The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.

0615 ET - Palm oil fell in the Asian trading session, as investors likely turned to profit-taking after recent gains, as sentiment improved last week on easing trade tensions, Kenanga Futures writes in a note. Prices likely tracked the overnight weakness in rival soy oil, coupled with pressures from a stronger ringgit that may also curb demand, the firm adds. The Bursa Malaysia Derivatives contract for July delivery was MYR96 lower at MYR3,961 a ton.(kimberley.kao@wsj.com)

0542 ET - Uncertainty surrounding OPEC+'s planned output increase in June and growing concerns about the group's unity are posing significant downside risks to the oil market, according to BNP Paribas' head of energy strategy Aldo Spanjer. Following reports that Kazakhstan will prioritize national interests over compliance with production quotas, BNP doesn't expect the country to cut output to compensate for overproducing. This could also lead to a larger OPEC+ supply hike in June, contributing to near-term weakness in the market. "We see this as the largest bearish driver in the market, with the risks to OPEC+ unity growing," Spanjer says. BNP forecasts Brent crude in the high $60s a barrel in the second quarter and at $70 a barrel in the third. The international oil benchmark is estimated to average around $65 a barrel by the end of the year. Currently, Brent is down 0.2% at $65.65. (giulia.petroni@wsj.com)

0528 ET - Base metal prices are mixed, with LME three-month copper up 0.1% at $9,364.50 a metric ton and LME three-month aluminum down 0.3% at $2,430.50 a ton. Copper is up 1.2% on week as the latest data from the Shanghai Futures Exchange pointed to a record decline in inventories in China, reflecting strong demand in the physical market, ING analysts say in a note. Copper inventories fell by 54,858 tons for a fifth consecutive week to 116,753 tons as of last Friday. Last week, China said it will "fully prepare" emergency plans to defend against external market shocks and said it will exercise patience in defending growth, focusing on medium and long-term plans. The government also indicated it is considering suspending its 125% tariff on some U.S. imports. (joseph.hoppe@wsj.com)

0411 ET - European natural-gas prices fall on easing concerns over supplies during the storage injection season. The benchmark Dutch TTF contract trades 0.8% lower at 32.17 euros a megawatt hour and is down nearly 10% on the week. "Weaker demand in Asia reverberates around the world," ANZ Research analysts say. "China's imports of LNG are expected to fall to 4.9 [million tons] in April, according to ship tracking data. This would be the sixth month in a row where it's recorded a year-on-year decrease." As a result, an increasing number of LNG cargoes are being redirected to Europe. Data from Gas Infrastructure Europe shows that storage levels in the European Union are currently 38.4% full amid continuous net injections since the end of March. (giulia.petroni@wsj.com)

0403 ET - Gold futures are flat at $3,298.90 a troy ounce on a stronger U.S. dollar and signs of easing U.S.-China tensions. Gold prices slid on Friday after briefly breaching $3,500/oz earlier in the week. The most interesting point for markets is that buying demand from Asia appears to have dried up, at least for the time being, Pepperstone's Michael Brown says in a note. This could suggest more downside pressure in the near-term, which could be further exacerbated by some investors with weaker long positions bailing out the incredibly crowded gold trade, Brown writes. Given intense market uncertainty and volatility elsewhere, gold still looks like the best safe-haven bet on offer, he adds. (joseph.hoppe@wsj.com)

0337 ET - Oil prices edge higher, but lingering uncertainty over trade talks and the prospect of increased OPEC+ supply continue to cast a shadow on the overall outlook. In early European trading, Brent crude and WTI both rise 0.2% to $65.92 and $63.18 a barrel, respectively. Concerns about weaker global demand due to the U.S.-China trade war continue to drag on sentiment, with mixed signals surrounding the status of negotiations. "An agreement between the U.S. and China appears someway off," analysts at ANZ Research say. Meanwhile, the OPEC+ alliance is set to convene virtually next week to discuss supply quotas for June. Traders are also closely monitoring nuclear talks between the U.S. and Iran, which are slated to continue this week, as well as negotiations for a peace deal in Ukraine following a one-on-one meeting between Presidents Trump and Zelensky at the Vatican on Saturday. (giulia.petroni@wsj.com)

0257 ET - Michelin's strong first-quarter update supports the idea that the French tiremaker is a deglobalization winner, Bernstein analysts say in a research note. The company delivered an impressive performance that shows the strength of its underlying business despite headwinds from declines in auto production, the analysts say. If anything, Michelin is a net beneficiary of tariffs, according to Bernstein. Michelin has strong domestic production and any potential cost hit from tariffs on imported tires and steel could be offset with a 3% U.S. price increase, the analysts say. This should be easy to pass given peers including Sumitomo, Yokohama and Goodyear have already announced bigger price hikes, Bernstein says.(adria.calatayud@wsj.com)

0048 ET - The market looks beyond Lynas's 3Q operational miss to its comments on pricing, which are "a sign that supply anxiety could result in LYC getting paid a non-China price" for new heavy rare earths products, says Barrenjoey analyst Daniel Morgan. He notes light rare earths neodymium and praseodymium account for more than 90% of company revenue, versus dysprosium and terbium at less than 5%. Still, the company appears to be arguing for a non-China price on its core products, too, says Morgan. "This is the crux of the investment dilemma for LYC," he says. "They have a strategic position in being the only non-China integrated rare earth producer but shareholders are not getting paid for that." Barrenjoey has an overweight rating and a target price of A$9.50 on Lynas, which is up 3.8% at A$8.605. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2251 ET - Palm oil prices are lower in Asian trade, tracking weak soybean oil prices last Friday on the Chicago Board of Trade as well as lower palm olein prices on the Dalian Commodity Exchange, AmInvestment Bank says in a note. CPO prices may stay under pressure amid increasing palm oil supply, it says. It sees support at 3,962 ringgit a ton and resistance at 4,128 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery is lower by 51 ringgit to 4,006 ringgit a ton. (yingxian.wong@wsj.com)

2242 ET - Copper is lower in early Asian trading. Prices are likely to fluctuate within a narrow range in the near term, Nanhua Futures analysts say in a commentary. On the macro front, China's Politburo meeting boosted market confidence, the analysts say. In terms of fundamentals, concerns about tight supply are largely priced in, but investors currently lack the drive to push copper prices above resistance levels, they add. Over the past week, copper prices have performed in line with expectations, recovering from undervaluation, they point out. The three-month LME copper contract is 0.6% lower at $9,321.50 a ton. (tracy.qu@wsj.com)

2229 ET - Iron ore prices are lower in early Asia trade. Supply and demand remain weak in the iron ore market, dragging prices lower, Goldstate Futures analysts write in a note. The global shipment of iron ore drops while the demand side is also weak, they say. The market is facing pressure on reducing inventories, they add. In the short term, the iron ore market will face some uncertainties, and investors should stay cautious, they say. The most-traded iron ore contract on the Dalian Commodity Exchange is down 1.05% at CNY706.50 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

1947 ET - Gold falls in the early morning Asian session amid dollar strength, which tends to make the precious metal more expensive for investors holding other currencies. Also, signs of easing U.S.-China trade tensions may have reduced gold's safe-haven appeal. The WSJ reported that China has exempted some U.S. imports that the country would struggle to immediately source from elsewhere from its retaliatory tariffs. Market sentiment has shifted as the dollar stabilizes and traders have started to reassess risks surrounding trade tensions, FFA Kings' founder and CEO Fadi Al Kurdi says in an email. Spot gold is 0.4% lower at $3,306.73/oz. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

April 28, 2025 09:15 ET (13:15 GMT)

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