IEA Lifts Oil Demand Forecast But Warns Supply -2-

1229 GMT - Gold rises as U.S.-Europe trade frictions undermine investor confidence and boost demand for safe-haven assets. New York futures are up 2.1% to $4,865.50 a troy ounce, having reached $4,891.10 earlier. President Trump is scheduled to speak Wednesday at the World Economic Forum in Davos as tensions with European countries rise over his push to acquire Greenland and threats of new tariffs. "The bond market is perhaps the only thing that will stop Trump going all the way on Greenland," Saxo Bank analysts say. "On that front, we see some serious threats emerging from the Japanese bond market meltdown spilling over into a broader 'sell America' trade." Meanwhile, the U.S. Supreme Court will hear arguments on whether Trump has the power to fire Fed Gov. Lisa Cook--a case widely seen as a test of the U.S. central bank's independence. ([e-mail])

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DAVOS: Baker Hughes Says Meeting Energy Needs and Cutting Emissions Can Make Financial Sense -- Market Talk

1156 GMT - Meeting rising energy demand while reducing carbon-dioxide emissions can be done in a way that also makes financial sense, Baker Hughes Chief Executive Lorenzo Simonelli says at the World Economic Forum in Davos. The American company has seen increased demand for sustainable solutions from customers in recent years. "We're actually able to provide efficiencies, lower cost of production by introducing new technologies that actually have lower emissions," Simonelli says in an interview with the WSJ Leadership Institute. "I think [the discussion] is moving away from the aspect of climate change and it is around what is lower-emission energy and what makes financial sense." ([e-mail])

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DAVOS: Baker Hughes Sees Opportunity as Venezuelan Energy Resources Return On Stream -- Market Talk

1141 GMT - Venezuelan energy resources coming back on stream could create new opportunities for Baker Hughes in the future, Chief Executive Lorenzo Simonelli says at the World Economic Forum in Davos, Switzerland. The oil-field services provider has a large installed base of rotating equipment--machinery used in oil-and-gas operations--in the Latin American country and provides services to Chevron, which holds a license to operate there. "We're customary to changes that take place geopolitically, globally and through the decades," Simonelli says in an interview with the WSJ Leadership Institute. "We stay focused on the long-term strategy." ([e-mail])

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Palm Oil Rises as Festive Demand, Price Advantage Support -- Market Talk

1042 GMT - Palm oil prices ended higher. Improving demand ahead of the festive season and palm oil's continued price advantage over soyoil and sunflower oil provided support, Kenanga Futures analysts say in a note. However, potential profit-taking may temper market sentiment, they add. Kenanga Futures sees support for CPO futures at 4,045 ringgit a ton and resistance at 4,140 ringgit a ton. The Bursa Malaysia Derivatives contract for April delivery closed 60 ringgit higher at 4,154.00 ringgit a ton. ([e-mail])

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DAVOS: U.K. Miners Climb on Precious Metals, Rio Tinto -- Market Talk

1011 GMT - U.K. miners climb as soaring precious metal prices and a consensus-beating earnings report for Rio Tinto support the sector. The miner announced consensus-beating fourth-quarter earnings, including copper production 10% ahead of consensus estimates. Stock in the company is up 4.7%, making it the largest riser in London's FTSE 100. Copper has surged to record prices in recent weeks, which also supports copper miner Antofagasta climbing 2.1%. Major gold miner Endeavour Mining gains 4%. Glencore is also up, gaining 3.5%. Gold prices soared through $4,800 a troy ounce as investors concerned by President Trump's Greenland threats flee to safe-havens. ([e-mail])

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Copper Supported by Commercial Hedging But Gains Capped by Trade Concerns -- Market Talk

0953 GMT - Copper prices rise in midmorning trading, with futures on the London Metal Exchange up 0.9% to $12,910.50 a metric ton. Commitments of Traders data show that speculative investors have trimmed long positions, while commercial participants remain active, providing steady support through hedging, according to analysts at Sucden Financial. At the same time, copper spreads have moved deeper into backwardation--meaning near-term contracts are priced above later ones--implying that additional unwinding may be required before prices can soften more convincingly. As a result, the forward curve continues to cushion the market, with commercial demand helping to limit downside, the analysts say. Price gains, however, are capped by investor concern that rising U.S.-Europe tensions could spill into a broader trade dispute, weighing on metal demand. ([e-mail])

