Exxon Squeezes More Out of Giant U.S. Oil Field -2-

1234 GMT - Copper prices fall after hitting a fresh record this week on fears of global supply shortages and prospects of stronger demand from China. Futures on the London Metal Exchange are down 1.3% to $11,523.50 a metric ton, having reached a record peak of $11,771 on Monday. Prices were boosted by concerns over tighter supply due to major mine disruptions and large shipments of the metal to the U.S. Meanwhile, "China impressed with good export figures: exports were almost 6% higher than last year, giving China its third-largest monthly trade surplus ever," analysts at Commerzbank say. "In addition, new statements from the Politburo fuelled hopes of supportive economic measures." ([e-mail])

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European Gas Prices Pressured by Milder Weather, Ample Supply -- Market Talk

1203 GMT - European natural-gas prices have fallen over 40% this year as ample LNG supplies offset concerns over lower-than-average storage levels during the winter season. The benchmark Dutch TTF contract trades around 27 euros a megawatt-hour, its lowest level in more than a year. "Winter temperatures have remained well above normal for much of the European mainland," ANZ analysts say. "In addition, strong winds have boosted renewable energy output, curtailing the need for natural gas." Meanwhile, major LNG importers in North Asia are well stocked for winter, reducing competition for spot cargoes and easing pressure on European buyers, helping keep prices subdued. EU storage levels are currently 72% full, well below the five-year average. ([e-mail])

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Palm Oil Rises on Bargain Buying -- Market Talk

1013 GMT - Palm oil futures closed higher, erasing earlier losses. Late-session bargain buying lifted prices, says Abdul Hameed, director of sales at Pakistan-based Manzoor Trading. Market participants were cautious ahead of the Malaysian Palm Oil Board report, he says. Risk-off macro sentiment continues to weigh on commodities, with technicals for palm oil remaining bearish in the short term, he says, adding that they could become bullish in the long term. The Bursa Malaysia Derivatives February contract closed 11 ringgit higher at 4,104 ringgit a ton. ([e-mail])

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Gold Flat as Investors Await Fed Signals on 2026 Rate Path -- Market Talk

0855 GMT - Gold prices are broadly steady as uncertainty builds around the Federal Reserve's interest-rate outlook past December, with futures in New York flat at $4,218.50 a troy ounce. Markets are holding firm in their expectation of a 25-basis-point cut this week, turning investor attention squarely to Chair Jerome Powell's remarks and the pace at which any further easing might follow. "Markets expect a 'hawkish cut'--a rate cut paired with guidance that the Fed may hold off on further easing to be sure inflation isn't heating back up," analysts at Peak Trading Research say. Nonyielding bullion tends to benefit in a lower-interest-rate environment. ([e-mail])

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Oil Slips With Ukraine Peace Talks, Supply Surplus in Focus -- Market Talk

0842 GMT - Oil prices slip in early trading, extending the previous session's losses as traders focus on talks to end the war in Ukraine, a looming global supply surplus and U.S. interest rates. Brent crude is down 0.1% to $62.41 a barrel, while WTI falls 0.2% to $58.77 a barrel after settling 2% lower on Monday. "Traders remain cautious after the IEA forecast a record oil surplus next year, while prices have been confined to a tight $4 trading range since early November," says Soojin Kim from MUFG. Investors now await key monthly reports from OPEC and the IEA for more clues on supply and demand trends. ([e-mail])

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London Miners Fall Ahead of Rate-Cut Decision -- Market Talk

0821 GMT - London miners fall in opening trade as investors await a likely interest-rate cut by the U.S. Federal Reserve on Wednesday. Evidence heading into the day points to a clear picture emerging of labor-market weakness, ANZ analysts write. "Improving inflation is good news, but it may also reflect weak demand, which ultimately translates into a weak labor market," they say. Copper miner Antofagasta trades down 2.6%. Gold miner Endeavour Mining drops 1.8%, while Fresnillo falls 1.4%. Gold futures in New York are down 0.3% at $4,213.80 a troy ounce. Diversified miners Anglo American and Glencore both lose around 1%. ([e-mail])

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Gold Ascent Likely to Moderate in 2026 -- Market Talk

0250 GMT - Gold's ascent will likely moderate next year following its surge in 2025, which is set to be the best annual performance since 1979, say strategists at State Street Investment Management. Gold is likely to consolidate in the range $4,000-$4,500 an ounce in 2026, State Street says. This year's structural trends are unlikely to reverse and collectively still point to a supportive backdrop for prices, they say. Should correlations between stocks and bonds remain historically elevated, gold's role as a diversifier becomes important, they say. Gold is also an attractive hedge as global debt and stubborn inflation push long-term yields higher. Also, Fed easing tends to weaken the U.S. dollar and expand liquidity, creating tailwinds for gold, they add. Spot gold is at $4,192 an ounce, according to LSEG. ([e-mail])

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Iron Ore Falls Amid Concerns Over Rising Inventories -- Market Talk

0214 GMT - Iron ore prices decline in Asian trade, with the most traded iron ore contract on the Dalian Commodity Exchange down 1.0% at 774.0 yuan a ton. The prospect of further fiscal stimulus in China has failed to boost sentiment in steel and iron ore markets, ANZ analysts say in a note. Concerns over rising inventories persist, with total stockpiles at Chinese ports rising due to strong imports. Steel mills are actively restocking, despite Beijing's crackdown on overcapacity, driven by strong steel demand in international markets. "Nevertheless, with domestic steel output sharply lower and iron ore port inventories recovering, imports are set to decelerate," the analysts add. ([e-mail])

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Oil Prices Fall; Ukraine-Russia Peace Talks, Fed Meeting in Focus

0126 GMT - Oil prices fall slightly in Asian trade. Investors are monitoring ongoing talks to end the Ukraine-Russia war ahead of an expected Federal Reserve rate cut this week, says UOB's global economics and markets research team in a note. Progress on peace talks in Europe remains slow, with disputes over security guarantees for Kyiv and the status of Russian-occupied territory still unresolved, the team says. U.S. and Russian officials also have differing views on the peace proposal made by the Trump administration, UOB adds. Front-month WTI trades 0.1% lower to $58.81 a barrel while Brent edges down 0.1% to $62.44 a barrel. ([e-mail])

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(END) Dow Jones Newswires

12-09-25 1117ET