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

0905 ET - Boston Beer is now warning that President Trump's tariff war will drive up costs on aluminum and dent earnings by $1.25 to $1.90 a share, marking a shift from its 4Q earnings call in February, when co-founder and chairman Jim Koch said the beer brewer wasn't expecting tariffs to have a significant impact on the business. He noted at that time that Boston Beer didn't hedge and would absorb the pass-through of higher aluminum costs, which CFO Diego Reynoso reaffirmed on Thursday's 1Q call. While the cost increase from tariffs is more significant than previously alluded to, a 2.5% price increase would hold the company's margins steady, Roth analysts Bill Kirk and Nick Anderson say in a research note. (dean.seal@wsj.com)

0859 ET - Crude futures look to end a choppy week with losses as advances on easing of trade tensions are reversed by prospects of a supply surge from OPEC+ and Kazakhstan's expressed reluctance to rein in above-quota output. "Question marks about supply remain the major wild card for the oil price outlook," David Oxley of Capital Economics says in a note. OPEC+ plans to add 411,000 barrels a day in May, and will meet May 5 to discuss June output. "The wider impact on oil prices will depend on a host of other factors, and prices could find some support if President Trump's maximum pressure campaigns against Venezuela and Iran start to constrain supply," Oxley adds. WTI is down 1.3% at $61.98 a barrel and Brent is off 1.3% at $65.71 a barrel. (anthony.harrup@wsj.com)

0818 ET - Boston Beer isn't changing its guidance but says the current spate of global tariffs put into motion by President Trump would increase costs by $20 million to $30 million and dent earnings by $1.25 to $1.90 a share in 2025. A big part of that cost inflation would come from aluminum, a major component of its beer cans, CFO Diego Reynoso says on a call with analysts. The new levies would also drive up the costs of point-of-sale materials used for in-store displays that it imports from China and other countries, the CFO says. The company is looking for mitigation tactics and will share them in the next quarter, he says. (dean.seal@wsj.com)

0612 ET - Palm-oil prices ended higher, supported by a better export demand outlook. Malaysia's April 1-25 palm oil exports are estimated to be up 14.8% on month, according to cargo surveyor AmSpec Agri Malaysia. CPO futures could have also been supported by gains in soybean oil on the Chicago Board of Trade, said David Ng, a trader at Kuala Lumpur-based Iceberg X. The two oils often trade in tandem due to their usage in similar products. Ng sees support for crude palm oil at 4,000 ringgit a ton and resistance at 4,150 ringgit a ton. The Bursa Malaysia derivatives contract for July delivery closed 22 ringgit higher at 4,058 ringgit a ton.(amanda.lee@wsj.com)

0429 ET - Base metal prices rise, with LME three-month copper up 0.8% at $9,455 a metric ton and LME three-month aluminum up 0.55% at $2,444.31 a ton. Base metals are riding a wave of tightening global supply, upbeat demand trends, and a mix of bullish macroeconomic signals, Neil Welsh, head of metals at Britannia Global Markets, says. Demand for aluminum remains resilient but suppliers are selling at high prices and spot premiums are pulling back quickly, he adds. As uncertainty over future consumption grows and prices come under pressure, it may be difficult to sustain a continuous upward trend, he writes.(adam.whittaker@wsj.com)

0422 ET - Gold futures fall 1.36% to $3,302.90 a troy ounce but remain up more than 25% year-to-date. Gold continues to benefit from safe-haven demand as investors seek protection from global trade fragmentation and deteriorating confidence in policy stability, market analyst at XS.com Linh Tran writes. Gold closed up 1.87% on Thursday as optimism that U.S.-China trade tensions are easing faded, Tran adds. Earlier in the week, investors were hopeful for renewed negotiations but Chinese officials have denied the existence of continuing talks and investor sentiment has tilted back toward risk aversion, Tran writes. (adam.whittaker@wsj.com)

0329 ET - Oil prices edge higher but are heading for a weekly loss as uncertainty over de-escalating U.S.-China trade war tensions and the threat of oversupply cloud the picture. Brent crude is up 0.2% at $65.76 a barrel and WTI rises 0.2% to $62.90 a barrel, but both remain down on week. The U.S. has signaled it is open to lower tariffs on China which would be good for global growth and support oil demand, BMI analysts write. However, OPEC+ is still expected to increase production in the coming months which could lead to a glut in supply, the analysts say. Fears of a possible oversupply increased after Kazakhstan indicated reluctance to adhere to its agreed output level set in conjunction with other OPEC+ members. (adam.whittaker@wsj.com)

2245 ET - Iron ore is lower in early trading amid tariff uncertainties. Steel output remains high, but after a rush of export orders ahead of tariffs, downstream demand is fading and may no longer absorb the supply, Nanhua Futures analysts say in a commentary. That said, a key policy meeting by Beijing is scheduled for the end of April and market participants may anticipate economic stimulus or tariff reversals, they write. The analysts add that it is worth watching for entry opportunities at rebound highs for those considering short positions. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 0.6% at CNY718.5 a ton. (tracy.qu@wsj.com)

2243 ET - Palm oil is higher, tracking overnight gains in soybean oil on the Chicago Board of Trade. Market sentiment remains uncertain and highly volatile, AmInvestment Bank says in a note. It expects CPO futures to trade mixed with a downward bias, weighed by rising production, growing stockpiles, and weak demand prospects. It sees support at 3,996 ringgit a ton and resistance at 4,069 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery is higher by 98 ringgit to 4,134 ringgit a ton.(yingxian.wong@wsj.com)

2137 ET - Base metals are broadly higher in early Asian trade. Markets are showing cautious optimism, with a weaker dollar supporting mild gains, analysts at Sucden Financial write in a note. While there is no strong fundamental narrative driving prices, recent upside shows that markets haven't priced in a recessionary outlook amid recent tariff developments, they add. The three-month LME copper contract is up 0.1% to $9,405.50/ton. Aluminum and zinc are 0.4% and 0.3% higher, respectively. (kimberley.kao@wsj.com)

1951 ET - Gold maintains its uptrend in the early Asian session following overnight gains. The precious metal's latest bullish momentum seems to be primarily driven by renewed weakness of the U.S. dollar, Pepperstone's Quasar Elizundia says in an email. "The dollar's weakness has made gold cheaper for holders of other currencies, attracting bargain hunters," the research strategist says. From a technical analysis perspective, the precious metal's current rebound followed solid support at $3,300/oz. "Attention now shifts back to the psychological resistance at the all-time highs near $3,500/oz," the strategist adds. Spot gold is 0.1% higher at $3,353.46/oz. (ronnie.harui@wsj.com)

1538 ET - CME lean hog futures settle lower, although it slimmed its losses from earlier in the day. The most-active contract close down 0.2% to 99.925 cents a pound, this after the USDA reported that China cancelled 12,000 metric tons of U.S. pork exports for the week ended April 17 -- after tariffs placed on China by President Trump were put in force. "The cancellation was definitely due to the tariffs and trade war with China," says independent consultant Dennis Smith. He says that China typically imports low-value pork products from the U.S., including feet and offal, so the market's reaction to the cancellation may have eased as the trading day continued. Live cattle close down 0.1% to $2.08 a pound. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

April 25, 2025 09:15 ET (13:15 GMT)

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