The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET. Almonty Industries will likely benefit from near-term revenue and earnings as it ramps up the Sangdong tungsten mine in South Korea, capturing higher spot price of the metal. DA Davidson analyst Matt Summerville says that global tungsten and molybdenum prices are hovering near historical highs on stronger demand, which should drive revenue through 2028 higher than previously thought. Beyond Sangdong, the company has other projects that will continue to contribute, alongside upcoming downstream products like tungsten oxide. DA Davidson raises its target price on the stock to $33 from $25, noting its model assumptions remain conservative relative to current commodity spot prices. Shares are trading 8.3% higher at $15.78 in New York. (adriano.marchese@wsj.com)
0633 ET - ArcelorMittal steel is crucial to Europe's energy transition, Jefferies analysts write. The steelmaker "appears well-placed through its exposure to electrical steel, renewables and electric arc furnaces to benefit from growing electrification demand." Support from the European Union and defensive trade policies will further bolster the stock. "Steel is increasingly being recognized by governments as a strategic material," Jefferies says. Around 13% of ArcelorMittal's revenues are linked to energy transition, the analysts say. Amsterdam shares in the cross-listed stock climb 6.35%, making ArcelorMittal the second highest riser in the Europe-wide Stoxx 600. (josephmichael.stonor@wsj.com)
0616 ET - Crude palm oil ended lower amid concerns over rising stock levels in Malaysia, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. Weaker-than-expected export performance, lower crude oil and soybean oil prices were also added to the price pressure, he says. Ng sees palm oil prices supported above 4,500 ringgit a ton and faces resistance at 4,680 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery falls 83 ringgit to 4,511 ringgit a ton. (tracy.qu@wsj.com)
0540 ET - BASF might raise its full-year earnings outlook on Friday, since it prereleased results to adjust its guidance this time last year, Citi analysts say in a research note. However, any increase is likely to remain below current market expectations, the analysts add. The German chemical giant is expected to post broadly solid second-quarter results, with some upside potential in the materials business, Citi says. The analysts expect investors to largely look beyond any earnings beat. Following the recent decline in the share price and bearish investor sentiment, analysts see the risk-reward balance as favorable, arguing that any negative market reaction should be limited. Shares are up 0.4% at 47.64 euros. (nina.kienle@wsj.com)
0330 ET - Gold prices find some support as fears of a major escalation in the Middle East ease, ANZ analysts write. In New York, futures are down 0.4% at $4,122.50 a troy ounce. The precious metal had been under pressure earlier this week as inflation fears grew after President Trump said that the Iran ceasefire was over. Concerns of a rebound in oil prices left investors fearing interest-rate increases. Higher rates weigh on nonyielding assets like gold. (adam.whittaker@wsj.com)
0158 ET - Rio Tinto might be looking to build out its organic copper-growth pipeline, similar to how peer BHP did with its Vicuna deal, UBS says in a note. Rio was reported to be considering a bigger stake in the Los Azules copper project in Argentina, according to a Reuters article in May. UBS reckons the giant miner could be looking to complement its organic growth plans in lithium, aluminum and iron ore, as it ramps up recent copper projects such as the Oyu Tolgoi mine expansion. Rio currently lacks meaningful copper growth options in the 2030-2035 period, with projects like Resolution longer dated, UBS says. It notes that Rio had looked to address the gap in its copper pipeline with the failed deal talks with Glencore. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2250 ET - Palm oil falls in early Asian trade, weighed by lower soybean oil prices overnight on the Chicago Board of Trade as well as weaker crude oil prices, AmInvestment Bank says in a note. Lower palm olein on the Dalian Commodity Exchange is also seen pressuring palm oil prices, it says. Technical analysis suggests CPO futures are undergoing a minor pullback, it adds. AmInvestment Bank expects prices to face resistance at 4,628 ringgit a ton and support at 4,561 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery is lower by 24 ringgit at 4,570 ringgit a ton. (yingxian.wong@wsj.com)
1945 ET - Investors will be focused on cost commentary and the performance of the iron-ore business when Rio Tinto reports its 2Q operational result next week, Macquarie says. Rio's Australian iron-ore operations are recovering from the impact of tropical cyclones earlier in the year. There will also be a focus on how the Oyu Tolgoi copper-mine ramp up is going, Macquarie says. The bank expects 2Q Pilbara iron-ore shipments of roughly 84.1 million metric tons and copper output around 218,100 tons, both in line with consensus estimates. "We expect a pretty in-line result at the quarterly, which is a positive after a weather impact in 1QCY26," it says. Macquarie has a neutral rating and A$180/share target on Rio. Shares ended Thursday at A$158.52.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)
1904 ET - Australian stocks look set to edge higher in early trade after the S&P 500 closed near a record high. Local stock futures are up by 0.1% before the bell, suggesting that the S&P/ASX 200 could snap this week's four-day losing streak. Ahead of the open, Elevra Lithium reported a 15% rise in spodumene concentrate output quarter-over-quarter but noted that realized prices lagged spot-market prices, as previously flagged. Sandfire Resources said a study for the Black Butte Copper Project in Montana has been updated and that it continues to assess the project's strategic fit within its portfolio. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
July 10, 2026 12:20 ET (16:20 GMT)
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