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DAVOS: Oil Falls as U.S. Pressure Over Greenland Increases Market Concerns -- Market Talk

0811 GMT - Oil prices fall as President Trump's push to annex Greenland revives concerns over trade frictions that could weigh on global demand. Brent crude slides 1.5% to $63.97 a barrel, while WTI is down 1.2% to $59 a barrel. Markets are now awaiting Trump's special address in Davos, Switzerland, later Wednesday after he expressed further confidence in securing a deal over the semiautonomous Danish territory. However, near-term supply remains tight, analysts say, with immediate oil prices trading above later-dated contracts--a market structure known as backwardation. Supply disruptions at Kazakhstan's Tengiz oil field, along with limited export shipments through the Caspian Pipeline Consortium, are also helping to support physical oil prices. ([e-mail])

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Oil Falls as U.S. Pressure Over Greenland Increases Market Concerns

0811 GMT - Oil prices fall as President Trump's push to annex Greenland revives concerns over trade frictions that could weigh on global demand. Brent crude slides 1.5% to $63.97 a barrel, while WTI is down 1.2% to $59 a barrel. Markets are now awaiting Trump's special address in Davos, Switzerland, later Wednesday after he expressed further confidence in securing a deal over the semiautonomous Danish territory. However, near-term supply remains tight, analysts say, with immediate oil prices trading above later-dated contracts-a market structure known as backwardation. Supply disruptions at Kazakhstan's Tengiz oil field, along with limited export shipments through the Caspian Pipeline Consortium, are also helping to support physical oil prices. ([e-mail])

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Gold Likely to Be Supported by 'Price-Insensitive' Central Banks -- Market Talk

0529 GMT - Gold is likely to have "enduring support" from sustained, largely price-insensitive demand from central banks looking to diversify their reserves, says T. Rowe Price's Matt Bance in a note. Gold's record-breaking run underscores T. Rowe Price's long-standing favorable view of gold as a strategic portfolio diversifier, he says. This also confirms macro conditions where gold adds value, such as policy uncertainty, remain in place, he adds. Gold also benefits as an asset perceived to be outside the fiat system, given U.S. dollar concerns amid "erratic policy making" and scrutiny on the Federal Reserve, he adds. Strength is also seen across the broader precious metal complex, as their moves "have been striking," particularly in silver, he notes. Spot gold gains 2.3% to $4,871.50 a troy ounce. ([e-mail])

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Gold May Rise to $5,000/oz Amid Geopolitical Uncertainties -- Market Talk

0521 GMT - Gold could extend its rally towards $5,000/oz as geopolitical risk and macro uncertainty drive sustained risk-off positioning, analysts at Phillip Nova say. They attribute recent gains to rising geopolitical volatility, with renewed U.S. tariff threats unsettling Europe and global trade, lifting equity risk premiums. Major stock markets have fallen in tandem, reinforcing investor rotation into bullion. Phillip Nova adds that the move reflects not just transient fear, but a deeper repositioning of global asset allocation, they add. With technical signals still bullish, Phillip Nova notes that $5,000/oz for gold is "not a fringe outcome but a realistic next frontier." ([e-mail])

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Iron Ore Falls; Prices May Fluctuate -- Market Talk

0247 GMT - Iron ore falls in early Asian trading, with the most-traded iron-ore contract on the Dalian Commodity Exchange 0.5% lower at 783.00 yuan a ton. Prices are being driven more by macro expectations than by market fundamentals, Nanhua Futures analysts say in a note. They say prices have limited room for further upside as rising inventories and slow output recovery don't justify currently elevated valuations. But downside is also capped as steel mills have robust restocking needs, meaning price pullbacks are likely to prompt replenishment demand. Overall, prices are expected to fluctuate within a wide range, Nanhua adds. ([e-mail])

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(END) Dow Jones Newswires

01-21-26 0912ET