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

0904 ET - Oil futures are lower with the market focused on the summit between Presidents Trump and Xi Jinping. The White House says the leaders agreed the Strait of Hormuz must remain open and that Xi opposed the militarization of the strait or the charge of a toll to use it. "Additional Chinese cooperation beyond these comments is unlikely," Ritterbusch & Associates says in a note. "The price pullback of the past couple of days has simply represented a brief technical adjustment." WTI is off0.5% at $100.50 a barrel, and Brent is down 0.7% at $104.89. (anthony.harrup@wsj.com)

0840 ET - U.S. natural gas futures trade sideways with the market watching for the EIA's weekly storage report due at 10:30 a.m. ET. Natural gas is trapped between support at $2.82 and resistance at $2.88, "but look for a break out of the range if storage surprises later this morning," Gary Cunningham of Tradition Energy says in a note. "A storage number in the low 80s could give the bulls a reason to push back towards $3, but without some help from the weather maps or a quick return to service from all trains in the LNG fleet we aren't likely to go that high." Analysts in a WSJ survey predict a storage injection of 87 Bcf. Nymex natural gas is off 0.7% at $2.843/mmBtu.(anthony.harrup@wsj.com)

0648 ET - Palm oil ended lower on weaker soybean oil prices and expectation of rising stockpiles, which are likely to weigh on price sentiment, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng sees crude palm oil prices finding support above 4,350 ringgit a ton and resistance at 4,500 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery fell 42 ringgit to 4,396 ringgit a ton. (tracy.qu@wsj.com)

0356 ET - Recent copper price gains appear to be driven more by supply concerns than by underlying demand, leaving the metal exposed to a potential pullback if Middle East disruptions ease, according to ING. "Supply-side risks linked to the conflict are supporting several industrial metals," analysts at the firm say. However, "higher energy prices and broader macro uncertainty continue to weigh on manufacturing activity and global growth expectations." Investors are likely to keep a close watch on inventory levels, demand signals from China and the degree to which geopolitical tensions continue to disrupt refined metal supply. Three-month futures on the LME are down 0.7% to $13,982 a metric ton after climbing toward record highs in the previous session. (giulia.petroni@wsj.com)

0341 ET - Gold prices hold above $4,700 a troy ounce, but remain pressured by expectations of higher-for-longer interest rates following the latest U.S. inflation data. "Gold extended losses after U.S. wholesale inflation accelerated in April to its fastest pace since 2022, while Treasury yields climbed toward their highest levels since July, weighing on non-yielding assets," says Soojin Kim from MUFG. In early European trading, gold futures in New York are up 0.2% to $4,718 a troy ounce. Meanwhile, silver falls 1.4% to $88.12 an ounce and platinum is down 2.1% to $2,150.60 an ounce. (giulia.petroni@wsj.com)

2355 ET - Bumitama Agri's unit costs are likely to rise due to higher prices of fertilizer and diesel, RHB Research analysts say in a note. The palm oil producer now expects unit costs to increase around 10% this year versus 5%-10% projected previously. RHB maintains its target price of S$1.70. However, it upgrades the stock to neutral from sell, citing a fair valuation after a 15% share-price decline over the past two weeks. Shares are last up 1.6% at S$1.90. (amanda.lee@wsj.com)

2343 ET - Copper fell on profit-taking, after topping $14,000 a metric ton. Nonetheless, market participants remain bullish on copper prices, thanks to long-term demand tied to artificial-intelligence infrastructure, grid modernization and the global energy transition, as well as supply constraints, Tony Sage, CEO of Critical Metals, says in a recent note. The copper market could be exposed to a potential supply deficit over the long term, which could support copper prices, he adds. China's export restrictions on sulfuric acid and Middle East sulfur supply disruptions could create further tightness in the copper market, he says. Three-month LME copper futures are down 1.6% at $13,924.50 a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

2253 ET - Palm oil prices fall in Asian trading, weighed by lower soybean oil prices overnight on the Chicago Board of Trade. Sluggish exports are also pressuring CPO prices, PhillipCapital says in a note. Ongoing trade discussions between President Trump and President Xi in Beijing could also impact CPO price sentiment through their influence on global trade flows and vegetable oil demand, it adds. PhillipCapital pegs resistance at 4,680 ringgit a ton and support at 4,350 ringgit a ton. The Bursa Malaysia Derivatives contract for July delivery is down 26 ringgit at 4,412 ringgit a ton. (yingxian.wong@wsj.com)

2240 ET - Iron ore is lower in early Asian trading. While capital inflows into the broader black metals market have supported prices, iron ore's fundamentals are not strong enough to maintain current levels, according to Nanhua Futures analysts in a research note. Analysts also expect demand to be hurt by seasonal weakness. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 0.8% at 810.5 yuan a ton. (tracy.qu@wsj.com)

2058 ET - Gold gains in the early Asian session. The yellow metal doesn't appear to be reacting one-dimensionally to U.S. consumer-price index data anymore, says Linh Tran at XS.com in a note, noting that rising inflation typically boosts Treasury yields and the dollar while weighing on gold. While the April data initially dragged down gold, the precious metal quickly recovered above $4,700 a troy ounce, suggesting that the market is beginning to reassess its role as a safe-haven asset and store of value, the analyst says. "In an environment where inflation is accompanied by geopolitical tensions, high energy prices, and growth risks, gold still has a strong foundation to maintain its appeal as a defensive asset," she says. Spot gold rises 0.3% to $4,701.90 an ounce. (megan.cheah@wsj.com)

1602 ET - A procedural vote required to allow a vote on H.R. 1346, a bill that would allow for E15--gasoline blended with 15% ethanol-- to be sold nationwide year-round has passed, by a slim margin of 213-208 in the House of Representatives. The procedural measure allows for the E15 legislation to be detached from the 2026 Farm Bill and voted on separately. H.R. 1346, the Nationwide Consumer and Fuel Retailer Choice Act of 2025, is scheduled to be voted on by the House later today, with last votes expected at 5:30 p.m. ET, according to a daily schedule on House Majority Leader Steve Scalise's website. (kirk.maltais@wsj.com)

1532 ET - Lean hog futures on the CME settle up 2.5% to $1.00875 a pound Wednesday, posting a big gain after settling lower in four out of the past five trading sessions. The uptick comes as the USDA reports an uptick in average carcass cutout at midday today -- rising $1.40 per hundredweight to $96.92 per cwt. The uptick at midday breaks a three-day losing streak for pork cutouts. Live cattle climbs 2% to $2.52725 a pound, rising as President Trump commences his summit with Chinese leader Xi. Beef is expected to be a topic discussed during the summit, potentially locking in more demand for U.S. exports. (kirk.maltais@wsj.com)

(END) Dow Jones Newswires

May 14, 2026 09:15 ET (13:15 GMT)

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