MARKET MOVEMENTS:
–Brent crude oil is down 0.4% to $69.89 a barrel
–European benchmark gas is up 0.7% to EUR34.99 a megawatt-hour
–Gold futures are flat at $3,316 a troy ounce
–LME three-month copper futures are down 0.3% at $9,640 a metric ton
TOP STORY:
Why Copper Now Costs a Lot More in the U.S. Than the Rest of the World
President Trump's threatened 50% copper tariffs have boosted prices for the metal in the U.S. far ahead of anywhere else, lifting the premium to roughly one quarter.
Copper futures mainly trade on New York's Comex and the London Metal Exchange. Prices usually move in lockstep since if they diverged, traders could load up on cheaper copper in one place, ship it to the pricier venue and pocket the difference.
But in February, Trump ordered a probe into national-security risks associated with copper imports. Anticipating tariffs, traders pushed up prices in New York, and began to ship enormous amounts of copper stateside.
OTHER STORIES:
Neo Performance Materials Secures Rare Earth Magnets Supply Contract
Neo Performance Materials won a supply contract for a new platform of permanent rare earth magnets with a European supplier of electric vehicle traction motors.
The advanced industrial materials company said Wednesday that it will supply the magnets to an unidentified company but described it as a prominent European Tier 1 supplier of electric vehicle traction motors to a major original equipment manufacturer.
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BP to Sell Mobility & Convenience Assets in the Netherlands to Catom
BP will sell its mobility and convenience, and BP pulse businesses, in the Netherlands to Catom as part of a $20 billion divestment programme.
The deal is expected to complete by the end of the year and is subject to regulatory approvals. BP didn't disclose financial details of the transaction.
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RWE Extends CEO Markus Krebber's Contract to 2031
RWE said it extended the contract of Chief Executive Officer Markus Krebber by another 5 years.
The German energy group said Wednesday that Krebber, who has led the company since 2021, will remain in his position until the end of June 2031.
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Supercharging Solar With Quantum Dots
Quantum dots measure just a few nanometers in size. That's 10,000 times thinner than a human hair. Often described as man-made atoms, these nanocrystals have been illuminating television screens for a decade. Now they could be about to light up the U.S. solar industry.
Arizona-based solar-tech company First Solar on Wednesday unveiled a long-term commercial partnership with New Mexico-based advanced-materials company UbiQD, to accelerate the integration of quantum dots into its solar panels. The deal marks the biggest move yet to scale the technology within the U.S. renewables sector.
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Africa Wants Its Critical Minerals to Yield Jobs, Not Just Dollars
KAMPALA, Uganda-Trump administration officials seeking deals for critical minerals in Africa are in for a surprise: Governments here are increasingly reluctant to export raw ore, betting instead they'll keep more jobs and revenue if they insist on processing the material at home.
Nearly half of Africa's 54 countries-from Angola to Zimbabwe-have restricted or banned raw-material exports over the past two years, according to the Organization for Economic Cooperation and Development.
MARKET TALKS:
London Copper Prices Pare Losses in Volatile Trade -- Market Talk
1406 GMT - London copper prices pare some losses seen earlier in the session as traders digest President Trump's announcement of a 50% U.S. import tariff, double prior market expectations. LME three-month futures are down 0.2% at $9,640 a metric ton in volatile trading, having traded as high as $9,769.50 and as low as $9,553.50 over the course of the session. The attractiveness of shipping LME metal from warehouses to the U.S. has been diminished by the announcement, Britannia Global Markets' Neil Welsh says in a note. The tariff certainty broadly removes incentives to direct copper flows to take advantage of the premium on U.S. commodities exchange Comex. Still, any delay to the implementation timeline for the tariffs, tentatively set for Aug. 1, could temporarily reopen the window for additional gains, Welsh says. (joseph.hoppe@wsj.com)
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Cattle Inches Higher as Corn Prices Keep Falling -- Market Talk
0959 ET - Most-active live cattle futures on the CME are up 0.3% in early trading, climbing further after settling at a record-high yesterday. Supporting cattle futures is the continued pressure on corn futures, says John Stewart and Associates in a note. "The drop in corn prices reinforced bullish momentum in the cattle market as input prices eased a bit," says the firm. Lower grain prices look to make feed costs for livestock producers lower, supporting better profit margins. Lean hog futures are also up in early trade, rising 0.1%. (kirk.maltais@wsj.com)
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Grains Keep Sliding as Weather Stays Supportive -- Market Talk
