to LSEG data, with Brent crude oil up 2.2%, to $91.19 a barrel. Grains like corn have been riding waves with energy prices, due to the usage of it in renewable fuels like ethanol. Most-active CBOT corn is up 0.6%, while wheat rises 0.5% and soybeans fall 0.3%. (kirk.maltais@wsj.com)
(END) Dow Jones Newswires
July 22, 2026 00:15 ET (04:15 GMT)
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