MARKET MOVEMENTS:
–Brent crude oil is down 0.05% to $61.10 a barrel.
–European benchmark gas is down 0.1% to 32.29 euros a megawatt-hour.
–Gold futures are up 2.1% to $4,320.30 a troy ounce.
–LME three-month copper futures are down 0.2% to $10,621 a metric ton.
TOP STORY:
Gold Stocks Are Surging. They Still Lag Behind Cold, Hard Bullion -- Analysis
Gold-mining stocks are going gangbusters. They aren't yet as pricey as a bar of the yellow metal they mine.
Since the start of August, a fresh rush into gold has fed demand for gold equities, whose gains have outpaced chip stocks riding the artificial-intelligence boom.
While gold bullion is fetching more than $4,300 a troy ounce for the first time, mining shares are pricing in gold in the low- to mid-$3,000s, say analysts.
OTHER STORIES:
Interfor Again Scales Back Lumber Output in Face of Weak Market
Lumber producer Interfor is further cutting back production in the face of a persistently weak market and ongoing economic uncertainty.
The British Columbia-based company on Friday said it is temporarily reducing lumber production across its operations in the province, and in Ontario, the U.S. Pacific Northwest and the U.S. South.
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Continental Shares Climb After Strong Quarter, Outlook Confirmation
Shares in Continental rose after the company posted third-quarter results ahead of expectations and confirmed its outlook for the full year.
The German car-parts and tire maker said sales came in at about 5 billion euros ($5.84 billion) in the third quarter, according to preliminary results. The figure beat consensus estimates of 4.9 billion euros, it said.
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Starbucks Evaluating Offers for China Business
Starbucks is assessing bids from five parties for its China business as it seeks a partner to navigate the country's competitive coffee landscape.
"We've had very strong interest from multiple, high-quality partners all of whom share our confidence in the long-term growth potential of Starbucks in China," said a Starbucks spokesperson.
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Iluka 3Q Production Falls; Withdraws Synthetic Rutile Sales Guidance
Australia's Iluka Resources on Friday reported a drop in mineral-sands output and said it is withdrawing its guidance for synthetic rutile sales because of uncertainty over customer contracts.
The miner said it produced 123,800 metric tons of zircon, rutile and synthetic rutile in the three months through September, down from 149,700 tons the quarter immediately prior and 138,300 tons in the year-earlier period.
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Canada Signals Limited Concern Over U.S. Government Stakes in Canadian Miners
Canada has no issues with the U.S. government taking minority stakes in domestic miners whose main assets are in America, Energy Minister Tim Hodgson said.
"That's capitalism in action," Hodgson told reporters Thursday, via a virtual press conference from London.
MARKET TALKS:
Supply-Demand Concerns Keep Oil Under Pressure -- Market Talk
0916 ET - Oil futures are trading sideways after three sessions of losses that carried prices to multi-month lows. Fundamentals and geopolitics have played against oil this week. A third straight U.S. crude stock build amid record-high production and a drop in refinery use followed the IEA's bearish oversupply outlook for 2026, while renewed U.S.-China trade tensions raised demand concerns. "Adding to the uncertainty, an upcoming meeting between President Trump and President Putin is creating speculation about the potential for eased sanctions on Russia, which could further increase global oil supply," Naga's Frank Walbaum says in a note. WTI and Brent are off 0.1% at $57.43 and $61.02 a barrel, respectively. (anthony.harrup@wsj.com)
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Canadian Dollar's Gains Constrained by Lower Oil Prices, Rate Cut Bets -- Market Talk
1148 GMT - The Canadian dollar rises slightly against a weaker dollar but gains are limited by falling oil prices and Bank of Canada interest-rate cut expectations, Monex Europe analysts say in a note. Canada's inflation data for September on Tuesday will determine the BOC's policy trajectories. Lower-than-expected inflation would exacerbate rate-spread widening and weaken the Canadian dollar, they say. "Our tactical assessment favors limited rebounds, underpinned by U.S. yield trajectories and yield attractiveness, with volatility risks tied to U.S.-related developments in this balanced backdrop." The U.S. dollar falls 0.1% to 1.4034 Canadian dollars. (renae.dyer@wsj.com)
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Norwegian Krone Falls on Lower Oil Prices, Risk Aversion -- Market Talk
0852 GMT - The Norwegian krone drops to a seven-week low against the euro, dented by broad-based risk aversion and falling oil prices. Worries about bad loans at U.S. regional banks are weighing on risk sentiment. Zions Bancorp disclosed a $50 million loss across two loans while Western Alliance has filed a lawsuit against one of its borrowers on fraud allegations. Oil prices are lower due to concerns over oversupply and renewed U.S.-China trade tensions, Tickmill Group's Patrick Munnelly says in a note. President Trump's plans to meet Russian President Vladimir Putin has raised speculation that increased production from OPEC+ members could worsen the global oil surplus, he says. The euro rises to a high of 11.8314 krone. (renae.dyer@wsj.com)
