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

0910 ET - The lack of new U.S. soybean flash sales to Chinese buyers is being noticed by grain traders, says AgResource in a note. "China has been largely absent from U.S. soybean purchases since its Golden Week holiday ended late last week," says the firm. "The bulls need China to return to U.S. soybeans, with an estimated 10 million metric tons still to be secured before December 31st if China adheres to last November's Busan Agreement." The firm estimates that China has purchased roughly 15 million tons of soybeans since the agreement, which isn't enough to satisfy the terms of last year's deal. So grain traders are on watch to see if there's any signs of China returning to its purchasing ways. CBOT soybeans fall 0.2% premarket. (kirk.maltais@wsj.com)

0857 ET - U.S. natural gas futures are little changed with production recovering and milder late October weather forecasts limiting the heating demand outlook. "Recovering post-Isaias Gulf of America production supports higher national readings," Eli Rubin of EBW Analytics says in a note. "Aside from the brief cold front into this weekend, mild late-October weather forecasts support moderating gas prices." Nymex natural gas is off 0.1% at $3.164/mmBtu. (anthony.harrup@wsj.com)

0625 ET - Palm oil futures closed higher, erasing earlier losses. Prices were supported by firmer soybean oil prices alongside stronger October export demand, despite concerns over elevated domestic inventories, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng sees prices supported around 4,600 ringgit a ton and facing resistance at 4,800 ringgit a ton. The Bursa Malaysia Derivatives contract for December delivery rose 45 ringgit to 4,682 ringgit a ton. (kimberley.kao@wsj.com)

0412 ET - BMI raised its average copper price forecast for this year to $13,500 a metric ton from $12,700 a ton, citing tariff-related market disruptions and persistent supply constraints. "For the remainder of 2026, we expect copper prices to remain volatile and highly sensitive to tariff-policy developments, with the eventual Washington decision likely to set the near-term market direction, while broadly intact structural tightness should temper the extent of any correction," analysts at the firm say. Over the longer term, copper prices are expected to be supported by a persistent supply deficit and rising demand as the energy transition gathers pace. BMI forecasts copper prices reaching $17,000 a ton by 2035, driven by electrification and investment in clean-energy infrastructure. In early trading, three-month copper futures on the LME are flat at $14,624.50 a ton. (giulia.petroni@wsj.com)

0336 ET - Comex gold futures may retest support at $4,150 per ounce, RHB Retail Research's Joseph Chai says in a research report. The futures' latest negative price action on the daily chart reaffirms that immediate resistance is still firm at the $4,300-per-ounce level, the analyst says. The relative strength index also continues to move sideways below the 50% threshold, suggesting that bullish momentum remains weak, Chai says. Initial resistance is pegged at $4,300 per ounce followed by subsequent resistance at $4,400 per ounce, the analyst adds. Spot gold is 0.5% higher at $4,190.55 per ounce. (ronnie.harui@wsj.com)

0330 ET - Gold edges higher as a pullback in oil prices and a weaker U.S. dollar lend support, with investors awaiting U.S. inflation figures for clues on the Federal Reserve's interest-rate outlook."Gold trades near $4,200 after attracting buying interest in Asia, supported by firmer U.S. Treasuries, a softer dollar and oil prices retreating from Monday's spike," analysts at Saxo Bank say. "Key resistance is seen around $4,235, a level breached during the late-September selloff." Investors face a busy U.S. data calendar this week, with releases that could influence Treasury yields and the dollar shaping the near-term outlook for precious metals. These include September consumer-price inflation due on Wednesday, as well as producer prices and retail sales on Thursday. Federal Reserve Chair Kevin Warsh is also scheduled to appear at the IMF on Friday. In early European trading, gold futures are up 0.6% to $4,214.90 a troy ounce. (giulia.petroni@wsj.com)

0226 ET - Much of the bad news for gold has already been priced in, says UBS's Sharon Ding in commentary. Gold has fallen around 5% since early September as persistent inflation concerns revived expectations of further Federal Reserve rate hikes, the head of China basic materials research says. However, she reckons significant hawkish repricing is now reflected in gold prices. This headwind could be starting to moderate as expectations of an October Fed rate hike ease, she says. "We see greater scope for stabilization if incoming data no longer justify further upward revisions to the expected policy path," she adds. A sustained retreat in Treasury yields could also strengthen the case for gold's recovery, she says. Spot gold rises 0.4% to $4,188.48 a troy ounce. (megan.cheah@wsj.com)

2323 ET - Malaysia's palm oil inventories are expected to ease in October, supported by an anticipated recovery in exports and stronger domestic consumption ahead of Diwali, Public Investment Bank analyst Chong Hoe Leong says in a note. September stocks rose as production hit a record 2.1 million tons while exports fell to a seven-month low of 1.1 million tons amid stiff competition from Indonesia. However, severe forest fires and haze in Indonesia could disrupt harvesting and reduce output in coming months, he adds. Public IB maintains an overweight rating on Malaysian plantations, pegging Sarawak Plantation and TA Ann as top picks. (yingxian.wong@wsj.com)

2255 ET - Palm oil falls amid cautious sentiment, AmInvestment Bank says in a note. Market direction will depend on movements in Dalian Commodity Exchange palm oil, Chicago Board of Trade soybean oil and crude oil prices, it says. Overall, prices remain vulnerable to further selling pressure, although a rebound could emerge near key support for CPO at 4,608 ringgit a ton, it adds. AmInvestment Bank pegs the resistance level at 4,675 ringgit-4,680 ringgit a ton. The Bursa Malaysia Derivatives contract for December delivery is down 42 ringgit at 4,595 ringgit a ton. (yingxian.wong@wsj.com)

2212 ET - Iron ore prices are lower amid ample supply. Iron ore shipments and arrivals at Chinese ports remain at high levels, with significant volume increases from non-mainstream mines, Tongguan Jinyuan Futures says in a research note. With mining capacity continuing to ramp up, expectations for inventory accumulation are strong, it adds. The iron ore market will likely continue to see strong supply and weak demand in the next month, it adds. The most actively traded January iron ore contract on the Dalian Commodity Exchange drops 1.2% to 676.0 yuan a ton. (sherry.qin@wsj.com)

2203 ET - Copper prices are lower in early Asian trade, with uncertainty over U.S. tariff policy weighing on market sentiment despite tightening concentrate supply, Everbright Futures analysts say in a note. Copper treatment charges have plunged sharply, squeezing smelter margins and pressuring refined copper output, while imports have also weakened, the analysts add. High prices are also curbing restocking appetite, with spot premiums narrowing amid subdued downstream buying, they say. Prices are likely to remain volatile, with the near-term direction hinging on greater clarity over U.S. trade policy, they say. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

2200 ET - Extreme weather exacerbated by the ongoing El Niño episode could further undermine commodity markets, worsening the impact of high fertilizer prices and disrupting other climate-sensitive sectors like transportation, the IMF warns. Past episodes have shown that El Niño typically drives up food and commodity prices while weighing on activity, especially in economies where food is a major share of the consumer basket. Such risks are particularly acute for energy importers, especially emerging and developing economies with limited fiscal space and external buffers. Persistently higher commodity prices could widen current account deficits and intensify exchange-rate pressures. Higher inflation could meanwhile require tighter monetary policy, further dragging growth.