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

1127 ET - Renewed market enthusiasm around soybeans following President Trump's Truth Social post this week calling for China to buy more U.S. exports keeps lifting soybean futures. The most-active contract is up 2.1% in morning trading, making it over 11% that soybeans have risen this week. But how long this rush continues seems to hinge on if traders see signs that China will follow through on more buying - which is an open question. "From a purely economic perspective, supplies from Brazil - the world's top producer and exporter - remain significantly cheaper during the country's peak export season, potentially limiting the scope for sustained Chinese demand for U.S.-origin beans," says Ole Hansen of Saxo Bank in a note. Corn is up 0.1%, while wheat is down 0.3%. (kirk.maltais@wsj.com)

1123 ET - Coffee prices have plunged since last week, with ICE Arabica futures on track for a weekly drop of nearly 10%. "In addition to external factors such as general market sentiment and the stronger U.S. dollar, the price setbacks are likely due, among other things, to the prospect of a strong coffee crop in Brazil, which is expected to reach a record high this year," says Norman Liebke from Commerzbank. Brazil's total crop of the Arabica and Robusta coffee varieties is forecast to rise 17.1% from 2025, the commodity analysts says, citing forecasting agency Conab. Robusta production is projected to increase by 6.4%, while Arabica production is expected to jump by 23.3%. (giulia.petroni@wsj.com)

1111 ET - Precious metals remain volatile, with silver taking another hit amid a broader shift toward defensive positioning across commodities. Gold prices rise in afternoon trading, with futures in New York up 1.7% to $4,973.70 a troy ounce, while silver falls 1.7% to $75.40 an ounce. "The phase of exceptionally high volatility in precious metals is not yet over," analysts at Commerzbank say. "However, the picture is not clear-cut." Some participants appear to have used price gains to exit positions, while others are showing renewed buying interest after the recent slump. Overall, uncertainty remains high and short-term price swings are expected to persist, the analysts say. (giulia.petroni@wsj.com)

1104 ET - Recent gains across metal markets have underscored the influence of positioning, leverage and momentum in short-term moves, says Ewa Manthey from ING. Speculative activity on the Shanghai Futures Exchange has risen broadly across metals, shaping global prices through positioning rather than physical arbitrage and amplifying moves on the LME. Regulatory steps have tempered volatility at times but haven't reversed this trend. "Metals markets are undergoing a structural shift--Chinese speculative flows are becoming a defining force in short‑term price discovery," the commodities strategist says. "While longer-term fundamentals still anchor prices, the growing influence of positioning means sharper moves, higher volatility and a greater risk of abrupt corrections as sentiment or policy shifts." (giulia.petroni@wsj.com)

0956 ET - January's uptick in gold prices - sending them over the $5,000/oz mark -- was supported by strong inflows into ETFs by investors in both the U.S. and Asia, the World Gold Council says. ETFs added 120 metric tons of gold in January, worth $669 billion. Asia added 62 tons, while North America added 43 tons. While gold prices have since sank back below the $5,000/oz mark, the WGC says that inflation worries have the potential to keep supporting gold as a safe haven asset choice. "In the U.S., easier monetary policy and the fiscal boost appear geared towards running the economy hot, reviving inflation risks," says the firm. Gold futures are up 1.3%. (kirk.maltais@wsj.com)

0931 ET - The center-south region of Brazil harvested more than twice the amount of sugarcane then at this time last year, according to data released by Unica. The firm says that through the first two weeks of January, 605,000 metric tons of sugarcane were harvested, versus 301,000 tons at this time last year. However, refined sugar production is down 32%, at only 7,000 tons. But Brazil is in its typical off-season period for sugar, says Unica. "The resumption of production by some units should only happen more significantly from the second half of March, following a historical pattern observed in the country," says Luciano Rodrigues of Unica in a note. Total ethanol production was 427 million liters, up 16% from the same time last year. (kirk.maltais@wsj.com)

0858 ET -- U.S. natural gas futures extend their pullback from Monday's selloff with extreme cold expected this weekend across the Midwest and Northeast. "Demand would be more impressive Saturday-Monday if not for comfortable temperatures over much of the rest of the U.S. by mid-winter standards," NatGasWeather.com says in a note. The record 360 Bcf storage withdrawal reported for last week is expected to be followed by a bigger-than-normal draw in next week's report, increasing the inventory deficit over the five-year average, the forecaster adds. Nymex natural gas is up 3.2% at $3.623./mmBtu. (anthony.harrup@wsj.com)

0820 ET - Oil futures are trading sideways with the market focused on talks in Oman between the U.S. and Iran over Iran's nuclear program. "While negotiations could go either way and President Trump's threats of military action are real, we believe Iran will ultimately submit, paving the way for a nuclear agreement and avoiding regime collapse," Peter Cardillo of Spartan Capital says in a note. "Such an outcome would likely send oil prices sharply lower." WTI is off 0.2% at $63.19 a barrel and Brent is down 0.1% at $67.51. (anthony.harrup@wsj.com)

0629 ET - Copper prices are headed for a weekly loss of more than 1.5% on signs of weaker demand, with futures on the London Metal Exchange flat at $12,850.50 a metric ton. "Inventories of copper rose in LME warehouses in Asia," ANZ Research analysts say. "This was coupled with reports of easing in Chinese buying, with fabricators and manufacturers said to lack the appetite to chase the market higher." Still, fundamentals remain strong, with China increasing grid and energy infrastructure investment. At the same time, the U.S. is also stepping up efforts to secure critical mineral supply chains, including plans to buy Glencore's stakes in its copper-cobalt mines in the Democratic Republic of Congo. (giulia.petroni@wsj.com)

0534 ET - A now-shelved merger of mining giants Rio Tinto and Glencore would have resulted in the world's leading global metals and mining company, Bank of America analysts write. The two companies would have complemented each other given Rio Tinto's strong record of execution and Glencore's growth potential, the analysts write. Copper miner Glencore is one of only three such companies that are viable takeover options for mega-cap miners, with the scarcity of options meaning potential buyers might be in a "now or never" moment, the analysts say, Rio Tinto is down 0.1%, while Glencore gains 1.5% after dropping 7% in Thursday trading.(josephmichael.stonor@wsj.com)

0512 ET - Palm oil prices ended lower, weighed by weakness in Chicago's soybean oil market, says David Ng, a trader at Kuala Lumpur-based Iceberg X. The market is also expecting weak demand going forward, he adds. The trader sees prices supported above MYR4,050 a ton and resistance at MYR4,300. The Bursa Malaysia Derivatives contract for April delivery closed 53 ringgit lower at 4,153 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0335 ET - Gold prices remain below $5,000 as volatility remains high following last week's historic rout, with exchange operator CME Group raising margin requirements for precious metals once again. Futures in New York tick 0.1% higher at $4,891.10 a troy ounce and are headed for a weekly gain of 3%. Meanwhile, silver falls 4.1% to $73.56 an ounce, on track for a weekly decline of more than 6%. "Until volatility subsides and price discovery improves, gold, and especially silver is likely to trade violently in both directions," says Ole Hansen from Saxo Bank. (giulia.petroni@wsj.com)

(END) Dow Jones Newswires

February 06, 2026 12:15 ET (17:15 GMT)

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