The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0805 GMT - Risks to Zambia's copper mining industry are easing after Thursday's peaceful presidential vote in Africa's second-largest producer of the industrial metal, says Zaynab Hoosen, head of Africa Risk Forecasting at Pangea-Risk. Investors have committed as much as $10 billion to Zambia's copper mining industry since President Hakainde Hichilema came to office five years ago, although pressure is mounting on the government to ensure that the mining boom delivers economic benefits amid surging global copper demand. "Zambia's election comes at a critical point as global powers compete for a foothold in Africa's critical mineral supply chains," Hoosen says in a note. "President Hakainde Hichilema entered the vote as the favorite for a second term."(Nicholas.Bariyo@wsj.com;@Nicholasbariyo)
0750 GMT - London's miners fall as gold trades lower and heads for a small weekly loss. New York gold futures fall 0.8% to $4,385.90 a troy ounce after a rally this week, with the dip suggesting there has been some profit-taking, MUFG's Soojin Kim writes. Copper miner Antofagasta continues to slide, having fallen nearly 7% Thursday on a copper guidance cut. It trades down 4.2%. Glencore falls 2.5% while precious metal miners Hochschild Mining, Fresnillo and Endeavour all fall over 2%. (adam.whittaker@wsj.com)
0621 GMT - Antofagasta's growth projects are on track and will deliver meaningful volume growth over the medium term, Berenberg analysts Richard Hatch and Jasper Mainwaring write. The copper miner's Centinela concentrator project and Los Pelambres concentrate pipeline and expansion of the desalination plant will help drive volumes to 818,000 metric tons in 2028 from 654,000 tons in 2025. Shares closed Thursday at 3,756 pence. (adam.whittaker@wsj.com)
0059 GMT - Gold declines in Asian trade. The yellow metal struggled to extend its rebound despite softer-than-expected U.S. producer-price index data, which suggests the next leg higher for gold prices might not be straightforward, say OCBC Group Research strategists Sim Moh Siong and Christopher Wong in a note. "Near-term consolidation or a moderate pullback cannot be ruled out unless softer data translate into lower yields/USD and firmer investment flows," they say. A high interest-rate backdrop typically weighs on nonyielding gold, while a stronger dollar usually makes the dollar-denominated precious metal more expensive for holders of non-dollar currencies. Spot gold drops 0.2% to $4,341.14 a troy ounce. (megan.cheah@wsj.com)
1502 GMT -- Lithium Americas' 2Q results show steady progress and disciplined execution on its flagship Thacker Pass project in Nevada. The company says detailed engineering design tops 95% and procurement exceeds 80%, and notes that mechanical completion remains on target for late 2027. The company is also pushing through cost headwinds, including an estimated $80 million to $100 million in potential tariff exposure and Middle East shipping reroutes, but still turned a small profit, and maintains its full-year capex guidance at $1.3 billion to $1.6 billion. Still, the company has $1.3 billion in reserve, as well as a new $175 million convertible debenture facility to fund its ongoing construction ramp. Shares in Toronto are up 6.6% at C$4.84. (adriano.marchese@wsj.com)
1023 GMT - Palm oil rises during Asian trading, supported by expectations of strong demand from major buyer India ahead of the festive season, Kenanga Futures says in a note. Higher tropical-oil inventories and uncertainty over U.S.-Iran peace negotiations may be capping further gains, it adds. The Bursa Malaysia Derivatives contract for October delivery rose 27 ringgit to 4,724 ringgit a ton. (kimberley.kao@wsj.com)
0853 GMT - Antofagasta's modest first-half earnings beat is countered by a copper guidance cut that will likely lower full-year Ebitda expectations by a low single-digit percentage, J.P. Morgan analysts write. The miner said it now expects full-year copper production between 625,000 and 655,000 metric tons from a prior target of 650,000 to 700,000 metric tons. This is due to heavy rains in Chile that temporarily halted mining. Shares fall 5.6% to 3,804 pence.
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