MARKET MOVEMENTS:
–Brent crude oil is up 1.2% at $66.60 a barrel
–European benchmark gas rises 2.1% to 31.87 euros a megawatt-hour
–Gold futures are up 0.9% at $3,389.30 a troy ounce
–LME three-month copper futures climb 0.2% to $9,701.5 a metric ton
TOP STORY:
Trump Backs Giant Arizona Copper Project After Court Setback
President Trump signaled support for a giant copper mine in Arizona following a meeting with the heads of two of the world's biggest mining companies, a day after the project was delayed by a court injunction.
The project, called Resolution Copper, has been under development by mining giants Rio Tinto and BHP Group for roughly two decades, but it has faced legal challenges from Native American people, religious groups and others who say the planned mine will turn a sacred area into a crater.
The Ninth U.S. Circuit Court of Appeals on Monday issued a temporary administrative injunction stopping a federal land swap needed for the project while it considers the merits of lawsuits seeking to block the mine. The land transfer had been expected to occur on Tuesday.
"A Copper Mine in Arizona, 'Resolution,' was just delayed by a Radical Left Court for two months," Trump posted on his social-media platform Tuesday. "3,800 Jobs are affected, and our Country, quite simply, needs Copper--AND NOW!"
OTHER STORIES:
Iluka 1H Profit Down 31% On-Year, Dividend Halved
Mineral sands mining company Iluka Resources said its first-half profit fell by 31% amid subdued market conditions, leading the company to halve its interim dividend.
Iluka reported a net profit of 92.0 million Australian dollars (US$59 million) for the six months through June, down from A$133.7 million a year earlier. Revenue fell by 8% to A$577.8 million.
Directors of the company declared a final dividend of 2 Australian cents per share, versus 4 Australian cents a year ago.
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Centrus Energy Gets DOE to Extend Waiver for Russian Uranium Deliveries
By Stephen Nakrosis
Centrus Energy said it has secured an extension on a waiver from the Energy Department for the importation of low enriched uranium from Russia.
The company would be allowed to import the uranium for all currently committed deliveries to U.S. customers for 2026 and 2027, it said. It had previously obtained a waiver allowing imports for 2024 and 2025.
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Pro Farmer Reports More Corn in Indiana and Nebraska
Corn yields in Indiana and Nebraska are higher than this time last year, according to trade publication Pro Farmer.
Following the second day of Pro Farmer's Midwest Crop Tour on Tuesday, outlooks were raised, with Indiana corn pegged at 193.82 bushels an acre, up from 187.54 bushels an acre in 2024. Nebraska's corn crop was assessed at 179.5 bushels an acre, up from 173.25 bushels an acre last year.
While assessments for both states showed an increase in yields, the uptick isn't enough to convince crop scouts that the record-level figures forecast by the Department of Agriculture last week are accurate.
MARKET TALKS:
Base Metal Prices Inch Higher on U.S. Dollar Weakness -- Market Talk
1430 GMT - Base metal prices rise, with LME three-month copper up 0.15% at $9,699 a metric ton and LME three-month aluminum up 0.2% at $2,572 a ton. Base metals have recovered losses incurred earlier in the session, though they remain broadly rangebound with few catalysts to push prices one way or the other. Tuesday's slight push higher likely reflects mild weakness in the U.S. dollar, which makes dollar-denominated commodities cheaper for international purchasers to buy and thereby increasing demand. Market focus is on the Jackson Hole symposium for clues on Federal Reserve monetary policy, with interest rate cuts expected to fuel economic growth and demand for metals. (joseph.hoppe@wsj.com)
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Oil Futures Gain Ahead of EIA Inventory Data -- Market Talk
0950 ET - Oil futures are holding gains following an industry report showing a weekly drop in U.S. crude oil inventories, supporting expectations for a decline in the closely watched EIA data due at 10:30 a.m. ET. Futures are consolidating in a "wait-and-see" mode, Dennis Kissler of BOK Financial says in a note. Reports that India has bought more Russian crude may be a sign that sanctions could be eased, he says, while near-term positives include U.S. crude storage below the five-year average and near record jet fuel demand for this time of year. September WTI is up 1.4% at $63.20 a barrel ahead of today's expiration. Brent rises 1.3% to $66.62 a barrel. (anthony.harrup@wsj.com)
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Grain Futures Under Pressure as U.S. Crops Look Healthy -- Market Talk
0944 ET - Grain traders visiting U.S. farms keep seeing healthy crops, which is putting downward pressure on futures as the Pro Farmer tour gets to its third day. Countering the impact, the USDA reports flash export sales of corn toMexico (125,741 metric tons) and to Colombia (100,000 tons.) Meanwhile, the American Soybean Association urges Trump to get a trade deal with China, warning that "retaliatory tariffs are shutting American farmers out of their largest export market." On the CBOT, corn and soybeans are slightly higher than yesterday. Wheat is up 1%. (paulo.trevisani@wsj.com; @ptrevisani)
