MARKET MOVEMENTS:
–Brent crude oil is up 0.7% to $65.11 a barrel.
–European benchmark gas is up 1.7% at EUR35.60 a megawatt-hour.
–Gold futures are down 0.8% at $3,368.10 a troy ounce.
–LME three-month copper futures are up 0.2% at $9,632.50 a metric ton.
TOP STORY:
Why Trump's Nuclear Plans Have So Far Failed to Boost Uranium Prices
Plans for a U.S. nuclear-power revival have excited uranium investors, stoking demand for shares in companies that produce the fuel. Yet the price miners get in the spot market for the uranium they sell has barely reacted.
The spot price for U3O8, a lightly processed concentrate known as yellowcake, this week shed some of the small gains it made a week ago after President Trump signed executive orders on May 23, aimed at quadrupling nuclear-power capacity in the next 25 years.
The commodity's price rose to $71.10 a pound on May 26 from $70.50 a pound in the week prior, according to UxC, a market-data firm that assesses uranium prices. This week, it is back at $70.90 a pound.
OTHER STORIES:
World Growth to Slow Amid Trade Turmoil, OECD Warns
The world economy will lose pace this year, hamstrung by uncertainty stemming from a whipsawing U.S. trade policy, according to new forecasts from the Organization for Economic Cooperation and Development.
Collectively, the global economy is now set to grow by 2.9% this year and next, the OECD said in its quarterly report released Tuesday. That marks a downgrade to the group's previous forecasts, which saw growth at 3.1% in 2025 and 3% in 2026, and suggests the world economy is set to slow from the 3.3% expansion it booked last year.
Further increases to trade barriers would damp global growth even more, the OECD warned, urging governments to strike trade deals to forestall an even sharper slowdown.
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Viper Energy to Acquire Sitio Royalties in $4.1 Billion Stock Deal
Viper Energy will acquire Sitio Royalties in an all-stock deal valued at $4.1 billion, including debt.
The deal will consist of 0.4855 shares of Class A common stock of a new holding company for each share of Sitio's Class A common stock, and 0.4855 units of Viper's operating subsidiary, Viper Energy Partners, for each unit of Sitio's operating subsidiary.
The terms represent an implied value to each Sitio shareholder of $19.41 a share based on Viper's common stock closing price on Monday.
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Canada to Prioritize Energy Projects to Help Drive Growth
OTTAWA--Canadian Prime Minister Mark Carney and the country's provincial leaders met Monday to start prioritizing which resource projects--among them, a crude-carrying pipeline--need to be built to drive long-term growth and capitalize on the nation's commodity riches.
Carney said the leaders are looking for commodity projects that are in the national interest and bring material benefits to Canadians. It envisages equity participation for affected indigenous communities, and those that can advance clear-energy goals. Carney said his Liberal government is working on legislation that would accelerate approval of such projects, to two years from five, and would be handled by a single federal office.
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Ottawa to Press China to Drop Tariffs on Some Canadian Food Products
OTTAWA--Canadian officials are in talks with counterparts in China to persuade Beijing to drop a series of tariffs on Canadian agrifood and seafood products, according to Prime Minister Mark Carney.
This is "a top priority for us," Carney said Monday following a meeting with Canada's provincial premiers. A spokesman for China's embassy in Ottawa didn't respond to a request for comment.
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Northern Dynasty Minerals Hits 52-Week High After Royalty Payment News
Shares of Northern Dynasty Minerals were trading above 52-week highs in the after-hours market following news the company received a $12 million royalty agreement payment.
After the bell, shares were trading 37% higher at $1.60. The stock recently hit a 52-week high of $1.29 on March 25.
Shares closed on the NYSE American exchange's regular session Monday at $1.16, gaining 9.4% during the session.
