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

0901 ET - Oil futures are lower but on track for weekly gains on rising expectations of U.S. military action against Iran, even as President Trump allows some more days for talks seeking a deal with Tehran. "On the one hand, military actions could be imminent," Citi's Anthony Yuen says in a note. "On the other hand, bringing the situation to the brink could be a negotiation strategy, although market pricing in oil does not seem to be reflecting this as much." Citi's bull case for Brent around $75 a barrel reflects supply risks in Iran and Russia, but not the closure of the Strait of Hormuz. If any conflict with Iran escalates into transit disruptions in the strait, oil prices would likely rise further, Yuen adds. March WTI is off 0.4% at $66.18 a barrel. Brent is down 0.4% at $71.40. (anthony.harrup@wsj.com)

0812 ET - Hudbay's copper outlook is weaker-than-expected, but TD Cowen's Craig Hutchison says gold guidance is a bright spot in the mining company's 4Q report. In a note, the analyst says that the 2026 copper guidance midpoint of 124,000 tons is 8% below consensus, a meaningful reset driven by reduced expectations at Copper Mountain and Constancia. Gold is another story. "On the positive side, total gold production is expected to be between 217-272koz (midpoint 244koz), vs. previous 2026 guidance of 206-261koz (233.5koz) and our/consensus 234koz," Hutchison says. (adriano.marchese@wsj.com)

0754 ET - German industrials group Thyssenkrupp's earnings outlook benefits from policy tailwinds and the group's improving execution, Jefferies's Tommaso Castello and Cole Hathorn say. European Union policy supporting automotive and decarbonization technologies is bullish for the sector, they write. Moreover, the introduction of the EU's Carbon Border Adjustment Mechanism--a policy designed to protect carbon-intensive European industries--will provide a tailwind, the analysts say. The potential sale of the group's Steel Europe division to Indian peer Jindal is another positive catalyst, they add. Thyssenkrupp shares climb 5.85% to 11.39 euros. (josephmichael.stonor@wsj.com)

0737 ET - Anglo American's 2025 earnings highlight the need to finalize its merger with Canadian copper miner Teck Resources, AJ Bell's Russ Mould writes. The red metal's crucial role in the manufacturing of electric vehicles and build out of artificial-intelligence data centers mean copper demand will continue to grow, Mould says. Anglo's results showed its copper production fell 10% last year. "This underlines why a tie-up with Teck might be needed to build out scale in production of the metal," he adds. Anglo shares rise 0.5% in London.(josephmichael.stonor@wsj.com)

0728 ET - Anglo American should use cash raised from divestments to reduce its debt pile over the next twelve months, Jefferies analysts write. Anglo posted 2025 results on Friday that saw earnings come in ahead of the analysts expectations. Looking ahead, Anglo's push to break up its business will drive earnings higher, while the move to exit diamond business De Beers will boost the London miners valuation, they say. Anglo's pending merger with Teck Resources will finalize before the end of the year, the analysts estimate. Anglo shares rise 0.6% in afternoon European trade.(josephmichael.stonor@wsj.com)

0713 ET - Anglo American's pending merger with Teck Resources remains the key driver of the miner's outlook, Quilter Cheviot's Maurizio Carulli writes. Regulatory approval of the merger will make Anglo American a global copper giant, Carulli says. "Once the merger is completed in 12-18 months, significant cost savings and production growth will be achieved." Anglo's results were better than expectations, though currency fluctuations driven by a weaker dollar weighed on the group's costs, the analyst adds. Anglo American shares rise 0.7% in early afternoon European trade.(josephmichael.stonor@wsj.com)

0646 ET - Anglo American's writedown of De Beers implies a valuation for the multinational diamond miner of $2.1 billion, below the $2.5 billion analysts at J.P. Morgan assign the company. The writedown--which knocks $2.3 billion off De Beers's value--was the result of weak Chinese economic growth and the rise of lab-made synthetic diamonds, the miner said. Elsewhere in Anglo's earnings, a fall in 2026 capital expenditure improves the company's cash flow, while the news that investment from Mitsubishi will revive Anglo's mothballed Woodsmith fertilizer project was a major surprise, the analysts say. Analysts will likely raise their 2026 earnings expectations for the company in response to earnings, they add. Anglo shares climb 1.2%. (josephmichael.stonor@wsj.com)

0513 ET - Palm oil prices ended lower after data from cargo surveyor AmSpec Agri Malaysia showed an on-month fall in exports from Feb. 1 to 20. Sluggish exports data and profit-taking activities amid the Lunar New Year period likely weighed on prices, Kenanga Futures says in a note. The Bursa Malaysia Derivatives contract for May delivery closed 27 ringgit lower at MYR4,090 a metric ton. (megan.cheah@wsj.com)

0500 ET - Copper prices tick lower in midmorning trade, with futures on the London Metal Exchange down 0.1% to $12,832 a metric ton. The metal is consolidating after a two-month rally fueled by speculative buying, while relatively lackluster economic data from top consumer China and a steady buildup in inventories have weighed on sentiment, according to ANZ. "Data released yesterday show readily available inventories of copper in warehouses tracked by the LME have risen for the 27th consecutive day, the longest streak since 2009," analysts at the firm say. The outlook for U.S. interest-rate cuts is also key, with traders awaiting more cues on the Federal Reserve's next move. (giulia.petroni@wsj.com)

0331 ET - Gold prices hold above the $5,000 mark, as a U.S. military buildup in the Middle East and fears of a potential strike against Iran lifted demand for safe-haven assets. In early trading, futures in New York rise 0.7% to $5,030.70 a troy ounce. "Prices have been volatile since a sharp correction from January's record highs, driven partly by speculative trading, but underlying support factors, including geopolitical risks and a shift away from traditional assets, remain in place," says Soojin Kim from MUFG. The outlook for U.S. interest rates remains another key driver, with investors now awaiting the release of PCE data--the Federal Reserve's preferred inflation gauge--due later Friday.(giulia.petroni@wsj.com)

0122 ET - Comex gold futures' bullish momentum remains in play, as the relative strength index is above the 50% threshold on a daily chart, RHB Retail Research's Aiman Kamil Bin Ahmad Shauqi says. At this juncture, gold bulls have a technical upper hand, the analyst says, noting that the commodity is trading above its 20-day simple moving average. The precious metal will probably stage a fresh attempt to climb toward resistance at $5,500/oz. However, in the event that the commodity drops below the 20-day SMA, the risk of a retracement toward support at $4,800/oz will increase, the analyst adds. Spot gold is 0.3% higher at $5,017.18/oz. (ronnie.harui@wsj.com)

2241 ET - BRC Asia's earnings are likely to peak in FY 2027-FY 2028, says CGS International's Natalie Ong in a note. The Singapore steel fabricator's order book hit a high of S$2.2 billion at end-December, she says, noting the company is likely benefiting from Singapore's elevated construction activity from 2025-2029. While labor bottlenecks and safety-related work stoppages could result in construction delays, BRC Asia is managing these risks by taking on smaller projects and reducing its exposure to large projects, she says. This in turn enhances its earnings resilience, Ong adds. She raises her FY 2026-FY 2028 earnings per share estimates by 8%-19% to reflect higher sales volume estimates. CGSI raises its target price to S$5.40 from S$4.90 and maintains an add rating. Shares rise 1.1% to S$4.71. (megan.cheah@wsj.com)

(END) Dow Jones Newswires

February 20, 2026 09:15 ET (14:15 GMT)

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