The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

1212 ET - Base metal prices are mixed, with LME three-month copper up 0.95% at $9,740.50 a metric ton and LME three-month aluminum down 0.4% at $2,478.0 a ton. Copper climbed as high as $9,809.50 a ton earlier in the session after President Trump said he called China's President Xi Jinping. The tone on his social media post was vague but positive enough to inject some optimism into markets, AJ Bell's Dan Coatsworth says in a note. Avoiding punishing tariffs is crucial if China wants to keep its economic growth plan on track. Anything that relieves pressure on China will read-across positively for the commodities market, given its enormous appetite for metals and minerals, Coatsworth says. Copper miner Antofagasta and iron ore producer Anglo American are among the top risers on the U.K. stock market, he adds. (joseph.hoppe@wsj.com)

0716 ET - Base metal prices rise, with LME three-month copper up 1.3% at $9,773.50 a metric ton and LME three-month aluminum up 0.1% at $2,489 a ton. Copper has gained on fresh supply disruption concerns, SP Angel analysts say in a note. The metal has been supported by reignited worries of a U.S. copper tariff, after President Trump doubled steel and aluminum import levies to 50% on Wednesday. Already tight physical supplies have been pressured by supply disruptions in the Congo, as seismic activity reduced Ivanhoe's Kamoa-Kakula copper mine operations, SP Angel says. Copper miner Teck Resources has also announced production setbacks in Chile, further hampering supply, SP Angel says. LME copper stockpiles have shrunk 75% this year, to 66,300 tons. (joseph.hoppe@wsj.com)

0528 ET - Anglo American has limited approved plans for production growth over the near term, Citi analysts write. Its options for growth could return as a key focus for investors, they add. After its restructuring completes, the miner will derive roughly 65% and 35% of its Ebitda from copper and iron ore, respectively, they writes. A production recovery at Los Bronces or volume growth at its Collahuasi facility are some options the miner could consider over the next two to three years, they write. An agreement with Codelco to unlock the value at its Chilean copper portfolio and a deal with Vale to integrate the Serpentina iron ore mine are two key growth options over the medium term, they add. Shares trade up 0.5% at 2,245 pence. (adam.whittaker@wsj.com)

0520 ET - Anglo American's restructuring plan is progressing ahead of market expectations, Citi analysts write. Initiated as a defense to BHP's takeover offers, the restructuring has triggered a share price rally. The miner has since outperformed peers, the analysts write. The stock now trades at a premium compared with diversified miners, they add. It is getting closer to trading at the same multiples as pure-play copper miners like Antofagasta, they add. It currently trades around 6.4 times its expected 2025 Ebitda versus Antofagasta at 7 times, and diversified miners at 5.1 times. However, the rise does mean that there is limited share price upside, they write. Shares trade up 6% at 2,247 pence.(adam.whittaker@wsj.com)

0047 ET - Anglo American is shifting from being a restructuring story to being a cash flow one, says Citi analyst Ephrem Ravi in a note. He sees the miner tying up loose ends in reshaping its portfolio over the next six months. Ravi's remarks follow the spinoff of Anglo's platinum business. A sale or spinoff of its diamond business remains the most challenging part of its restructuring, says Ravi. However, market expectations for that are also low, both on value and timing, he says. Anglo "is on track to be a play on copper and iron ore by end of 2025," says Ravi. Citi raises its target on the stock to GBP22.00 from GBP20.60. It keeps a neutral rating. Anglo ended Wednesday at GBP22.335. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2130 ET - The outperformance of Australian banking stocks over mining ones "is looking tired," Citi analysts say in a note. Since the start of 2024, Australia's banks have outperformed the S&P/ASX200 by roughly 27%, while materials stocks have underperformed the index by the same amount, the analysts say. The two sectors account for some 45% of the Australian market, so "getting the sector tilt right is one of the crucial calls for portfolio managers," they say. While the analysts aren't especially bullish on miners, they say investors should be mindful of their positioning. For banks, valuations look full and earnings expectations are being downgraded. Miners look better value and have some better earnings momentum, they say. Among miners, they highlight a buy rating on BHP. They say NAB and CBA are their top sell calls. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1843 ET - It's only a matter of time before Greatland Gold acquires Antipa Minerals, reckons Euroz Hartleys. That's because Antipa's Minyari Gold project is located just 22 miles from Greatland Gold's Telfer processing plant in Australia. Analyst Michael Scantlebury notes Greatland's updated outlook for Telfer, which lays out how it expects to bridge the gap between now and when production starts from the Havieron deposit in FY 2028. Euroz Hartleys believes there would be ample processing capacity for Antipa's annual output of 3 million tons of ore from FY 2028. It also thinks "Antipa's Minyari Gold project ore tons are higher margin and lower risk" than what Greatland currently envisages. Euroz Hartleys lifts its price target on Antipa by 23% to A$0.98/share. Antipa ended Wednesday at A$0.66. (david.winning@wsj.com; @dwinningWSJ)

1410 ET - TD Cowen says Uranium Energy Corp. continues to ramp-up its Christensen Ranch mine in Wyoming with new production areas coming online "that we expect will mark the transition to producer status in FQ4/25." Analyst Craig Hutchison says in a report that this coincides with the renewed focus on the US domestic nuclear supply chain including homegrown production. Hutchison adds that Uranium Energy is one of the "very few" pure-play uranium companies with near-term production in a politically stable jurisdiction with potential for additional US government support. (adriano.marchese@wsj.com)

(END) Dow Jones Newswires

June 05, 2025 12:20 ET (16:20 GMT)

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