The latest Market Talks covering Basic Materials. Published exclusively on Dow Jones Newswires at 4:20 ET, 12:20 ET and 16:50 ET.

0856 ET - Higher commodities prices buoyed corporate operating earnings in the first quarter, the latest data from Statistics Canada shows. Operating profit among the country's corporations hit C$209.9 billion in 1Q, up 2% on quarter and 3.4% year-over-year. Gains were largely driven by nonfinancial industries, with companies in oil and gas extraction leading with a 35% on-month jump in operating profit collectively to C$3 billion as crude oil prices spiked amid the conflict in the Middle East. The mining sector notched a 11% rise in operating profit to C$299 million due mainly to higher prices for gold and copper, Statistics Canada says. In contrast, earnings in the manufacturing industry fell 1.7% to C$19.7 billion. Operating profit for financial industries edged up 0.8% to C$99.7 billion. (robb.stewart@wsj.com; @RobbMStewart)

0533 ET - India raising import taxes on gold will not curb local demand, Charles Gave of Gavekal Research writes in a note. The move has eroded the value of the rupee against gold, he notes, adding that this will instead encourage locals to buy more gold as savings. The government needs to mobilize India's gold, but "people who have long saved in gold will never abandon gold unless they are paid richly to do so," Gave adds. Gold-linked bonds may support government funding better through principal and interest payments, while maintaining gold levels, Gave says. (kimberley.kao@wsj.com)

2352 ET - Australian uranium producer Paladin Energy and developers Bannerman Energy and Deep Yellow may benefit from a constructive uranium-price environment amid an artificial-intelligence boom, Macquarie says. Rising power use at AI data centers is boosting demand for uranium-fueled nuclear energy. The bank upgrades its rating on Paladin to outperform from neutral, saying its stock implies a uranium price of US$77 a pound versus the spot price at US$84 a pound. The stock is seen "as an excellent way to invest in uranium cycle/AI megatrend," Macquarie says. The bank also upgrades its rating on uranium producer Boss Energy to neutral from underperform. It says that while it still has concerns about the company's resource downgrades at the Honeymoon uranium project and its new feasibility study on the project, those have been better priced into shares. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2243 ET - Palm oil prices decline in Asian trading, dragged by lower crude oil prices, AmInvestment Bank says in a note. Declines in crude tend to weigh on demand for palm oil as a biofuel. Technical analysis suggests crude palm oil futures remain in bearish territory, while neutral palm oil fundamentals may continue to pressure prices, it adds. AmInvestment Bank pegs resistance at 4,515 ringgit a ton and support at 4,453 ringgit a ton. The Bursa Malaysia Derivatives contract for August delivery is 8 ringgit lower at 4,478 ringgit a ton. (yingxian.wong@wsj.com)

2233 ET - Earnings at Hindalco Industries' U.S. subsidiary are likely to recover in FY 2027, which should support the Indian aluminum company's outlook, says Elara Securities' Ravi Sodah in a note. He attributes the potential recovery to the restart of the subsidiary's Oswego aluminum plant, which should boost volumes. Meanwhile, ongoing cost reduction measures and favorable scrap spreads could boost the subsidiary's near-term profitability, the analyst adds. He raises his FY 2027-FY 2028 Ebitda estimates by around 21% each year to reflect higher metal prices, among other factors. Elara Securities raises its target price to 1,225 Indian rupees from 1,024 rupees and retains its accumulate rating. Shares last closed 1.0% higher at 1,109.60 rupees.(megan.cheah@wsj.com)

2112 ET - The likelihood of ongoing conflict in the Middle East keeping aluminum prices "stronger for longer" doesn't appear to be priced into Alcoa's Australian shares, UBS says. It upgrades the stock to buy from neutral, and raises its target to A$110/share from A$105. "We believe smelter outages due to the protracted conflict in the ME [Middle East] will more than offset near-term demand risks resulting in stronger for longer aluminum prices and premiums," says UBS. "This will more than offset lower for longer alumina prices, resulting in earnings resilience that is not priced in." Shares are up 7.1% at A$99.91. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1942 ET - UBS left Mineral Resources' Wodgina site visit "incrementally positive, at a time when the commodity is increasingly preferred," analysts at the bank say in a note. UBS integrates Bald Hill, Mt. Marion, and Wodgina production upgrades, leading it to raise its target on the stock to 83.00 Australian dollars from A$73.00. The bank retains a buy rating. Mineral Resources is stepping up lithium production at a time when UBS is increasingly positive on battery energy storage demand, electric-vehicle demand due to energy price concerns, and Chinese demand for electric trucks, the analysts say. Shares ended Friday up 0.6% at A$69.66. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

(END) Dow Jones Newswires

May 25, 2026 12:20 ET (16:20 GMT)

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