Orsted Offers Shares at Sharp Discount in Rights Issue — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil is up 0.3% to $67.20 a barrel

--European benchmark gas is down 1.8% to 32.05 euros a megawatt-hour

--Gold futures are down 0.1% to $3,682.40 a troy ounce

--LME three-month copper futures are up 0.2% to $10,087.50 a metric ton

TOP STORY:

Orsted Offers Shares at Sharp Discount in Rights Issue

Orsted outlined the terms of its previously announced rights issue as it seeks to raise around $9.4 billion in fresh funds to continue its offshore wind-construction projects.

The Danish renewable-energy company last month said it needed to raise cash as developments in the U.S. wind market have disrupted its plans to sell assets, a situation that has since deteriorated after President Trump's administration ordered the company to halt construction of a U.S. offshore wind farm.

It aims to raise gross proceeds of 60 billion Danish kroner ($9.43 billion).

OTHER STORIES:

China Opposes U.S. Call for G-7, European Tariffs Over Russian Oil Imports

China's commerce ministry said Monday it opposed a U.S. call for allies to levy steep tariffs on Chinese goods over Beijing's purchases of Russian oil, and vowed to take steps to safeguard its interests.

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Gold Hasn't Rallied This Much Since 1979

Kenneth Pack invested in gold for the first time in April to shield himself from what he saw as the disorder of the new Trump administration. The chaos trade was just heating up.

Even after the stock market recovered and then some from Trump's "Liberation Day" confusion, investors such as Pack have kept plowing money into the precious metal. The Nevada retiree plans to keep holding precious metals and stocks linked to them, which comprise 17% of his portfolio.

His reasons include the stop-and-start policy rollouts that have

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CATL Hits New High as Policy Powers Up Chinese Auto, Battery Stocks

China's plans to boost energy storage and support its auto industry spurred a rally in sector stocks on Monday, sending shares of the world's largest electric-vehicle battery maker to new heights.

The gains followed the government's announcement Friday to boost its energy-storage sector through 2027, driving about 250 billion yuan, equivalent to about $35.09 billion, in project investment.

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Zijin Mining's Gold Unit Plans Hong Kong IPO as Precious Metal Shines

The gold-mining arm of China's biggest miner is readying a public offering that could value it at about $40 billion at the top end of some estimates.

Zijin Gold International, comprised of the overseas gold assets of Chinese state-backed Zijin Mining Group, is planning to start trading on the Hong Kong exchange after spinning off from its parent.

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Gold Road Downgrades 2025 Production, Cost Guidance

Gold Road Resources on Monday downgraded annual production and cost guidance, citing previously reported issues with primary crusher maintenance, failure of conveyor belts and lower-than-anticipated ore from the Gruyere gold mine.

Gold Road owns half of the Gruyere mine in a joint venture with South Africa's Gold Fields, which manages the operation. The Australian company in May agreed to a sweetened US$2.4 billion takeover by Gold Fields, after rejecting an earlier bid amid surging gold prices.

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Centrica, X-Energy to Build Modular Nuclear Reactors in North of England

Centrica and U.S.-based energy firm X-Energy plan to build 12 advanced modular nuclear reactors in the north of England.

The announcement came ahead of a state visit by President Trump to the U.K., and forms part of an agreement expected to be signed between the two countries later this week which will support cooperation and the building of nuclear power stations.

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Veolia Consortium to Build $500 Million Water-Treatment Plant in Saudi Arabia

Veolia said it signed an agreement to develop a $500 million water-recycling plant in Saudi Arabia as part of a consortium.

A consortium comprising Veolia, Marafiq, Lamar and Satorp--a joint venture between Saudi Aramco and TotalEnergies--will launch a project to treat and recycle all of the industrial wastewater in Saudi Arabia's Jubail Industrial City, the largest petrochemical hub in the Middle East, Veolia said Monday.