0946 ET - CBOT grains are down again in early trade, as weather in growing areas continues to be supportive for improving crop conditions. "Between steady progress in the winter wheat harvest, strong soybean conditions, and especially the best maize condition ratings in seven years, bearish arguments are plentiful," says Argus in a note. Traders are also taking a cautious approach towards President Trump's announcements of new tariffs, says the firm. In early trading, most-active corn is down 0.3%, soybeans are off 0.5%, and wheat falls 0.5%. (kirk.maltais@wsj.com)
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U.S. Natural Gas Retreats Further As Storage Levels Weigh -- Market Talk
0948 ET - U.S. natural gas futures are lower on cooler weather forecasts that increase expectations for the storage surplus to increase. The EIA raised its storage estimate for the end of October by 5% to 2,910 Bcf, citing slightly higher production and less power-sector demand. "Although we expect a much smaller surplus than that of the EIA come fall, the current trade consensus appears to be favoring a comfortable supply through the rest of this year that is keeping the speculative entities more engaged in selling rallies than in buying price pullbacks." Ritterbusch says in a note. Nymex natural gas is off 3.6% at $3.219/mmBtu. (anthony.harrup@wsj.com)
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Oil Futures Edge Lower Ahead of U.S. Inventory Data -- Market Talk
0944 ET - Crude prices slip into the red as the market awaits weekly inventory data from the EIA following an industry report showing another big crude stock build. "The API slowed momentum after a much larger than expected build of 7.1 million barrels in crude oil supplies," Phil Flynn of the Price Futures Group says in a note. "The increase in the supply of crude is playing with the spread just a little bit." EIA data are due at 10:30 a.m. ET. Analysts in a Wall Street Journal Survey predict a 1.5 million barrel decline in crude stocks. WTI is off 0.5% at $67.99 a barrel, and Brent is down 0.4% at $69.84. (anthony.harrup@wsj.com)
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Palm Oil Ends Higher on Export Performance Expectations -- Market Talk
1026 GMT - Palm oil ended higher on expectations of stronger export performance in the coming weeks, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. Anticipation of lower production ahead of key crop report due for release tomorrow is also supporting prices, Ng says. He see price support for palm oil at 4,100 ringgit a ton and resistance at 4,250 ringgit a ton. The Bursa Malaysia Derivatives contract for September delivery rose 11 ringgit to 4,159 ringgit a ton.(tracy.qu@wsj.com)
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LME Copper Demand to Be Hit by U.S. Tariff, MS Says -- Market Talk
0938 GMT - Copper prices in London fall after President Trump's administration announced a 50% import tariff. U.S. front-month copper futures initially soared to an all-time high before turning lower on the larger-than-expected levy. Traders have been stockpiling copper in the U.S., incentivized by a premium on U.S. commodities exchange Comex, Morgan Stanley analysts say in a note. Year-to-date U.S. copper imports are already at 2024's levels, tightening markets elsewhere and supporting LME prices. However, this extra U.S. buying should now fade and imports could even undershoot normal levels, MS says. A 50% tariff would add around $5,000 a metric ton to Comex copper prices, which would risk demand destruction, analysts add. LME three-month copper falls 0.5% to $9,619.50 a ton. (joseph.hoppe@wsj.com)
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London-Listed Miners Fall on Concerns of Uneven Commodity Flows -- Market Talk
0905 GMT - Investors are worried about uneven flows in commodity supply chains after President Trump touted 50% tariffs on copper imports into the U.S., AJ Bell's Dan Coatsworth says. Shares in Antofagasta, Glencore and Anglo American all fall more than 2.4% in mid-morning European trade. The threat of tariffs pushed copper prices even higher. They had already been climbing as buyers second-guessed tariff threats and stockpiled copper, Coatsworth adds. (adam.whittaker@wsj.com)
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Gold Futures Fall as Market Welcomes Tariff Deadline Extension -- Market Talk
0801 GMT - Gold futures slide, extending losses seen in the previous session on easing safe-haven demand. Futures are down 0.4% at $3,303.90 a troy ounce. The precious metal sits 1.4% lower on week as investors take solace in the Trump administration's decision to delay the start of increased tariffs on trading partners until Aug. 1, ANZ Research analysts say in a note. Treasury yields and the U.S. dollar rose, putting pressure on non-interest bearing bullion and its competing safe-haven characteristics, ANZ says. That said, gold prices should still retain support from central bank purchases, analysts say. Banks are likely to continue to add gold to their reserves as they diversify away from the dollar, ANZ says. (joseph.hoppe@wsj.com)
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Oil Ticks Higher But Trade Uncertainty Clouds Outlook -- Market Talk
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July 09, 2025 10:50 ET (14:50 GMT)
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