MARKET MOVEMENTS:
–Brent crude oil is up 1% to $64.72 a barrel.
–European benchmark gas is down 0.1% to 31.03 euros a megawatt-hour.
–Gold futures are up 0.6% to $4,145.70 a troy ounce.
–LME three-month copper futures are down 0.1% to $10,865 a metric ton.
TOP STORY:
China Hatches Plan to Keep U.S. Military From Getting Its Rare-Earth Magnets
China plans to ease the flow of rare earths and other restricted materials to the U.S. by designing a system that will exclude companies with ties to the U.S. military while fast-tracking export approvals for other firms, according to people familiar with the plan.
The "validated end-user" system, or VEU, would enable Chinese leader Xi Jinping to follow through on a pledge to President Trump to facilitate the export of such materials while ensuring that they don't end up with U.S. military suppliers, a core concern for China, according to the people familiar with the plan.
OTHER STORIES:
AngloGold Ashanti's Earnings Jump on Gold Price Rise
AngloGold Ashanti's earnings jumped on higher gold prices and an increase in production, leading the miner to generate record quarterly free cash flow.
The miner said that third-quarter adjusted earnings before interest, taxes, depreciation and amortization more than doubled to $1.56 billion from $746 million in the same period a year prior.
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Adani Group Plans Big Battery-Storage Facility in India Amid Renewables Push
Indian conglomerate Adani Group is planning to build what it says will be one of the world's largest battery-energy storage projects, making its foray into the sector amid building momentum around renewables.
The move "is a major step toward enhancing India's energy security, enabling round-the-clock clean electricity and supporting the country's transition to a low-carbon future," the company said in a press release.
MARKET TALKS:
Base Metals Inch Lower Despite U.S. Rate-Cut Bets, Progress to End Shutdown -- Market Talk
1408 GMT - Base metal prices edge lower despite increased risk appetite fueled by expectations of further U.S. rate cuts and progress toward ending the government shutdown. Copper and aluminum futures on the London Metal Exchange both fall 0.1% to $10,862 and $2,878.50 a metric ton. "Signs of slowing growth in China's auto sector kept the gains in aluminum and copper limited," analysts at ANZ say. Still, both metals remain supported by lower interest rates in the U.S., which tend to weigh on the dollar and make commodities cheaper for international buyers. Copper is also finding underlying support in supply disruptions worldwide, while aluminum is underpinned by persistent concerns about constraints on Chinese output. (giulia.petroni@wsj.com)
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Focus Builds in Ag Futures on Upcoming WASDE Report -- Market Talk
0905 ET - Grain traders are increasingly focused on what Friday's WASDE report from the USDA may say, with the agency expected to adjust its outlook for U.S. corn and soybean yields. Most analysts are projecting yields to shrink, with the debate being by how much. But grain traders remain cautious ahead of the report. "The market remains in fundamental limbo, likely until Friday," says Matt Zeller of StoneX in a note. The positioning among traders will probably continue through the rest of the week. In premarket trade, CBOT corn is down 0.2%, soybeans fall 0.6%, and wheat is off 0.4%. (kirk.maltais@wsj.com)
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European Gas Demand Rose in October But LNG Imports Remained Strong -- Market Talk
1340 GMT - European gas demand rose in October due to lower temperatures, but imports of liquefied natural gas more than offset the loss of Russian gas volumes through Ukraine, according to DNB. Demand increased by 7% last month, driven by higher gas-to-power usage and increased residential and commercial consumption. Meanwhile, gas supply was up by 1% in October, with LNG imports to Northwest Europe increasing by 42%. "High LNG imports are required to balance the market with gas demand picking up and European gas inventories remaining low," analysts at the firm say. European gas inventories are now 82.5% full, below the 10-year average. The benchmark gas TTF price is down 0.2% to 31.01 euros a megawatt hour. (giulia.petroni@wsj.com)
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Oil Futures Move Higher in Early U.S. Trade -- Market Talk
0832 ET - Oil futures shake off overnight weakness and are higher in early U.S. trade, with U.S. diesel and European gasoil futures resuming upward moves and continuing to put a floor under crude. "I think overall that traders want to be short, but its hard to do it with the Russian sanctions and extremely strong products," Scott Shelton of TP ICAP says in a note. WTI is up 0.8% at $60.63 a barrel, and Brent is 0.8% higher at $64.58. (anthony.harrup@wsj.com)
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Palm Oil Ends Higher on Expected Fall in Production -- Market Talk