MARKET TALKS:

Base Metals Mixed Amid China Weakness, U.S. Rate Cut Optimism -- Market Talk

1250 GMT - Base metals prices are mixed in afternoon trade as traders weigh another round of weak Chinese data and prospects of easing U.S. monetary policy. The latest Chinese data showed the country's economic slowdown deepened in August, with a series of key indicators missing expectations. Copper is still finding support in expectations that the Federal Reserve will cut interest rates this week and lingering supply concerns in Indonesia, but caution over resumed U.S.-China talks is capping further gains. LME three-month copper rises 0.2% to $10,085 a metric ton, while three-month aluminum slips 0.4% to $2,689.50 a ton. (giulia.petroni@wsj.com)

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Orsted's Share Price Discount Reflects Recent Troubles -- Market Talk

1146 GMT - Orsted shares are being offered at a large discount in its rights issue, reflecting the level of risk surrounding the company, Sydbank's Jacob Pedersen writes. Orsted has faced difficulty in selling assets to fund projects, while the U.S. government halted construction of a major offshore wind farm. The subscription price of 66.6 Danish kroner corresponds to a considerable discount compared to Friday's closing price of 200.30 kroner. "The path to realizing the earnings potential is fraught with risks," Pedersen says. A theoretical calculation based on Friday's closing price points to a new share price of around 109 kroner when the issue is complete, he adds. Following completion there will be 1.32 billion shares in Orsted, from 420.4 million today, which equates to a dilution of around 68% for existing shareholders who choose not to buy new shares, Pedersen says. Shares fall 1.9%. (dominic.chopping@wsj.com)

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Oil Likely to Fall Next Year but Early Recovery Still Possible, Goldman Says

1142 GMT - Oil prices are likely to fall further next year on strong supply growth, but several factors could set the stage for an earlier rebound, according to Goldman Sachs. Prices typically bottom before inventories peak, with forward-looking traders starting to bid higher once they see signs of rebalancing in supply and demand dynamics. Meanwhile, with U.S. rig counts already down 35% from late 2022, prolonged price weakness could curb shale output, tightening supply more quickly. At the same time, if a large surplus emerges in the fourth quarter of this year, OPEC might reverse course and cut production to stabilize the market, analysts at the bank say. Goldman now forecasts Brent crude in the low $50s a barrel and WTI at around $50 a barrel by the end of 2026. (giulia.petroni@wsj.com)

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European Gas Price Falls as Storage Levels Ease Supply Concerns -- Market Talk

1043 GMT - European natural-gas prices fall in afternoon trade despite heightened geopolitical risks, as EU member states continue to steadily refill inventories ahead of the winter. The benchmark Dutch TTF contract is down 1.6% to 32.13 euros a megawatt-hour. "The recent violation of Polish airspace by Russian drones has raised the prospect of the U.S. and Europe further restricting Moscow's energy exports," ANZ analysts say. "However, further improvement in storage levels in Europe has tempered those concerns." According to data from industry group Gas Infrastructure Europe, EU storage levels were 79.6% full as of Saturday, which means the bloc is on track to reach 85%-90% full by the start of the winter. (giulia.petroni@wsj.com)

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Crude Palm Oil Upside Likely to Be Capped -- Market Talk

0855 GMT - Upside for crude palm oil prices is likely to be capped in the near term, says UOB Kay Hian analyst Lester Siew in a note. September's production growth is expected to taper off on month, with August's output already approaching historical peak levels of around 1.9 million tons, Siew says. Malaysia's exports could also be flattish or slightly decline on month this month, Siew adds. Early export surveys by Intertek Testing Services and AmSpec Agri Malaysia indicate a 1%-8% on-month decline for Sept. 1-10. UOB KH maintains a market weight rating on Malaysia's plantation sector. The Bursa Malaysia Derivatives contract for November delivery closed 9 ringgit lower at 4,445 ringgit a ton on Friday.(amanda.lee@wsj.com)

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U.S.-U.K. Nuclear Power Partnership to Boost Nuclear Energy Investment -- Market Talk

0744 GMT - The soon-to-be-unveiled Atlantic Partnership for Advanced Nuclear Energy between Washington and London will boost investment in U.K. nuclear energy, Hargreaves Lansdown's Susannah Streeter writes. The agreement will cut regulatory red tape while making it easier for companies to build new power stations and strike commercial transatlantic partnerships, she writes. Small modular reactors look set to benefit first, with Centrica and X-energy set to build 12 reactors in the north of England, she adds. "Rolls Royce is ahead in small modular reactor space, but it's clear that there's big opportunity ahead for multiple players," she writes. Centrica shares trade up 1.9% at 163.4 pence. (adam.whittaker@wsj.com)

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Oil Rises on Russian Crude Supply Risks

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September 15, 2025 09:12 ET (13:12 GMT)

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