The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0322 GMT - Iron ore is lower in early Asian trading. Prices are likely to be under pressure in the near term as fundamentals remain soft, according to Nanhua Futures in a note. Supply remains ample, with shipments holding at elevated levels compared with a year earlier, they say. However, demand from mill restocking could give the metal some support, they say. The most-traded iron ore contract on the Dalian Commodity Exchange is 0.7% lower at 684.5 yuan a ton. (tracy.qu@wsj.com)
0306 GMT - BHP shares are in line with most high-quality copper stocks at spot EV/Ebitda, ahead of diversified peers, says UBS. BHP is the top-performing major industrial miner so far in 2026, with the stock re-rating from roughly 7x EV/Ebitda to around 8.5x. UBS thinks BHP deserves to trade at a premium to other diversified miners based on its consistent strong operational performance, high-quality assets and its copper-rich commodity mix. "Over the last two years, BHP has delivered strong operational performance and set out an enticing copper growth story which has supported a meaningful re-rating." UBS maintains a neutral rating, saying the risk-reward is more attractive in Anglo American and Glencore, and keeps a target price of 62.00 Australian dollars. The stock is up 2.4% at A$58.98. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
0223 GMT - Copper prices are higher in early Asian trading, though mounting macro headwinds cloud the outlook, Dongwu Futures analysts write. Investors are reassessing the U.S. tariff outlook following a Democratic sweep of Congress in the midterm elections, while concerns about tighter regulation potentially weighing on AI-related demand premiums have added to pressure, they say. Tightness in copper concentrate markets persists, with spot treatment charges holding at low levels amid annual term contract negotiations, they add. China's refined copper output is expected to decline further in November. Demand remains subdued, they add. Near term, copper prices will likely remain volatile and trade with a weaker bias despite a constructive longer-term supply outlook, they say. The three-month LME copper contract rises 0.7% to $13,859.50 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
0022 GMT - Gold prices edge higher in early Asian trade amid mixed cues. The precious metal rebounded sharply last week after Democrats' sweeping win at the U.S. midterm elections. Investor expectations that a Democrat-controlled Congress would push to end the Middle East conflict are growing, ANZ Research analysts say in a note. Meanwhile, a divided U.S. government could mean limitations on spending and borrowing, easing fiscal concerns, they note. However, stronger-than-expected U.S. payrolls data on Friday raised concerns of further Fed rate hikes, weighing on demand for the unyielding asset, they add. Spot gold is 0.2% higher at $4,075.24 a troy ounce. (sherry.qin@wsj.com)
2352 GMT - Ansell keeps its bear at Citi despite easing input costs and improving margins. Analyst Laura Sutcliffe acknowledges that the personal protective equipment maker's input costs have cooled since the end of June, but tells clients in a note that they remain elevated. She says Ansell's margins are trending in the right direction, but points out that this is already captured by consensus forecasts. Citi keeps a sell rating on the stock with a target price of 39.50 Australian dollars. Shares are up 0.5% at A$45.88.
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