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

0329 GMT - Crude palm oil prices are expected to remain firm into 1Q 2027 before gradually easing as El Nino risks dissipate, BMI says in a note. Near-term price support is expected from robust Indian restocking ahead of the festive season, Black Sea edible oil supply disruptions and growing El Nino risks to production, it says. BMI raises its 2026 Malaysia CPO futures price estimates to 4,453 ringgit a ton from 4,300 ringgit a ton. Prices are expected to average 4,543 ringgit a ton in 2027, underpinned by structural biodiesel demand and limited scope for supply growth, it adds. (yingxian.wong@wsj.com)

0311 GMT - Iron ore declines in Asian trading. Prices are under pressure as supply is likely to remain ample in 2H, Nanhua Futures analysts say in a research note. International shipping rates continue to fall, they add. That said, iron ore may face "an inflection point" for end-user demand recovery, they say. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 2.0% at 701.5 yuan a ton. (tracy.qu@wsj.com)

0242 GMT - Palm oil rises in early Asian trade, driven by stronger soybean oil prices on the Chicago Board of Trade overnight, PhillipCapital says in a note. Robust demand for U.S. soybeans from China is also supporting prices, as the two oils often move in tandem due to their use in similar products, it says. PhillipCapital expects prices to face resistance at 5,000 ringgit a ton and find support at 4,649 ringgit a ton. The Bursa Malaysia Derivatives contract for November delivery is up 6 ringgit at 4,899 ringgit a ton. (yingxian.wong@wsj.com)

0158 GMT - Base metals are mixed in the Asian session. The bond buyback in the U.S. likely weighed on the dollar and boosted investor appetite for commodities, say ANZ Research analysts. This is despite another strong build in metal inventories, they add. Still, Sucden Financial reckons the overall base metal complex remains vulnerable to the risk of higher oil prices and U.S. yields weighing on risk appetite. The three-month copper futures contract on the London Metal Exchange drops 0.1% to $14,032.50 a metric ton. Aluminum declines 0.5%, nickel drops 0.4%, zinc is flat and lead rises 0.05%. (megan.cheah@wsj.com)

0138 GMT - Petronas Chemicals' 2H earnings will likely be supported by higher plant operating rates, although normalizing petrochemical prices and still-weak downstream demand may limit margin expansion, TA Securities analyst Luqman Anwar says in a note. Plant utilization is expected to recover to 80%-85% in 3Q and about 93% in 4Q following major turnarounds in 2Q, he notes. Fertilizer and methanol will likely remain the key earnings anchor, supported by resilient urea demand, food-security needs and tighter global supply, he reckons. However, a repeat of the sharp 2Q price surge is unlikely, while olefins and derivatives prices could face further pressure from weak demand and structural oversupply, he adds. TA Securities maintains a sell rating on Petronas Chemicals, keeps target price at 4.32 ringgit. Shares are 1.9% lower at 4.60 ringgit. (yingxian.wong@wsj.com)

0126 GMT - Gold declines in Asian trade. Minutes of the Federal Reserve's July meeting released Wednesday seemed to reveal broader support for interest rate increases, as more Fed officials favored raising rates last month than the three who formally dissented. Other officials also signaled they would back an increase if inflation doesn't improve. A higher-interest rate environment typically weighs on nonyielding assets such as gold. Still, while the minutes leaned hawkish, ING's James Knightley expects the Fed to remain on hold well into 2027. Fed officials who voted for no rate hikes would need stronger U.S. jobs numbers and more elevated inflation to be convinced, but the economist doesn't see such data materializing. Spot gold falls 0.6% to $4,494.52 a troy ounce. (megan.cheah@wsj.com)

0108 GMT - Citi expects downside risk to FY27 earnings estimates for gold miner Northern Star. That is primarily due to weaker-than-anticipated forecast production and higher-than-expected costs. The company's Yandal and Pogo mines are the main sources of cost pressures, with all-in sustaining cost forecasts higher than Citi's expectations by 18% and 16%, respectively, the bank says. "Investor focus now shifts to KCGM ramp-up execution, whether Yandal's higher-cost base persists beyond FY27 and any changes in strategic direction under the incoming CEO and refreshed board," Citi says. It has a neutral rating and A$24.30 target on Northern Star. Shares are up 8.2% at A$24.38. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

Northern Star's FY27 guidance is softer than consensus, but better than the market feared, says Barrenjoey. "Of course NST has had a poor recent history of meeting guidance, so management will need to convince market this is credible," Barrenjoey says. Production guidance of 1.50 million to 1.65 million ounces, at its midpoint, is 2% below consensus. All-in sustaining cost guidance, at A$3,050-A$3,450/ounce, is 8% above consensus. A growth capital expenditure estimate of A$1.70 billion to A$2.02 billion is 4% below consensus. Barrenjoey has a neutral rating and A$26.50/share target on Northern Star. Shares ended Wednesday at A$22.54. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1923 GMT - Live cattle futures on the CME fell by 0.9% to $2.1695 a pound Wednesday, making it the lowest cattle has traded since December. Cattle has fallen 15% since live futures hit an all-time high in April. Cattle traders have been looking for a potential bottom for cattle prices, says the Hightower Report in a note. But cattle futures continue to slide. Lean hog futures rose 0.7% to 71.425 cents a pound. The contract snapped a four-session losing streak. (kirk.maltais@wsj.com)

1920 GMT - Oil futures rise for a fourth straight session as transit remains restricted through the Strait of Hormuz, keeping supply concerns alive. EIA data showed U.S. commercial crude stocks up by 4.4 million barrels last week at 428.8 million, bringing inventories in line with their five-year average for the time of year. The elimination of the longstanding crude deficit "would appear price-neutral if not for the continued sizable deficits in the product markets," Ritterbusch & Associates says in a note. "WTI can be pulled higher by a strong distillate market since key refiners beyond the East and West coasts that represent about 80% of U.S. capacity are still running virtually full-out." WTI settles up 1% at $85.83 a barrel, and Brent rises 0.7% to $91.62--both well off intraday highs.(anthony.harrup@wsj.com)

1857 GMT - U.S. natural gas futures rise for a second consecutive session as late-summer weather forecasts add heat to the outlook. Strong national demand is expected the next 10 days with most of the western and southern two-thirds of the U.S. facing "hot to very hot" temperatures, including high-90s to mid-100s in Texas, NatGasWeather.com says in a note. "Cooler exceptions the next 10 days will be across portions of the Midwest and Northeast." Tomorrow's EIA storage report is expected to show the smallest weekly build of the season, trimming the inventory surplus over the five-year average. Analysts in a Wall Street Journal survey expect an injection of 18 Bcf. Nymex natural gas settles up 1.4% at $2.814/mmBtu.(anthony.harrup@wsj.com)

1555 GMT - Oil futures add to earlier gains with the market seemingly taking little comfort from a third weekly build in U.S. commercial crude stocks that put inventories in line with their five-year average. The 4.4 million barrel rise in stocks to 428.8 million barrels follows last week's unexpectedly large 17.4 million barrel increase. "The supply shock is easing with production up and demand weakening a bit," says David Russell of TradeStation. "While the energy situation is tight and difficult, worst-case scenarios aren't playing out." WTI is up 1.9% at $86.54 a barrel and Brent is 1.5% higher at $92.37 a barrel.