The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.

0840 ET - Ammonia prices across East of Suez markets have fallen more than 40% from their April peak as weak Indian demand overtakes earlier supply concerns, S&P Global Energy says. The Middle East supplied about 80% of India's ammonia imports in 2025, and conflict-related disruptions earlier this year had pushed ammonia prices delivered to Indian ports to a record $885 a metric ton. By August, prices had fallen to around $500 a ton on both coasts as weaker buying and a sulfur shortage shifted the market from a supply-driven rally to a demand-driven decline. (farhan.rafid@wsj.com)

0748 ET - Oil prices nudge up in afternoon European trade, reversing earlier losses. Brent crude for October delivery rises 0.7% to $88.46 a barrel, while WTI edges up 0.2% to $82.38 a barrel. Market focus has shifted to diplomatic efforts to reopen the Strait of Hormuz this week, but the physical market remains far from normal, Saxo analyst Ole Hansen writes. "The market is trading the prospect of improving supply conditions well before those improvements have actually materialized." Benchmark Brent prices remain down around 7.5% for the week, as investors hope that talks between Iran and Oman will lead to a partial reopening of the strait. (josephmichael.stonor@wsj.com)

0652 ET - Palm oil finished the Asia session lower, a move Kenanga Futures attributes to overnight weakness in rival edible oils and subdued demand for exports in August. As palm oil nears parity with soybean oil, its narrowing price advantage has also reduced its competitiveness, softening buying interest, it adds. The Bursa Malaysia Derivatives contract for November delivery erased earlier gains to fall 38 ringgit to 4,814 ringgit a ton. (kimberley.kao@wsj.com)

0625 ET - Wheat prices trade at a three-year high as investors grow increasingly wary of a supply shock caused by the deteriorating Black Sea situation. Russian and Ukrainian wheat exports are effectively stalled following a series of strikes on both grain-laden ships and export terminals. A slowing in supply from the region is supporting prices as together Russia and Ukraine account for nearly 30% of global wheat exports, Rabobank's Andrick Payen says. Both countries are seeking other routes for their wheat, but any alternatives "are unlikely to offset the port capacity lost at Odesa and Novorossiysk," Payen writes. Chicago wheat contracts rise 0.1% to $7.49 a bushel after jumping around 5% in the last session. Prices have jumped by around 30% since June. (josephmichael.stonor@wsj.com)

0414 ET - Natural resource companies are offering cash to investors now, unlike some technology companies that rely on profits far into the future, Ninety One's Head of Natural Resources Paul Gooden writes. The average free-cash-flow yield of companies in Ninety One's natural resources portfolio is currently around 8%, he says. This compares with approximately 4% for the broader equity market, he adds. AI, data centers and electrification all rely on natural resources associated with the "old economy," Gooden says. This offers a potentially supportive backdrop for natural resources stocks, he adds. "The future may be digital, but it will still have to be built, powered and mined," he says. (adam.whittaker@wsj.com)

0346 ET - Copper moves slightly lower in morning European trade after the U.S. dollar strengthened and hit investor appetite, ANZ analysts write. Additionally, there are signs that a supply squeeze might be easing given the premium for spot copper over three-month futures has fallen, they say. However, globally inventories continue to be drawn down, they caution. The market is on edge as it awaits an announcement from the White House on plans for tariffs on imported refined copper, they add. This worry has triggered a flow of copper into the country in recent months. Three-month LME futures fall 0.3% to $14,219 a metric ton. (adam.whittaker@wsj.com)

0343 ET - Oil prices retreated as analysts remain cautiously positive that talks between the Oman and Iran could reopen the Strait of Hormuz. In early European trade, Brent crude for October delivery fell 1.4% to $86.66, while WTI contracts slipped 1.6% to $80.94. Prices are in line with oil levels Wednesday morning. Iranian state-run media said Iran's military reached an agreement with Oman on revenue sharing, though officials said a deal wouldn't lead to reopening of the strait--something that would require U.S. involvement, ANZ analysts write. Saudi Arabia is also showing signs of greater oil loadings in the Persian Gulf, though concerns over shortages remain, the analysts say. (josephmichael.stonor@wsj.com)

0333 ET - New York gold futures trade flat at $4,654.70 a troy ounce in morning European trade. The market remains stuck between expectations of higher U.S. interest rates, which would weight on non-yielding assets like gold, and worries over U.S. debt. While higher rates could hit gold prices, the downside looks limited as the debasement trade continues to attract investor buying, ANZ analysts write. The debasement trade means buying assets expected to hold their value against the weakening of the dollar and other fiat currencies.(adam.whittaker@wsj.com)

0252 ET - Nestle's importance in the global dairy industry is continuing to decline, though it still has large scale dairy operations, Rabobank's Lucas Fuess and Tom Booijink write in a report. Unlike its peers, the consumer goods giant didn't make any significant dairy acquisitions in 2025, and earlier this year decided to sell its remaining ice-cream business to Froneri, the analysts say. Its relative importance in the industry is falling, and it increasingly operates as a diversified food and beverage company instead, they add. (aimee.look@wsj.com)

2300 ET - Palm oil rises in early Asian trade, driven by bargain hunting. Technical indicators remain positive, supporting a bullish outlook, RHB says in a note. The upward bias is expected to remain intact unless crude palm oil futures fall below 4,210 ringgit a ton, it says. RHB expects prices to face resistance at 5,100 ringgit a ton. The Bursa Malaysia Derivatives contract for November delivery is up 15 ringgit at 4,867 ringgit a ton. (yingxian.wong@wsj.com)

2213 ET - Iron-ore prices across contracts are mixed in early Asian trade. The most actively traded January iron-ore contract on the Dalian Commodity Exchange is flat at 718.5 yuan a ton. Although arrivals of the steelmaking material at Chinese ports have eased, overseas mining companies have ramped up shipments, keeping supply at a high level, Baocheng Futures says in a research note. Amid weak overall demand in China, iron-ore prices remain under pressure, it says. On the positive side, high ocean freight-shipping rates give some support to the commodity, it adds. (sherry.qin@wsj.com)

2208 ET - Laopu Gold's shareholders are likely to focus on quarter-on-quarter improvement in the Chinese gold jeweler's sales in the near term, Citi analysts say in a note, citing investor queries after the company's results. While Laopu's management disclosed more concrete plans for its overseas expansion, the investors appear to have low expectations, the analysts say. The investors asked mainly about the jeweler's pricing strategy amid gold-price fluctuations and whether it has sufficient cash upon any inventory surge. The analysts reckon Laopu's longer-term competitiveness will continue to strengthen as it develops its very-important-clients segment and optimizes its stores. Citi retains a buy rating and a 507.00 Hong Kong dollars target price. Shares rise 2.8% to HK$416.80.