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Hog Prices Tread Water in Volatile Livestock Market -- Market Talk
0926 ET - Hog futures have seen upward momentum this year, although not the same kind of momentum that has been driving the unprecedented movement in cattle futures. This reflects what Dustin Guy, a farmer and commodities trader, calls the "meat casino" -- volatile movements in livestock futures not typically seen in normal years, and only mildly based on fundamental factors. Margins have been good, Guy adds. "I'd think they'd be more supported by the cattle market," says Guy. Hogs and cattle futures are flat pre-market. (kirk.maltais@wsj.com)
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U.S. Natural Gas Futures Remain Under Pressure -- Market Talk
0911 ET - U.S. natural gas futures are lower and struggling for traction heading into the tail end of the summer. "Traders are grappling with the reality that power demand lacks the same punch as last season," Jack Weixel of East Daley Analytics says in a note. "The summer so far has passed with a whimper, in contrast to the record generation demand in the 2024 season." Reasons for lower power-sector demand this year include higher gas prices, cooler temperatures and a greater share of renewable generation, he says. "Despite the headwinds, this season's power burn should still eclipse summer 2023 and go down as the second largest in history." Nymex natural gas is down 0.5% at $2.752/mmBtu. (anthony.harrup@wsj.com)
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Tip Back The Focus for Illinois Corn - Market Talk -- Market Talk
0820 ET - Crop scouts on the Pro Farmer Crop Tour are beginning the third day of their tour through the eastern and western legs of the Corn Belt. On the east, scouts are proceeding through north and western Illinois before heading into eastern Iowa. Tip back -- or corn ears that show aborted kernels due to adverse weather, particularly too much moisture, has been seen often in corn fields this week. Scouts on the eastern leg want to see if Illinois corn continues that trend. "I started hearing tip back stuff in northern Illinois, saying that a lot of farmers are going to be surprised come harvest time," says crop scout Dustin Guy. CBOT futures are mixed in pre-market trade, with corn down 0.1%, soybeans down 0.1%, and wheat up 0.5%. (kirk.maltais@wsj.com)
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Gold Futures Recover Losses From Prior Session But Remain Rangebound -- Market Talk
1214 GMT - Gold futures rise, reversing losses incurred in the prior session. Futures are up 0.6% at $3,378.20 a troy ounce, though they remain 0.9% lower on week. The precious metal has been broadly rangebound for around 10 weeks, Trade Nation's David Morrison says in a note. Traders are likely keeping a close eye on the U.S. dollar, as a significant change could be the catalyst for gold to break out of its current range, Morrison says. A weaker U.S. dollar makes dollar-denominated gold cheaper for international purchasers to buy and undermines the dollar's competition with gold's safe-haven aspects, both increasing demand. Possible triggers for a dollar change could include Federal Reserve meeting minutes due Wednesday, or more likely Fed Chair Jerome Powell's Jackson Hole speech on Friday, Morrison writes. (joseph.hoppe@wsj.com)
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Palm Oil Closes Lower, Tracking Weaker Soybean Oil Prices -- Market Talk
1036 GMT - Palm oil ended lower, pressured by weaker soybean oil prices. The recent price rally may deter further purchases in the palm oil market, says David Ng, trader at Kuala Lumpur-based Iceberg X. Ng sees support for crude palm oil futures at 4,450 ringgit a ton and resistance at 4,680 ringgit a ton. The Bursa Malaysia Derivatives November contract fell 24 ringgit to close at 4,497 ringgit a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)
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Gold Inflows Likely Losing Momentum -- Market Talk
0949 GMT - Strong investment flows into gold from earlier in the year are likely losing pace, says Kudotrade's Konstantinos Chrysikos in a commentary. Latest weekly data for global gold ETFs suggest gold's investment momentum is slowing, with Asia recording outflows, he says. Investors are likely cautious ahead of the Jackson Hole conference, with markets looking to Federal Reserve Chair Jerome Powell's remarks and the July FOMC minutes for U.S. monetary policy guidance. Any indication of policy easing could renew traction for the precious metal, while a more cautious stance could cap gold's upside potential. Spot gold gains 0.3% to $3,325.94/oz. (megan.cheah@wsj.com)
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Gold Futures Rise But Stay Within Narrow Range -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
August 20, 2025 10:56 ET (14:56 GMT)
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