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

0249 GMT - Palm oil prices rise in early Asian trading, supported by a technical rebound following an oversold market and tracking gains in soybean oil on the Chicago Board of Trade, AmInvestment Bank says. Malaysia's palm oil stockpiles for December could decline to their lowest level since July due to heavy rains and floods, which may also help support prices, the bank notes, citing a Bloomberg survey. The Malaysian Palm Oil Board's December supply and demand data is expected this afternoon. Technical analysis suggests that any price adjustment could provide traders with an opportunity to initiate long positions, AmInvestment Bank adds. It pegs support for CPO futures at 4,230 ringgit/ton and resistance at 4,408 ringgit/ton. The Bursa Malaysia Derivatives contract for March delivery is up 17 ringgit at 4,313 ringgit/ton. (yingxian.wong@wsj.com)

0245 GMT - Iron-ore prices are higher in early Asian trade in a likely technical recovery after losses in recent sessions. However, downside risks to demand remain given the potential for across-the-board U.S. tariffs, Goldman Sachs analysts say in a research note. While the analysts had already forecasted a decline in Chinese steel demand amid the property sector downturn, slower global GDP growth under a universal tariff scenario would mean lower iron-ore demand outside China as well. Rising iron-ore port stocks and the continuous depreciation of the yuan could further weigh on the ferrous metal's prices, they add. The most-traded iron-ore contract on the Dalian Commodity Exchange is up 0.7% at CNY755.0 a ton. (sherry.qin@wsj.com)

0126 GMT - Copper rises in early Asian trade. The risk of further supply disruptions from aging copper mines remains a key concern in the longer run, UOB's Global Economics & Markets Research Private Bank team writes in a report. However, this supply risk has been overtaken by more immediate concerns about the risk of a global trade contraction and manufacturing slowdown due to potential Trump 2.0 tariffs later this year, UOB says. Depending on the pacing and intensity of the tariffs, China and other countries are likely to suffer another round of trade and export contractions this year and further into 2026, UOB adds. This could weigh on LME copper prices, UOB says. The three-month LME copper contract is 0.4% higher at $9,111.00/ton.(amanda.lee@wsj.com)

0057 GMT - Posco Holdings could post below-consensus 4Q earnings on narrower profit margins, Daishin Securities analyst Lee Tae-hwan writes in a note. The South Korean steelmaker may have sequentially recovered in sales, which likely topped 8.4 million metric tons of steel in volume for the October-December period. However, its profit margins may have weakened due to lower steel-product prices, Lee says. He estimates Posco's 4Q operating profit at KRW474 billion, well below the market consensus forecast of KRW698 billion. Daishin cuts its target price for the stock by 13% to KRW410,000 and keeps a buy rating. Shares are 1.0% lower at KRW258,500. (kwanwoo.jun@wsj.com)

0043 GMT - Gold prices are flat in early Asia trade, but persistent concerns about geopolitical uncertainties are likely to keep sustaining demand for the haven asset. Investors are evaluating the potential policies the U.S. may impose as Trump's inauguration draws nearer, Yongan Securities analysts write in a note. Stronger demand from central banks should lend further support to prices, Citic Securities analysts say. Market participants are also turning their attention to the upcoming U.S. nonfarm payrolls report, which could provide crucial insights into the Fed's rate path and potentially introduce additional volatility to gold prices, says George Pavel, general manager at naga.com Middle East. A strong dollar and higher Treasury yields could cap gains, he adds. Spot gold is flat at $2,669.26/oz. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

2233 GMT - Collins Foods may want to consider pushing to be awarded the KFC master franchise rights for Germany by Yum! Brands, according to Citi's Sam Teeger. He reckons that's potentially a better way of Collins increasing its scale in Europe, as desired, versus an acquisition in a new market. Teeger's remarks follow a Yum! Brands filing showing that, in December 2024, it re-acquired the KFC rights for Germany from IS Gida. "We recently published our thoughts that if Collins was going to expand in Europe, then the U.K. or Italy would be potential markets," Teeger says. "But we see Germany as relatively lower risk given Collins already has experience in this market and its adjacency to the Netherlands could present cost-sharing and sourcing benefits." Citi has a buy rating and A$9.38 target on Collins, which last traded at A$7.22. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2148 GMT - Australian stocks are expected to open higher, with ASX futures up 0.3% before the bell. Australia's benchmark index lacks typical cues from Wall Street, where U.S. stock markets were closed for the day to mark former President Jimmy Carter's memorial. The S&P/ASX 200 edged 0.2% lower Thursday, snapping the five-day winning streak it recorded to start the new year. Firmer commodity prices may be a tailwind for some mining and energy stocks, with iron ore, gold, copper and crude oil all gaining. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2001 GMT - Oil futures settle higher amid signs of strong demand, including seven straight weeks of U.S. inventory draws and prospects of higher heating fuel use. Although last week's 1 million barrel crude storage decline reported by the EIA was smaller than the API's 4 million barrel estimate, "it still was a decline," BOK Financial's Dennis Kissler says in a note. "The negatives that remain are builds in storage for gasoline and diesel inventories along with a very strong U.S. dollar index," he says. February WTI remains technically bullish above key moving averages, with resistance around $75.29-$76.41, Kissler adds. WTI settles up 0.8% at $73.92 a barrel, and Brent gains 1% to $76.92 a barrel. (anthony.harrup@wsj.com)

1913 GMT - U.S. natural gas futures post back-to-back gains with forecasts for extended cold weather combining with production freeze-offs to tighten the market. "Extended, substantial cold is anticipated to last for the next three weeks, with the January cumulative natural gas withdrawal potentially reaching 1,000 Bcf for the first time," EBW Analytics says in a note. "The long-lasting nature of the current cold stretch-as opposed to the brief, punctuated Arctic blasts of recent winters-may amplify storage draws." The Nymex front month settles up 1.4% at $3.701/mmBtu. (anthony.harrup@wsj.com)

1838 GMT - Front-month gold futures close up 0.7% to $2,683.80 an ounce. It's the third day in a row that gold moved higher, this despite indications from the Federal Reserve that only one rate cut may come in 2025, which the market takes as a negative for assets like gold. "Fed minutes on Wednesday said that 'almost all participants judged that upside risks to the inflation outlook had increased,'" says Robert Yawger of Mizuho Securities USA in a note. Gold managed to shake this off, as did most commodities with the exception of some agricultural and soft commodities. (kirk.maltais@wsj.com)

1821 GMT - Live cattle futures close up 2% to $1.976 a pound, which is a new record for the contract. It comes as the final 2024 USDA data shows imports were a key source of support for the U.S. cattle market through the year. "In the beef cattle sector, imports for the 52 weeks of 2024 are up +2.6% from the same period in 2023, totaling just over 2 million head," says Steiner Consulting Group in a note. Lean hog futures finish up 2.9% to 81.775 cents a pound. Trading was shortened today, in observance of the National Day of Mourning for President Carter. (kirk.maltais@wsj.com)

1701 GMT - Export sales of U.S. grains reported by the USDA for the week ended Jan. 2 may turn higher from the prior week, according to analysts surveyed by The Wall Street Journal. Analysts forecast that sales of U.S. corn could rise to as high as 1.4 million metric tons, up from 777,000 tons reported last week. Soybeans are forecast to rise as high as 1.3 million tons, versus 484,700 tons reported previously. CBOT grain futures are mixed in trading in the shortened session, with most-active corn up 0.4%, soybeans up 0.1%, and wheat down 0.4%. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

January 10, 2025 00:15 ET (05:15 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.