MARKET TALKS:
Cotton Turns Lower After Attempted Rally -- Market Talk
0946 ET - Cotton futures are down 0.7% in early trading, with the most-active contract potentially snapping a two-day winning streak and scuttling an attempted rally. While news that Gap Inc. intended to double its U.S. cotton consumption next year was supportive for futures, tariff worries have not receded, says Cotlook in a note. "Given the persistent uncertainty surrounding trade relationships for the coming months, mill buyers in most markets generally remained unwilling to commit to fresh business beyond nearby gap-filling," says the firm. Conditions of the U.S. cotton crop look to be a bit rougher than last year. The USDA reports that 49% of the crop is in good or excellent condition, down 12 points from the same time last year. (kirk.maltais@wsj.com)
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Crude Futures Add to Gains on Supply Risks -- Market Talk
0913 ET - Oil futures add to yesterday's gains with supply risks tempering concerns about increased OPEC+ output. Iran's potential rejection of the latest U.S. nuclear proposal is keeping the market cautious, since it could perpetuate sanctions and restrict Tehran's oil exports, Joseph Dahrieh of Tickmill says in a note. Wildfires in Canada that have shut in some oil production add to supply concerns. The OPEC+ weekend announcement of a 411,000 barrels a day July output increase could limit the upside potential, he adds. WTI is up 1.4% at $63.41 a barrel, and Brent is up 1.2% at $65.42 a barrel. (anthony.harrup@wsj.com)
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Condition of U.S. Crops Lag Previous Year -- Market Talk
0858 ET - While the pace of U.S. planting this spring was brisk and beat last year's rate, the early condition of crops is not as good, according to the latest Crop Progress report. The USDA says that corn conditions improved from last week, to 69% good or excellent condition. While that's up one point from the previous week, it's off six points from this time last year. Spring wheat is only 50% good or excellent, which while up five points from last week is still down 24 points from this time last year. Monday's report was the first to contain soybean conditions, with 67% good or excellent. CBOT grains rise pre-market, with corn up 0.5%, soybeans rising 0.6%, and wheat climbing 0.4%. (kirk.maltais@wsj.com)
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London's Mining Stocks Fall on Downgraded Global Growth Forecast -- Market Talk
1050 GMT - Mining stocks were among the FTSE 100's biggest fallers in midday trade. Investors are concerned about reduced demand for commodities after the OECD downgraded its forecast for global economic growth, investment director at AJ Bell Russ Mould writes. The group now expects 2.9% growth for 2025, down from a previous forecast of 3.1%, he adds. Anglo American trades down 3.1% while Chilean copper miner Antofagasta falls 2.2%. Rio Tinto's London-listed shares move 1.9% lower while Glencore's fall 1.7%. (adam.whittaker@wsj.com)
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Gold Futures Slip But Prices Still Elevated on Safe-Haven Demand -- Market Talk
1041 GMT - Gold futures pare gains but prices remain elevated after Monday's rally. Futures slide 0.45% to $3,382.0 a troy ounce after reaching as high as $3,417.80/oz in the prior session. There was no specific trigger for the price jump, Commerzbank analysts say in a note. It was likely caused by a combination of factors that drove safe-haven demand, they add. Fresh tariff fears, flaring geopolitical tensions and concerns about a sharp rise in U.S. government debt are driving risk-off sentiment, Commerzbank says. Data from the Swiss customs authority and the Hong Kong statistics department also points to signs of a pickup in Chinese gold demand, the analysts write. Gold shipments from Switzerland to China rose to 17.4 tons in April, the highest level in 11 months. (joseph.hoppe@wsj.com)
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Palm Oil Rises on Strong Exports -- Market Talk
1025 GMT - Palm oil rose during the Asian trade. Stronger May exports likely helped limit the impact of profit-taking on a stronger ringgit and concerns about rising production, Kenanga Futures analysts say in a note. Maybank Research's Ong Chee Ting expects India's latest import-duty cuts on crude edible oils to benefit demand for palm oil. That is especially as palm oil is priced competitively compared with other major oils, the analyst writes in a note. The Bursa Malaysia Derivatives contract for August delivery rose MYR56 to MYR3,934 a ton. (kimberley.kao@wsj.com)
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Base Metal Prices Fall on Stronger Dollar -- Market Talk
1012 GMT - Base metal prices fall, with LME three-month copper down 0.5% at $9,567.0 a metric ton and LME three-month aluminum down 1% at $2,447.50 a ton. Copper and aluminum both remain higher on month, though they are being pressured by a stronger dollar. A stronger dollar makes it more expensive for international purchasers to buy dollar-denominated commodities. Aluminum is experiencing significant upheaval after President Trump announced he would double steel and aluminum tariffs to 50% from Wednesday. This is pushing prices and premiums higher in the U.S., Britannia Global Markets' Neil Welsh says in a note. Meanwhile, copper prices are being driven lower by the dollar and particularly by escalating trade tensions and softer Chinese economic data, Welsh says. (joseph.hoppe@wsj.com)
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Gold Futures Pare Some Gains But Remain Elevated on Trade Fears -- Market Talk
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June 03, 2025 10:28 ET (14:28 GMT)
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