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Oil Continues to Fall on Bearish U.S. Inventories Report -- Market Talk
0809 GMT - Oil prices are approaching a third consecutive weekly decline with WTI hitting its lowest level since May in European morning trade after a bearish U.S. inventories report, ING analysts Ewa Manthey and Warren Patterson write. Brent crude and WTI fall 0.6% to $60.78 and $56.65 a barrel, respectively. Data from the Energy Information Administration shows U.S. crude oil inventories increased for a third straight week, rising by 3.5 million barrels over last week as production increased, they add.(adam.whittaker@wsj.com)
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Oil Slides Ahead of Trump-Putin Talks on Ukraine War -- Market Talk
0713 GMT - Oil prices drop on the news that President Trump will meet Russian leader Vladimir Putin. Brent crude and WTI fall 0.3% to 60.87% and $56.81 a barrel, respectively. Oil prices had been supported in recent days on supply worries as Ukraine continues attacks on the Russian oil sector, ANZ analyst write. Prices were further boosted after Trump said India had agreed to stop purchases of Russian oil, they added. However, the announcement that Trump and Putin will meet to discuss ending the war in Ukraine eases concerns about tightening supplies, they add.(adam.whittaker@wsj.com)
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Oil Edges Lower Amid U.S.-China Trade Tensions -- Market Talk
0026 GMT - Oil edges lower in early Asian trade. U.S.-China trade tensions have driven down oil prices, Rystad Energy says in an email. Rystad Energy estimates that the escalation in these tensions could swiftly set the stage for a decoupling between the two major economies if the trends continue. "The U.S. and China are now risking a breakup, with each side trying to achieve a position of strength by threatening to inflict greater damage on the other," says Claudio Galimberti, chief economist and global market analysis director, at Rystad Energy. Front-month WTI crude oil futures are 0.1% lower at $57.38/bbl; front-month Brent crude oil futures are 0.1% lower at $60.98/bbl. (ronnie.harui@wsj.com)
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Palm Oil Falls on Likely Profit-Taking Activities -- Market Talk
1016 GMT - Palm oil closed lower after trading range-bound. Upside momentum may be capped by a stronger ringgit amid potential profit-taking ahead of the long weekend and amid ongoing uncertainty in U.S.-China trade relations, Kenanga Futures writes in a note. The Bursa Malaysia Derivatives contract for January delivery fell 6 ringgit to 4,514 ringgit a ton. (kimberley.kao@wsj.com)
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Copper Prices Drop as Chinese Exports Rise -- Market Talk
0926 GMT - Copper prices fall as Chinese companies seek to increase metal exports, Commerzbank's Thu Lan Nguyen writes. Copper futures on the London Metal Exchange drop 1.7% to $10,466 a metric ton. It makes sense for China's producers to increase exports given robust metal production coupled with emerging weakness in domestic demand, she writes. On Thursday, Commerzbank said Chinese exports of unwrought copper and copper products in the first eight months of the year were 13% above the previous year's level. (adam.whittaker@wsj.com)
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Ivory Coast Political Tension Raises Cocoa Supply Risk -- Market Talk
0843 GMT - Ongoing political tensions in Ivory Coast ahead of the October 25 presidential election pose risks to cocoa supplies from the world's top producer of the key chocolate ingredient, says cocoa market intelligence firm, CocoaRadar. Calls from the opposition for nationwide protests against President Alassane Ouattara's re-election bid for a fourth term in office risk disrupting supply routes in a country that accounts for around 40% of global cocoa output. "Memories of the 2020 election--when port deliveries halved amid violence--are resurfacing for traders and chocolate multinationals," CocoaRadar says. "Political instability could reintroduce volatility and logistical risk into the supply chain, especially if ports or key transport corridors are affected." (nicholas.bariyo@wsj.com)
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Gold's Safe-Haven Demand Grows on Worries About U.S. Credit Sector -- Market Talk
0752 GMT - Gold got an additional boost as sentiment on the state of the U.S. credit market soured slightly, ING analysts Ewa Manthey and Warren Patterson write. The metal hit another record high in early trade, with futures in New York up 1.1% to $4,354 a troy ounce. Two U.S. regional banks disclosed loan issues tied to alleged fraud which raised fears about weakening borrower credit, they write. This adds to additional investor worries over escalating U.S.-China trade tensions and expectations of continued easing by the U.S. Federal Reserve, they add. (adam.whittaker@wsj.com)
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Gold Continues Its March as Investor Bet on Further U.S. Rate Cuts -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
October 17, 2025 09:57 ET (13:57 GMT)
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