The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.
0816 GMT - Norsk Hydro is well-placed to take advantage of elevated aluminum prices, RBC analyst Marina Calero writes. With the Middle East conflict showing no signs of de-escalating, supply risks are mounting. The region is home to 9% of global production, and the closure of the Strait of Hormuz makes it challenging, if not impossible, to export production and import raw materials. RBC now assumes no production at Norsk Hydro's Qatar joint venture this year. However, the Norwegian company is blessed with low-cost hydropower, stands to benefit from higher aluminum prices and European premiums, and its energy division could see windfall prices. RBC upgrades its rating on Norsk Hydro to outperform from sector perform and lifts its price target to 95 Norwegian kroner from 85 kroner. Shares rise 2.9% to 88.04 kroner. (dominic.chopping@wsj.com)
0235 GMT - 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)
0233 GMT - 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)
0218 GMT - 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)
2202 GMT - Higher fuel prices and scarcity due to the conflict in Iran could affect the 2H26 production and FY27 guidance targets of Australia's gold miners, says Ord Minnett. Feedback so far is that it's had little impact. Ord Minnett notes that miners typically have at least six weeks of fuel supply socked away as a contingency. Analyst Paul Kaner says diesel accounted for 2-15% of gold miners' costs before the conflict began. So, Ord Minnett "is not anticipating material changes to outlooks but flag it as a key inflationary risk/productivity risk should the Strait of Hormuz remain shut for an extended period." Ord Minnett says some miners are more protected from rising fuel costs, such as Evolution Mining, than others. It puts St Barbara in the latter camp. (david.winning@wsj.com; @dwinningWSJ)
2159 GMT - Canaccord Genuity lowers its target on Boss Energy after the uranium miner's mineral resource update, showing more resources but lower grades at the Gould's Dam and Jason's deposits. "Clearly these satellite deposits, like East Kalkaroo, lack continuous high-grade mineralization," the broker says. It cuts its target to A$2.55 from A$2.80. The broker keeps a speculative buy rating. Boss Energy ended Thursday down 6.8% at A$1.52. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
1808 GMT - Front-month silver futures have now settled lower for seven consecutive sessions, with the contract finishing the day down 8.2% to $70.902 a troy ounce. Silver is off more than 20% in that time, weighed down by an anticipated impact to industrial demand from the surge in petroleum fuel costs from the war in Iran. It's the longest losing streak for silver since December 2023. Gold finished lower by 5.9% to $4,600.70/oz, making it six out of the past seven sessions that gold has settled lower. Gold fell 8% in the past two sessions alone. (kirk.maltais@wsj.com)
1539 GMT - Metals used in industrial manufacturing are being hit as analysts question the impact on China's manufacturing sector from the disruption in natural gas and oil from the war in Iran. Silver's surge in preceding months was partially founded on the expectation that it would have increased demand from semiconductor makers, so hiccups limiting how much industrial output China may have are weighing on prices. Silver is down 10.5%, while other metals like aluminum and copper are also falling. Gold sinks 6.4%. (kirk.maltais@wsj.com)
1509 GMT - CBOT corn futures are up 0.8%, leading the row crop complex higher as natural gas futures surge. Fertilizer is the key concern among traders, with corn the most exposed to higher fertilizer costs because it's a nutrient-intensive crop. Analytics provider DTN says urea and anhydrous ammonia prices jumped by 12% and 7%, respectively, from this time last month, as energy-producing infrastructure in the Middle East comes under attack. Natural gas is essential for producing nitrogen-based fertilizers. Soybeans are getting less support, because they generally use less fertilizer than corn, says Doug Bergman of RCM Alternatives in a note. (kirk.maltais@wsj.com)
1002 GMT - A more marketed risk-off move in financial markets amid the Middle East tensions will be required for gold to shine, says Julius Baer head of next generation research Carsten Menke in an email. Prices of the precious metal are suffering from the rebound of the U.S. dollar and the rise in U.S. bond yields, particularly since their previous surge was very much built on the narrative of the a debasement trade of the greenback, he adds. Those who bet on precious metals expecting to benefit from a debasement of the U.S. dollar were caught on the wrong side of this trade since the start of the war, he says. Julius Baer maintains its established views of being constructive on gold and neutral on silver. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
0925 GMT - A weak start to the year is likely a concern for Lanxess shareholders, analysts at JPMorgan write in a note to clients. The German chemicals supplier said in Thursday's earnings update that it doesn't expect any positive momentum until the latter half of the year as it pins its hopes on German fiscal stimulus to help it turn around last year's slide in sales and profit. But the group's adjusted Ebitda guidance for 2026 suggests an on-year improvement only at the top end of the range. "This implies that a significant step-up in earnings may be needed over the rest of the year to deliver even the low end of the guidance range," JPM notes. The bank has an underweight rating and a 15-euro target on the stock; shares lose around 6.9% to 12.44 euros. (joshua.kirby@wsj.com; @joshualeokirby)
0838 GMT - Kingboard Holdings' investments in artificial-intelligence upstream materials and chemicals are likely to boost 2027 earnings, say Citi analysts in a note. The Hong Kong-based copper-foil manufacturer's 2026 core earnings could fall, particularly as the company is placing shares in subsidiary Kingboard Laminates and therefore reducing the unit's profit contribution. The analysts cut their 2026 core earnings estimate by 11%. After 2026, the first contributions from new AI-related and chemical projects should come in, leading the analysts to raise their 2027 earnings projection by 4.0%. Still, Citi prefers Kingboard Laminates to Kingboard Holdings as the former is a pure AI upstream materials play. Citi raises its target price on Kingboard Holdings to HK$48.00 from HK$45.00 and maintains a buy rating. Shares closed 5.3% lower at HK$37.50. (megan.cheah@wsj.com)
(END) Dow Jones Newswires
March 20, 2026 04:20 ET (08:20 GMT)
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