0740 GMT – Gold bulls are “taking a breather,” RHB Retail Research’s Joseph Chai says in a research report. The daily chart of Comex gold futures shows the commodity reverted to consolidation on Monday, the analyst notes. However, the precious metal remains above both 20- and 50-day simple moving averages and the technical setup remains in favor of bulls, Chai says. The $3,250/oz level will likely offer support in case selling pressure increases. Following the consolidation, Comex gold futures should once again resume uptrend toward $3,500/oz, Chai adds. Spot gold is little changed at $3,385.89/oz. (ronnie.harui@wsj.com)
—
Copper Market Expected to Loosen in Near Term — Market Talk
0540 GMT – Tight copper market conditions are likely to ease in the near-term, according to Westpac economist Justin Smirk. He reckons copper’s rally is nearing a peak and that prices could fall once the rate of any U.S. tariff on imports is known. “Trade war de-escalation, if it extends, reduces near-term downside risks,” Smirk says. “But ongoing uncertainty means end-demand is likely to be softer than what was expected before Liberation Day.” The medium-term supply and demand outlook for copper remains positive, says Smirk. He expects electrification and China stimulus will support demand and prices through 2026. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
Iron Ore Falls, Likely on Drop in Chinese Steel Production — Market Talk
0334 GMT – Iron ore falls in early Asian trade. Sentiment is likely weighed by data that showed China’s steel production fell 6.9% in May, its first contraction since Beijing vowed to address a glut in March, the ANZ Research team writes in a note. Prices are likely to trade in a narrow range in the short term, analysts at Nanhua Futures say in a note. The most-traded iron ore contract on the Dalian Commodity Exchange is down 0.2% at CNY698.0 a ton. (kimberley.kao@wsj.com)
—
Copper Falls as Investors Eye Fed Meeting — Market Talk
0254 GMT – Copper is lower in early Asian trading. Prices are likely to remain rangebound in the near term, Nanhua Futures analysts say in commentary. The base metal’s fundamentals have been relatively stable, the analysts say. The market’s focus is on the Fed’s interest-rate decision on Wednesday. Even though the potential outcome has been largely priced in, the Fed’s announcement following the policy meeting may still have an impact on copper prices, the analysts say. The Fed is expected to stand pat on its policy rates, with investors focusing on any signals on when it could cut rates. The three-month London Metal Exchange copper contract is 0.3% lower at $9,674.00 a ton. (tracy.qu@wsj.com)
—
Gold Edges Higher Amid Ongoing Geopolitical Tensions — Market Talk
2341 GMT – Gold edges higher in the early Asian session amid ongoing geopolitical tensions that typically enhance the safe-haven appeal of the precious metal. Israel struck buildings belonging to an Iranian state-owned media company in Tehran. The attacks came despite messages passed by Tehran via intermediaries seeking a return to nuclear talks if the U.S. stays out of the conflict. “The geopolitical backdrop remains highly combustible,” says Fawad Razaqzada, market analyst at City Index and FOREX.com, in an email. “The Israeli strikes on Iran have injected a clear risk premium across commodities,” the analyst adds. Spot gold is 0.3% higher at $3,396.27/oz. (ronnie.harui@wsj.com)
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
June 17, 2025 12:22 ET (16:22 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.