Copper Surges as Freeport Mine Accident Clouds -2-

0756 GMT - Shares in London-listed miners rose in early trading after copper prices surged overnight on Freeport McMoRan's declaration of force majeure at a crucial mine. Copper futures on the London Metal Exchange climbed to their highest levels in over a year after Freeport declared force majeure on supplies contracted from its Grasberg mine in Indonesia. The U.S. mining group's statement renewed supply concerns as the Grasberg site constitutes 3.2% of global copper supply and 70% of Freeport's copper production. Rio Tinto and Glencore shares rose 2.1% and 0.9% respectively, while Anglo American shares were up 1%. (william.gray@wsj.com)

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Oil Retreats as Concerns Over Looming Glut Cap Thursday's Gains

0755 GMT - Oil prices ease in early trade after climbing in the previous session, with Brent crude down 0.6% to $68.05 a barrel and WTI falling 0.7% to $64.54 a barrel. A recent draw in U.S. crude stockpiles has reinforced the perception of tighter crude availability in the short term, driven by concerns over Russian supplies, production constraints in Venezuela, and Kurdish export disruptions. However, the near-term outlook shows a different picture, with excess oil supplies expected to hit global markets soon. "Price behavior will remain conditioned both by the evolution of U.S. inventories and the outcome of geopolitical conflicts in Eurasia and the Middle East," Antonio Di Giacomo, analyst at XS.com, says. "Volatility will remain a dominant feature in the coming months, as market players balance immediate risks with expectations of increased future supply."(giulia.petroni@wsj.com)

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Gold Edges Higher as Traders Await Key U.S. Data -- Market Talk

0739 GMT - Gold prices tick higher in early trade, supported by a weaker U.S. dollar as investors await key U.S. economic data for clues on the Federal Reserve's next policy move. Futures rise 0.1% to $3,773.70 a troy ounce, while the dollar index is down 0.1% to 97.80. "Prices slipped after new-home sales surged in August to their fastest pace since early 2022, boosting the dollar and raising concerns about fewer cuts ahead, while Treasury Secretary Scott Bessent criticized Fed Chair for lacking a clear easing agenda," MUFG says. "Still, gold remains near record highs, supported by last week's Fed rate cut, strong central bank demand, and record inflows into gold-backed ETFs." Traders are turning their attention to Thursday's weekly U.S. jobless claims data for insights into the labor market and Friday's PCE figures, the Fed's preferred inflation gauge. (giulia.petroni@wsj.com)

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Comex Gold Futures Consolidating Below Resistance at $3,800/oz, Chart Shows -- Market Talk

0651 GMT - Comex gold futures are consolidating below resistance at $3,800/oz, RHB Retail Research's Joseph Chai says in a research report. Wednesday's price action on the daily chart confirms that immediate resistance has formed at that level, the analyst says. As the commodity is undergoing consolidation, it could pull back toward the 20-day simple moving average, Chai says. However, both 20- and 50-day simple moving averages are currently trending upward, lending support for the bullish technical setup. Hence, the commodity is likely to rebound near the 20-day simple moving average, the analyst adds. Spot gold is 0.2% higher at $3,742.80/oz. (ronnie.harui@wsj.com)

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TotalEnergies' Buyback Cut Signals Caution Amid Market Uncertainty -- Market Talk

0618 GMT - TotalEnergies' buyback cut signals tougher market conditions that should drive it to reduce near-term investment, RBC analysts write. The French energy group late Wednesday said it planned a fourth-quarter share buyback to $1.5 billion, down from its recent quarterly rate of $2 billion. The company is likely to announce a reduction in organic capital expenditure for 2026 to $16 billion-$17 billion from about $18 billion previously presented at its Sept. 29 annual strategy update, RBC says. The analysts expect TotalEnergies to announce an option of further trimming spending as a protective strategy during future downturns. Shares rose 2.1% Wednesday to close at 53.50 euros and little changed year-to-date. (william.gray@wsj.com)

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Oil Prices Likely to Face Resistance After Strong Rally

0614 GMT - Oil prices are likely to face resistance after a strong rally, Phillip Nova analyst Priyanka Sachdeva says in a research note. Oil prices have risen almost 4% so far this week, but some profit-taking is visible on Thursday, the analyst notes. Iraq resuming Kurdish supplies adds a bearish offset, and investors' rush to book profit looks justified, the analyst adds. "The market is also cautious that recent gains have been more sentiment-driven," the analyst adds. Front-month WTI crude oil futures are 0.3% lower at $64.70/bbl; front-month Brent crude futures are 0.4% lower at $69.05/bbl. (tracy.qu@wsj.com)

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Iron Ore Falls Amid Weak Fundamentals -- Market Talk

0213 GMT - Iron ore falls in early Asian trade despite seeing a recent rebound alongside steel prices. Fundamentals suggest a weak outlook, unless China announces new infrastructure or property support measures, ANZ Research analysts write in a report. Leading property market indicators also remain downbeat, signaling that a significant improvement in steel consumption is unlikely, they say. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.4% lower at CNY800.5 a ton. (amanda.lee@wsj.com)

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Lithium Price Recovery Pushed out by Potentially Quick CATL Mine Restart -- Market Talk

0147 GMT - UBS downgrades its lithium-price forecasts, citing the possibility that CATL's Jianxiawo mine will be suspended for less time than previously expected. Analysts at the bank say the mine may take roughly three to four months to reopen, compared with an earlier expectation of between six and 12 months. They downgrade the spodumene price forecast for 2025 by 7% to $835/metric ton, and for 2026 by 12% to $1,100/ton. They also cut lithium chemical price projections for this year and next by 4-10%. Even still, lithium prices are tipped to rise by as much as 32% in 2026, they note. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Copper Pulls Back After Surging on Supply Concerns -- Market Talk

0137 GMT - Copper falls in Asian trade, pulling back after rising sharply overnight. Copper futures on the London Metal Exchange rose to a new high in over a year after miner Freeport McMoran declared force majeure on contracted supplies from its Indonesian Grasberg mine. This has renewed supply concerns, say ANZ Research analysts in a note, noting the mine accounts for 3.2% of global copper supply and makes up more than 70% of Freeport's total copper production. ANZ expects unplanned supply disruptions to affect more than 6% of overall production this year. The three-month LME copper contract falls 0.3% to $10,304.00 a ton. (megan.cheah@wsj.com)

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(END) Dow Jones Newswires

September 25, 2025 10:37 ET (14:37 GMT)

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