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

0913 ET - Oil futures are trading sideways with the market lacking clear direction given uncertainty around tariffs and trade disputes, peace talks aimed at ending the Russia-Ukraine war and whether OPEC+ will go ahead with plans to start returning withheld barrels to the market in April. The $70 barrier for WTI "is challenging crude oil's downtrend," Forex.com analyst Razan Hilal says in a note." A clean close below $70 could pave the way for further decline," while prices appear capped on the upside with resistance seen above $73, Hilal adds. WTI is up 0.2% at $70.55 a barrel, and Brent is up 0.3% at $74.62 a barrel. (anthony.harrup@wsj.com)

0908 ET - Canadian corporations logged a rise in earnings in the final quarter of last year, despite a drag from the financial sector. Statistics Canada data shows net income before taxes rose 2.1% from the prior quarter and 3.4% on a year earlier to C$164.53 billion. The increase was driven by the non-financial sector, thanks to lower expenses for the quarter, the data agency says. Mining and quarrying sector income was up C$837 million on-quarter, but petroleum and coal manufacturers together saw a C$1.1 billion fall in income with decline in the refined petroleum price. Across the financial sector, income was down 0.7% on-quarter, with the largest drop recorded by the banks with a loss on the sale of assets and a rise in non-recurring expenses. (robb.stewart@wsj.com; @RobbMStewart)

0843 ET - U.S. natural gas futures start the week lower as much of the U.S. warms up from last week's Arctic blast, raising prospects of higher production while demand eases. A further cold shot for the first week of March remains in the forecasts, but "less impressive by seeing less cold air, while also advancing these systems not as deep into the U.S.,"forecaster NatGasWeather.com says in a note. On the supportive side, the EIA's storage report will reflect last week's cold spell, widening the inventory deficit against the five-year average and year-earlier level. The Nymex front month is off 7.2% at $3.928/mmBtu. (anthony.harrup@wsj.com)

0840 ET - Base metal prices are mixed, with LME three-month copper flat on $9,512.50 a metric ton and LME three-month aluminum down 0.6% at $2,659.50 a ton. LME three-month nickel, however, rises 0.3% to $15,525 a metric ton on the prospect of tighter supply, bucking a downward trend across most of the rest of the base metals complex. A $3 billion Chinese-backed nickel smelter in Indonesia is facing closure after the collapse of its parent company, SP Angel analysts say in a note. PT Gunbuster Nickel Industry--a subsidiary associated with bankrupt Jiangsu Delong--is reportedly delaying payments to local suppliers and is unable to procure ore, SP Angel writes. Indonesian ore supplies have been tight over the past year, as the Indonesian government has withheld mining quotas, SP Angel adds. (joseph.hoppe@wsj.com)

0809 ET - Gold futures rise on a weaker dollar and increased ETF holdings. Futures are up 0.3% at $2,962.70 a troy ounce, sitting just below their all-time record of $2,973.40 an ounce set on Thursday. Gold is enjoying its longest streak of weekly gains since 2020, SP Angel analysts say in a note. The U.S. dollar has been weighed down by Friday's weak PMI and U.S. consumer confidence data releases and raised inflation expectations, propelling gold higher, SP Angel says. The weaker dollar also reflects a rally in the Japanese yen on rising interest rate hike expectations. ETFs are also building gold holdings. While gold has detached somewhat from its traditionally tight correlation to real yields in recent years, lower Treasury yields should still push further inflows into gold ETFs, SP Angel adds. (joseph.hoppe@wsj.com)

0719 ET - A survey conducted at S&P Global Commodity Insights' energy forum in London found that around 42% of participants expect Brent crude to be priced between $65 and $75 a barrel by year-end. Another 42% forecast it in the $75-$85 a barrel range. Of the roughly 210 respondents, only 2% predicted prices above $95 a barrel. Brent closed last year at $74.645 a barrel, according to S&P Global. In afternoon trade on Monday, the international oil benchmark trades at around $74 a barrel. "It's a relatively stable price environment and it's quite surprising," says Richard Swann, head of established benchmarks at S&P Global Commodity Insights. (giulia.petroni@wsj.com)

