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

0635 GMT - Questions will now emerge about Glencore's strategic future after a planned merger with rival Rio Tinto came to naught, J.P. Morgan writes, resuming coverage of the stock with a neutral rating. The two miners said Thursday that they had ended talks on a tie-up, citing disagreements over key details. Investors will now focus on copper growth and potential other deals and divestments, JPM's analysts say. The investment bank has a 4.90 pounds target price on the London-listed stock. Shares last closed at 4.75 pounds. (joshua.kirby@wsj.com; @joshualeokirby)

0630 GMT - Rio Tinto has plenty of strategic options left on the table despite the failure of merger talks with peer Glencore, JPMorgan says, reinstating coverage of the London-based miner with an overweight rating. The planned mega-deal fell apart over disagreements on key details, putting an end to a tie-up that would have created the world's largest mining company. Still, the proposal followed other suggestions for Rio Tinto, such as separate listings for its ore and metals divisions, highlighting the company's "abundance of strategic optionality," JPM's analysts write. The investment bank lifts its target price on the stock to 75 pounds; shares closed Thursday at 68.26 pounds.(joshua.kirby@wsj.com; @joshualeokirby)

0114 GMT - The failure of deal talks between Rio Tinto and Glencore illustrates the challenges in doing large-scale copper M&A as the market runs red hot, RBC Capital Markets analyst Kaan Peker says. Rio Tinto was unwilling to stretch too far on a premium for long-dated copper options "at cycle-peak prices, while Glencore refused to crystallize its copper growth pipeline upfront," says Peker. "The strategic implication is a shift towards asset-level copper transactions." That means more carve-outs, minority stakes and project partnerships, rather than megamergers, Peker says. Rio Tinto is little changed in Sydney at A$157.11. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0059 GMT - It is disappointing that Rio Tinto and Glencore couldn't get a deal done, Wilson Asset Management portfolio manager Matthew Haupt says after the companies confirmed they have ended merger discussions. "The more work I did on it, the more I thought: Oh, what a great opportunity for the two companies to come together," he says. Yet Haupt says he's happy Rio Tinto was "not willing to do what most mining companies do and just pay up." Haupt holds Rio's Australia-listed shares in one fund, and London-listed stock in another. He considered buying Glencore as a hedge "in case Rio paid up," he says. "I'm glad I didn't." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0020 GMT - Any deal to marry mining giants Rio Tinto and Glencore was going to be complex. While talks between the companies ended over disagreements on value, "the complexity of integrating Glencore's diverse commodity basket--spanning metals, coal, and a large trading operation--into Rio's streamlining strategy likely contributed to the difficulty in finding mutually acceptable terms," says CRU analyst William Tankard. Shares in Rio Tinto are 0.4% lower in Sydney, at A$156.52/share. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2337 GMT - The end of takeover talks with Rio Tinto gives investors a chance to nab Glencore shares "an even more attractive discount," Barclays analysts say in a note. "Meanwhile for RIO the impact is likely to be broadly share price neutral, in our view," say the analysts. Barclays has an overweight rating on both stocks. It has a price target of 525 pence on Glencore, and a sum-of-the-parts valuation of 723p for 2027. Barclays has a 6,885p on Rio Tinto's London shares. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

2159 GMT - While it is possible that Rio Tinto and Glencore revisit merger talks again in the future, "that is not our base case," Jefferies analyst Christopher LaFemina says in a note. "Rio likely goes it alone," he says. LaFemina expects the miner to refocus on the strategy it outlined at an investor briefing in December, targeting cost cutting and asset sales. "The question then is what is Glencore's plan B?" he says. "Coal de-merger? Have discussions with another possible merger partner? Focus inward on its own copper portfolio?" LaFemina reckons there are ways for Glencore to unlock shareholder value, but notes that a takeover by Rio Tinto "would have been the simplest and most elegant path." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1901 GMT - Glencore says it is moving on after Rio Tinto abandoned plans for a mega-merger with its fellow metals heavyweight. Given that this is the second time a combination attempt between the mining companies has fallen through, Quilter Cheviot analyst Maurizio Carulli doesn't see any more attempts in the foreseeable future. Carulli says another player, such as BHP, could consider a bid for Glencore. Glencore could also look to close smaller deals within its operations, Carulli says, with a possible IPO of its Australian coal assets and partnership deals for some of its individual assets. Carulli says this would be similar to the minority stake sale announced earlier this week for its two copper mines in the Democratic Republic of Congo. Glencore ADRs are down 6%. (katherine.hamilton@wsj.com)

1806 GMT - Gold and silver futures spent the day sliding, but the move could be creating what some view as "a buying opportunity," says John Caruso of RJO Futures in a note. "We're still carrying a bearish bias on the USD index," says Caruso. U.S. dollar weakness was a major factor supporting the recent run-up in gold and silver. Front-month gold settles 1.2% lower to $4,861.40 a troy ounce, with silver down 9.1% to $76.529 a troy ounce. Copper, platinum, palladium, and aluminum futures are also lower. (kirk.maltais@wsj.com)

1745 GMT - The outlook for FMC Corp. is negative, Moody's Ratings says, downgrading the agricultural sciences' credit ratings. "The downgrade reflects the challenges the company is facing due to Rynaxypyr patent expirations in a number of countries and the increasingly competitive environment for generic crop protection chemicals," Moody's Senior Vice President John Rogers says. The company's announcement that it's exploring strategic alternatives, including a sale, also increases event risk and could bring the rating down further, he added, though the company could also be bought by a higher-rated, investment grade firm. FMC's efforts to pay back $1 billion in debt is unlikely to lower leverage below 3.5x without progress in sales and profitability, Moody's says. FMC shares slide 21%. (elias.schisgall@wsj.com)

1534 GMT - Canadian mining stocks retreat as silver and gold prices fall. Canadian miners tend to move in lockstep with precious metal prices. Barrick Mining and Kinross Gold slide, falling 8% and 5.5%, respectively. Smaller players in the space also feel the pressure, with Discovery Silver and Endeavour Silver both falling 11%, and First Majestic Silver sliding 10%. Still, these stocks are still up on the year, and in the past 52 weeks. (adriano.marchese@wsj.com)

1510 GMT - Barrick Mining is pushing ahead with its plans for an IPO of its prized North American gold assets but a number of questions remain, not least around where partner Newmont will fit into things. Barrick aims to complete the IPO process by late this year, and plans to retain a significant majority interest in the assets. Just what that will look like will only be learned later. Newmont holds a sizeable 38.5% interest in Barrick's Nevada Gold Mines operation, and 40% in its Dominican mine. The companies' Nevada venture agreement contains certain confidentiality and disclosure requirements. It also details transfer procedures, including consent obligations and preferential purchase rights. That could be read as an obligation to first offer Barrick's stake to Newmont before any third-party sale and a need for its consent on any share transfer. (robb.stewart@wsj.com)

(END) Dow Jones Newswires

February 06, 2026 04:20 ET (09:20 GMT)

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