The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0809 ET - Antofagasta investors could be looking for the exit if the war in the Middle East continues, RBC Capital Markets analysts write. The Chilean copper miner is at risk of a lower valuation as a prolonged war could weigh on global economic growth and sour investor sentiment, they add. Copper prices and shares in miners of the metal have risen sharply in the past year given its vital importance in data centers and electrification efforts. With oil flows out of the Middle East disrupted, prices are rising. The mining industry will face significant cost pressures but Antofagasta is relatively well-shielded for now, they say. The analysts cut the stock's rating to underperform from sector perform. Shares fall 0.9% to 3,244 pence. (adam.whittaker@wsj.com)
0735 ET - A prolonged conflict in the Middle East could cause copper equities to fall, RBC Capital Markets analysts write. Global economic growth forecasts might be downgraded as a result of the war and could push copper prices lower, they write. Investors might look for an exit given the stocks' exposure to global economic growth, they write. Cost inflation from higher fuel and electricity prices would also hurt miners' earnings, they say. The copper market could flip into a surplus as second-half production recovers with mine ramp-ups, they add. (adam.whittaker@wsj.com)
0713 ET - Copper prices are on track for a weekly loss of nearly 5%, pressured by concerns over global economic growth due to soaring energy prices as the Middle East war drags on. In afternoon trading, three-month LME copper falls 0.7% to $12,132.50 a metric ton. Analysts at Commerzbank say prices are also pressured by rising production from China. "Data from China shows that copper production continues to run at full speed," says Thu Lan Nguyen. "At the same time, global copper inventories on the exchanges remained stable at high levels." (giulia.petroni@wsj.com)
0632 ET - The Brent-WTI spread widened sharply this week, reaching its highest level in more than a decade as Middle East supply risks deepened the slip between global and U.S. crude benchmarks, market watchers say. The international oil benchmark is holding above $100 a barrel as severe disruptions in the Strait of Hormuz and attacks against key energy infrastructure in the Gulf region raise fears of supply shortages. The U.S. oil gauge WTI instead remains more insulated, reflecting domestic supply conditions. In midmorning European trading, Brent rises 1.6% to $110.42 a barrel, while WTI is up 0.5% to $93.46 a barrel. (giulia.petroni@wsj.com)
0523 ET - Aluminum prices could remain supported by expectations of tighter supply, even as softer demand and rising inventories in China weigh on the near-term outlook, says Howard Lau, China materials analyst at HSBC. Companies are becoming more sensitive to price changes, placing smaller, more frequent orders that reduce forward buying and lead to higher inventories across the market. However, structurally growing segments such as grid infrastructure remain less responsive to price changes and continue to support underlying consumption, Lau says. In mid-morning European trade, three-month aluminum on the LME rises 1.3% to $3,283.50 a metric ton, though prices remain on track for a weekly loss of more than 4%. (giulia.petroni@wsj.com)
0448 ET - London mining stocks rise as precious-metal prices tick upward. Metals came under pressure Thursday amid a selloff across markets as investors worried about the impact of the Middle East conflict on the global economy, ING's Warren Patterson and Ewa Manthey write. Metal prices however are up Friday, with gold futures rising 2.7% to $4,731.70 a troy ounce, while silver rises 3.4% to $73.68 an ounce. LME three-month copper futures are up 0.7% to $12,236 a metric ton. Precious metal miner Fresnillo is up 1.7%, while peers Hochschild Mining and Endeavour Mining both rise around 1.2%. Copper miner Antofagasta is up 0.9%. Diversified miner Anglo American rises 0.6%. (adam.whittaker@wsj.com)
0348 ET - Some Southeast Asian countries could face higher food inflation if the Middle East conflict persists, DBS economists write in a note. Food carries a significant weightage in these countries' consumer-price index basket, with Thailand, Vietnam and the Philippines being most vulnerable to increasing food prices. The Middle East is a dominant global exporter of nitrogen-based fertilizers, including urea, and accounts for 20% to 30% of the global share. "In terms of direct impact, we assess that Thailand--a key agriculture producer--is the most vulnerable regionally," DBS says. Singapore is also exposed to international food price shocks, despite diversifying across multiple sources.(amanda.lee@wsj.com)
0326 ET - Gold's recent fall looks meaningful but isn't unprecedented, says J.P. Morgan Private Bank's Yuxuan Tang in commentary. While gold is seen as a geopolitical hedge, it is common for the yellow metal to sell off alongside other assets during deleveraging periods, the strategist says. Two-way price volatility is now normal, given that gold's retail participation has been rising. She still sees gold as a portfolio diversifier with low correlation to stocks and bonds over time and maintains her year-end price outlook at $6,000-$6,300. "If this conflict [doesn't] lead to a sustained risk off environment coupled with additional dollar strength, investors who felt they 'missed the rally' may see this pullback as an opportunity to leg in," Tang adds. Spot gold rises 0.6% to $4,680.90 a troy ounce. (megan.cheah@wsj.com)
0320 ET - Gold prices are on track for a weekly fall of more than 7%, pressured by a stronger dollar and dimming hopes for further interest-rate cuts in the near term. In early European trading, New York futures rise 1.7% to $4,682.20 a troy ounce, rebounding from the previous session. However, market watchers say investor demand has weakened and the precious metal has been under pressure from ETF outflows. "Upward momentum has faded," ING analysts say. "Some investors are selling gold to raise cash or rebalance portfolios." A higher interest-rate environment typically pressures non-yielding bullion, while a firmer dollar makes commodities more expensive for overseas buyers. (giulia.petroni@wsj.com)
2235 ET - Aluminum prices are expected to be supported by tightening global supply and steadily rising demand, says Morgan Stanley, which initiates coverage of Chuangxin Industries and Tianshan Aluminum with overweight ratings. The bank expects limited supply growth in China, given a strictly enforced capacity ceiling. "Escalating tensions in the Middle East could further widen the supply deficit, driving upside to prices," MS says. It puts a HK$37.50 target price on Chuangxin and a 23.20 yuan target price on Tianshan. Shares of Chuangxin are up 0.9% at HK$25.74, and Tianshan shares are down 2.7% at CNY15.76. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2233 ET - Iron ore futures rise in Asia's trading session. The move comes after China relaxed some buying restrictions on BHP's cargoes, says Commonwealth Bank of Australia. While volatility could remain elevated in the short term, the broader supply balance for the ferrous metal looks more relaxed for the year, says ING's Warren Patterson and Ewa Manthey. They note China's rising port inventories due to strong producer shipments and persistent weak steel demand amid a prolonger property downturn in the country. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.7% higher at 812.50 yuan a metric ton.(megan.cheah@wsj.com)
2218 ET - Westgold Resources could deliver production rates above consensus and ongoing capital returns via both buybacks and dividends, says UBS, which initiates coverage of the stock with a buy rating. It puts a A$10.25 target on Westgold's shares. The gold miner seems poised for steady growth, says UBS, which expects there will be a good business case to expand Higginsville further, to four million metric tons per annum. UBS also reckons there's more value to be found in its noncore asset sales, although "the exact quantum is unclear." Westgold is down 2.4% at A$5.25. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
March 20, 2026 09:15 ET (13:15 GMT)
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