0704 ET - OPEC+ isn't expected to increase oil production this year due to current market dynamics, says Shin Kim, head of Altview at S&P Global Commodity Insights. The cartel and its allies will soon decide whether to maintain their plans to gradually raise output starting from April, despite U.S. President Trump's calls to lower prices. "Yes there's a lot of politics, yes there's a lot of pressure," Kim says, also citing OPEC+ members' fiscal requirements. "But there's no more room for barrels," especially in light of rising non-OPEC+ production outside of the U.S. OPEC has historically prioritized a stable market and maintaining stability now means refraining from adding more barrels, she says. Altview is an independent team within S&P Global providing forecasts for crude oil and refined products. (giulia.petroni@wsj.com)

0623 ET - The Swiss Market Index reached an all-time high on Monday, surpassing the 13,000-point mark for the first time in its history. KitKat bars maker Nestle and flavor-and-fragrance company Givaudan helped lift the blue-chip index, which also got a boost from positive news from neighboring Germany, where election results pointed to a business-friendly environment that would kickstart economic growth after a couple of slack years. Luxury goods conglomerate Richemont, banking giant UBS and pharma major Roche are some of the Swiss companies that have delivered exceptional market performance so far this year, contributing to the index reaching an all-time high. (maitane.sardon@wsj.com)

0519 ET - Base metal prices slide, with LME three-month copper down 0.2% at $9,493 a metric ton and LME three-month aluminum down 0.9% at $2,653.0 a ton. The base metals complex is broadly up on week however as a weaker dollar boosts investor appetite, ANZ Research analysts say in a note. A weaker greenback makes it cheaper for international investors to purchase dollar-denominated commodities. The sector is also seeing dislocation in preparation for tariffs and sanctions on certain metals, ANZ says. Prices have 'dislocated' between exchanges, with premiums on copper and aluminum, for example, being much higher in the U.S. than on the LME. Aluminum gained on week after reports that the European Union is enacting further sanctions on Russia, including a primary aluminum import ban, ANZ writes. U.S. buyers are also racing to import as much aluminum as possible before President Trump's administration raises the 10% tariff on the metal to 25%, starting next month, ANZ adds. (joseph.hoppe@wsj.com)

0514 ET - Palm oil ends lower, following losses in rival oils. Soybean oil dropped last Friday on the Chicago Board of trade, while palm olein prices are also weak on the Dalian Commodity Exchange today. However, Kenanga Futures notes that the anticipation of sustained buying interest during this week's global edible oils conference, along with concerns over supply tightness during the festive period, may help limit the downside. It pegs palm oil's support and resistance levels at 4,515 ringgit and 4,700 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for May delivery ended 104 ringgit lower at 4,560 ringgit a ton. (sherry.qin@wsj.com)

0427 ET - Gold futures rise, holding close to record highs as geopolitical and trade tensions boost safe-haven demand. Futures are up 0.3% at $2,961.70 a troy ounce, close to an all-time high of $2,973.40/oz, set on Thursday. Gold recorded its eighth consecutive week of gains and a fresh high in recent days on fears that the U.S. could unwind its support for Ukraine in the war against Russia, ANZ Research analysts say in a note. Additional support has come from a softer U.S. dollar, which recorded its third straight weekly loss--increasing gold's safe-haven appeal to investors, ANZ says. ETF holdings have also risen to their highest level since January, 2024, with more than 16 metric tons added last week, ANZ adds. (joseph.hoppe@wsj.com)

0303 ET - Nestle is expected to deliver a profit margin this year in line with its guidance of 16% or more, given the resilient performance of its coffee and chocolate confectionery businesses, RBC Capital Markets analysts James Edwardes Jones and Wassachon Udomsilpa say in a note. Nestle's coffee and chocolate confectionery segments account for around 30% of the group's total sales and the recent commodity inflation surge must have added intense pressure on their profitability, the analysts say. However, both categories have shown resilience over the last 20 years, and the powdered and liquid beverages business hasn't posted a sales volume decline since at least 2003. For 2025, RBC anticipates real internal growth--Nestle's metric for sales volume--in powdered and liquid beverages and a 4% decline in chocolate confectionery, with price inflation growth of 6% and 8%, respectively. (michael.susin@wsj.com)

(END) Dow Jones Newswires

February 24, 2025 09:15 ET (14:15 GMT)

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