1026 GMT - Palm oil ended higher, as production is expected to fall. Palm oil production likely peaked in October and will enter a low-production cycle due to seasonal factors, Apex Securities analyst Steven Chong says in a research note. The brokerage maintains an overweight view on CPO and expects prices to remain firm into 2026, supported by the imminent rollout of the upgraded biodiesel mandate in Indonesia, tighter global supply stemming from Indonesia's crackdown on illegal plantations, and subdued output growth in Malaysia. The Bursa Malaysia Derivatives contract for January delivery ended 27 ringgit higher at 4,139 ringgit a ton. (sherry.qin@wsj.com)
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Gold's Outlook Still Positive in Near Term -- Market Talk
0944 GMT - Gold's outlook remains positive in the near term, according to Julius Baer's Carsten Menke in a research note. The precious metal staged a rally this week, as news about an imminent end to the U.S. government shutdown spread, Menke says. Although the "fear of missing out" still appears to be present, Julius Baer reiterates its constructive views on gold amid a favorable fundamental backdrop. "While we are very convinced about continued buying, we do see a risk that volumes may recede after the strong rally," Menke says. Spot gold last traded 0.7% higher at $4,143.82. (tracy.qu@wsj.com)
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Oil Pressured by Oversupply Concerns Ahead of Key Reports -- Market Talk
0901 GMT - Oil prices edge lower, weighed down by persistent oversupply concerns as traders await key industry reports this week. Brent crude falls 0.3% to $63.86 a barrel, while WTI is down 0.4% to $59.90 a barrel. "Crude oil remains trapped in its established range, with a softening backwardation signaling comfortable supply conditions," analysts at Saxo Bank say. Backwardation occurs when spot oil is more expensive than future-dated oil. Meanwhile, global trade developments remain in focus, with President Trump saying he is looking at reducing tariffs on India and that New Delhi has significantly reduced Russian oil imports, as well as U.S. pressure on Russia's top oil companies Lukoil and Rosneft. (giulia.petroni@wsj.com)
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Antofagasta Might Be Eyeing Up Peru's Compania De Minas Buenaventura -- Market Talk
0842 GMT - Antofagasta acquiring full control of Peru's Compania de Minas Buenaventura would come with strategic upsides and create a South American mining powerhouse with significant copper and gold exposure, RBC Capital Markets analysts write. Antofagasta has a roughly 19% stake in the miner and RBC sees a potential takeover as likely. For Antofagasta, the deal would offer geographical diversification beyond Chile, they add. However, any deal will likely require a large premium, they write. With capital expenditure due to peak in the coming year, the miner has little loose change for an all-cash deal, the analysts write. It could make a move if it was willing to stretch its balance sheet while maybe sacrificing shareholder returns, they say. Shares trade up 0.95% at 2,776 pence.(adam.whittaker@wsj.com)
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Gold Rises on U.S. Rate-Cut Bets, Prospects of Government Shutdown Ending -- Market Talk
0831 GMT - Gold prices rise, hitting their highest level in nearly three weeks on expectations of further U.S. interest-rate cuts and as U.S. lawmakers move closer to ending the government shutdown. "Optimism over further U.S. interest-rate cuts grew following a bipartisan deal to end the country's longest-ever government shutdown," Soojin Kim from MUFG says. "The reopening is expected to unlock delayed economic data that will likely reveal a weakening outlook, reinforcing expectations of more monetary easing." Meanwhile, President Trump's tariff-related statements--including a suggestion to use tariff revenue to fund payments of at least $2,000 to most Americans--added another layer of uncertainty to global markets. Futures in New York are up 0.5% to $4,141.90 a troy ounce, while spot gold gains 2.8% to $4,115.41 an ounce. (giulia.petroni@wsj.com)
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Comex Gold Futures' Bullish Momentum Reaccelerates, Daily Chart Shows -- Market Talk
0649 GMT - Comex gold futures' bullish momentum is reaccelerating, RHB Retail Research's Joseph Chai says in a note. The futures closed Monday with a long bullish candlestick pattern on the daily chart, with latest price movements suggesting market sentiment has turned positive, the analyst says. Gold bulls have the technical upper hand now since the commodity has crossed above the 20-day simple moving average, Chai says. After this bullish crossover, the precious metal's resistance levels are pegged at $4,200/oz followed by $4,400/oz, he adds. Spot gold is 0.3% higher at $4,129.21/oz. (ronnie.harui@wsj.com)
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Gold Bulls Target Break Above $4,200/oz, Technical Analysis Shows -- Market Talk
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November 11, 2025 09:27 ET (14:27 GMT)
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