The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.
0333 GMT - Iron ore rises in early Asian trading. The current surge in prices is due to a structural inventory shortage, Nanhua Futures writes in a note. How long the event-driven shock will last remains to be seen, it says. However, as the costs of raw material rise, steel mill profits are weakening, and demand is expected to remain under pressure, it adds. The most-traded iron-ore contract on the Dalian Commodity Exchange gains 0.8% to 818.0 yuan a ton. (kimberley.kao@wsj.com)
0223 GMT - Gold's ongoing pullback may offer "staggered" long-term accumulation opportunities at lower levels, Phillip Nova's Priyanka Sachdeva says in commentary. The commodity's further fall below $4,400 per ounce has "opened the door" to the 200-day moving average of $4,154 per ounce on the downside, the senior market analyst says. This $4,154-per-ounce level is emerging as a probable downside target before any meaningful stabilization, the analyst says. "This correction is a golden opportunity for staggered entry by long-term buyers," the analyst adds. Spot gold is 2.0% lower at $4,400.44 per ounce after earlier touching $4,320.08 per ounce, the lowest intraday level since early January, ICE data show. (ronnie.harui@wsj.com)
0134 GMT - Copper falls in early Asian trade. However, the base metal's lower prices could be short lived, as lower costs could boost stronger demand in China, ANZ Research analysts write in a note. "Fabricators have been buying the metal on their return from the Lunar New Year holidays," the analysts say. The three-month LME contract is 0.8% lower at $11,836.50 a ton.(amanda.lee@wsj.com)
0047 GMT - Copper prices could have much further to fall if an energy shock from the Middle East conflict leads to a recession, says Jefferies analyst Christopher LaFemina. The LME three-month copper is already down by 11% so far this month. "The bottom line is that a recovery in the copper price depends on de-escalation and relative peace," says LaFemina. Copper-mining stocks have consequently underperformed since the conflict began, he says. For investors seeking to bet on an eventual recovery, Jefferies reckons Glencore might be the safest option given it has "the added protection of coal and marketing earnings," LaFemina says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
2349 GMT - Gold edges lower in early trade on prospects of liquidity-driven sales amid ongoing Middle East conflict. Speculation is emerging that some economies may have to raise liquidity, potentially including gold sales, Saxo Bank's Ole Hansen says in an email. "While not a confirmed driver, it adds to the more cautious tone," the head of Commodity Strategy says. "Gold's failure to rally despite geopolitical stress highlights the current dominance of higher real yields, a firmer dollar and position adjustment over its traditional safe-haven role," Hansen adds. Spot gold is down 0.2% at $4,481.77 per ounce. (ronnie.harui@wsj.com)
2222 GMT - Gold should again find support from the Middle East conflict after President Trump threatened to attack Iran's power plants unless the Strait of Hormuz is quickly reopened, MKS Pamp's Nicky Shiels says. "The dominant headline into this week is a rapidly escalating U.S.-Iran confrontation," says Shiels. "Geopolitics once again overrides the macro calendar in terms of market sensitivity," she says. Gold futures last week posted their steepest one-week decline since 2011. Shiels reckons a key risk to gold's outlook is that an energy shock from the conflict gets read as demand destruction rather than inflationary. Spot gold is up 0.4% at $4,509.01/oz. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
(END) Dow Jones Newswires
March 23, 2026 00:15 ET (04:15 GMT)
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