Orsted Offers Shares at Sharp Discount in Rights -2-

0744 GMT - Oil prices rise in early trade as markets weigh rising geopolitical risks against forecasts of a looming global oversupply. President Trump warned he could impose "major" sanctions on Russia if NATO countries follow suit and halt purchases of Russian oil, while also urging allies to consider tariffs of up to 100% on China and India for their purchases of Moscow's crude. "Although many European countries have cut Russian supplies, Hungary and Turkey remain key buyers, complicating efforts to fully isolate Russia," says MUFG's Soojin Kim. Meanwhile, traders continue to monitor escalating risks from Ukraine's drone attacks on Russian refineries and export terminals, which threaten to disrupt global flows. Brent crude and WTI are both up 0.5% to $67.29 and $63.01 a barrel, respectively. (giulia.petroni@wsj.com)

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Gold Holds Ground Ahead of Fed Rate Decision -- Market Talk

0730 GMT - Gold prices edge lower in early trade amid profit-taking and a firmer dollar, but continue to hover near record highs ahead of a widely expected rate cut by the Federal Reserve later this week. Futures are down 0.4% to $3,672 a troy ounce, while the dollar index trades flat at 97.55. "Markets are pricing in a virtual certainty of the Fed's first rate cut since December 2024," analysts at Peak Trading Research say. Meanwhile, "Powell's commentary will be closely scrutinized for guidance on the Fed's outlook regarding inflation pressures, recent labor market weakness, and potential tariff impacts on monetary policy." Prices are further supported by strong safe-haven demand due to persistent geopolitical uncertainty, robust central-bank purchases, and sustained inflows into gold-backed ETFs. (giulia.petroni@wsj.com)

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China's Rising Coal Spend Outpaces Overall Mining Capex Growth -- Market Talk

0607 GMT - Spending on coal mines in China rose by much more than spending on other kinds of mines there in the first half of the year, Citi analyst Ephrem Ravi says in a note. Ravi estimates coal-mining capital expenditure in China rose by 14% year-over-year in the first six months of 2025. By comparison, overall mining capex in China rose by 3.4% over the same period, he says. Ravi points to China's continued reliance on coal as its dominant energy source, despite an ongoing shift to lower-carbon energy. He also notes that 2H spending will be a more critical read on China's coal investments, given 1H typically only accounts for a third of the country's annual coal capex. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Iron Ore Falls Amid Weak Steel Demand -- Market Talk

0250 GMT - Iron ore is lower in early Asian trading. Weak steel demand and continued margin compression at steel mills are capping the upside potential for iron ore, Nanhua Futures analysts say in a commentary. Any further easing of U.S. interest rates may have limited positive impact, as the market's priced in September rate cut expectations, they add. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 0.6% at CNY794.0/ton. (tracy.qu@wsj.com)

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Anglo-Teck Merger Looks Likely to Go Ahead After Both Stocks Gain -- Market Talk

0203 GMT - The Anglo American-Teck Resources merger is likely to succeed, Jefferies analysts say following gains in the shares of both miners. The combined market cap of Anglo and Teck rose by roughly $8.0 billion last week following the deal, structured as a merger of equals. "The consequence of this is that Anglo has become more difficult to acquire" for potential rival suitors, say the analysts. They anticipated BHP might again bid for Anglo had the deal depressed its share price. "This is a unique deal due to a controlling shareholder at Teck, Investment Canada considerations, and substantial synergies between assets in Chile," the analysts say. "But the market cap uplift of both companies may send a message to the industry that smart M&A can be an immediate positive for share prices of all companies involved." (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Copper Steady Above $10,000 Level, Could Resume Upward Climb -- Market Talk

0159 GMT - Copper is hovering at elevated levels in early Asian trade. Base metal prices recently rose as the prospect of easing monetary policy boosted sentiment, ANZ Research analysts write in a report. Copper is targeting resistance at $10,100 a ton, Sucden Financial analysts write in a note. With March's high of around $10,164 a ton, copper could still strengthen in the near term, says Sucden Financial. The three-month LME copper contract is flat at $10,071.50 a ton. (amanda.lee@wsj.com)

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Gold May Rise Further After Bullish Breakout, Chart Shows -- Market Talk

0044 GMT - Gold may rise further after breaking out of a bullish pennant pattern on the daily chart to the upside, Maybank analysts say in a research report. Bullish drivers for the precious metal include expectations for Fed to resume easing cycle this month and lingering risks of geopolitical conflicts that could spur safe-haven demand, the analysts say. Gold's weekly close above the $3,500/oz level last week has confirmed a "bullish extension in the making," the analysts say. Maybank now sees gold rising toward $3,700/oz by end-2025. Spot gold is 0.2% lower at $3,634.67/oz. (ronnie.harui@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

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