MARKET MOVEMENTS:
–Brent crude oil is down 1.6% to $63.88 a barrel.
–European benchmark gas is up 0.9% to 31.69 euros a megawatt-hour.
–Gold futures are down 1.5% to $3,960.60 a troy ounce.
–LME three-month copper futures are up 0.1% to $11,011 a metric ton.
TOP STORY:
Anglo American Warns on 2026 Copper Output
Anglo American warned that copper production next year could be lower than previously anticipated due to challenges at a key mine in Chile, threatening to further squeeze an already tight copper market.
The London-listed mining giant said Tuesday that it was reviewing its Chilean copper production guidance for 2026, with its Collahuasi mine suffering from lower ore grades. It had expected to produce between 440,000 metric tons and 470,000 tons in the country in 2026, up from up to 410,000 tons in 2025.
OTHER STORIES:
Macquarie Lends $450 Million to Texas Power Plant Developer
Macquarie Group's asset-management arm has provided a $450 million loan to Sandow Lakes Energy, a brownfields developer in Texas focused on building new energy sources for the region.
The fresh capital will be used to support the construction of a 1.2-gigawatt plant fueled by natural gas in Lee County, about 60 miles east of Austin. That amount of energy could power around 800,000 average homes in Texas.
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Iberdrola Raises Guidance After Net Profit Jumps
Spanish energy giant Iberdrola raised its guidance for the full year after reporting a rise in net profit for the third quarter.
The company said Tuesday that net profit for the third quarter of 2025 was 1.74 billion euros ($2.03 billion), up from 1.34 billion euros the same period a year earlier. Adjusted net profit grew 16.6% to 5.12 billion euros for the first nine months of the year.
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Air Liquide Posts Higher Revenue on Portfolio Strength
Air Liquide posted higher third-quarter revenue supported by the resilience of its portfolio in a difficult environment.
The French industrial-gas supplier said revenue for the three-month period rose 1.9% on a comparable basis to 6.60 billion euros ($7.69 billion). The figure came in line with analysts' estimated 6.60 billion euros, according to a Vara Research compiled consensus.
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Japan's U.S. Investment Push Focuses on Nuclear Power
Japan and the U.S. revealed some details of who could benefit from Tokyo's pledge to invest $550 billion in the U.S. as part of the countries' trade deal. Topping the list: nuclear power.
Commerce Secretary Howard Lutnick on Monday outlined a string of investment plans at a ceremony in Tokyo. Japan's economic ministry released a list of proposed projects with their maximum potential value, saying in many cases that Japanese companies may be involved.
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Westinghouse, Cameco, Brookfield Partner U.S. Government to Build at Least $80B of Nuclear Reactors
At least $80 billion of new nuclear reactors will be constructed across the U.S. under a new partnership formed between the U.S. government, Westinghouse Electric, Cameco and Brookfield Asset Management.
The strategic collaboration aims to accelerate the deployment of nuclear power, in accordance with the executive orders issued by President Trump in May, the parties said in a statement Tuesday.
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Valterra Platinum's Sales Volumes Fall
Valterra Platinum said platinum group metals sales volumes fell in the third quarter, due to the timing difference in the recognition of sales.
The platinum group metals mining company said Tuesday that PGM sales volumes in the period fell 15% to 936,800 ounces and were marginally below refined production volumes. The company said some sales volumes had rolled into October.
MARKET TALKS:
Modest OPEC+ Output Hike Unlikely to Weigh on Oil Prices -- Market Talk
1441 GMT - A moderate increase in OPEC+ production for December should be largely priced in and is unlikely to weigh on oil prices significantly, analysts at Commerzbank Research say. Eight members of the alliance are scheduled to convene virtually on Sunday to discuss output levels for December after saying earlier this month they would boost production by 137,000 barrels a day in November. According to media reports, the group is now leaning towards another small output increase. "The price could even benefit, as some market participants may have expected a larger production increase in view of the impending loss of Russian oil supplies," says Carsten Fritsch, commodity analyst at Commerzbank. In European afternoon trade, Brent crude and WTI both fall 1.2% to $64.15 and $60.58 a barrel, respectively. (giulia.petroni@wsj.com)
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Livestock Futures Rise as U.S. Consumer Remains Resilient -- Market Talk
1033 ET - Livestock futures bounce back from early declines as the U.S consumer shows signs of resilience. The October Conference Board consumer confidence index rises unexpectedly. The bullish news comes as markets watch for trade developments that could increase beef supply in the U.S. "Markets are deeply oversold and searching for a low," AgResource says about live cattle, in a note. The contract was down earlier today, but reverted to a gain after the consumer survey. The same happened to lean hogs. Live cattle is up 0.4% and hogs gain 1%. (paulo.trevisani@wsj.com; @ptrevisani)
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An Experiment With Ethanol for Ships Could Impact Corn Trade -- Market Talk
1008 ET - Shipping giant Maersk's recent announcement that it is testing a mix of Brazilian ethanol with methanol and marine diesel to reduce its fleet's carbon footprint may have implications for the global corn trade. "A 10% mixture in the fuel of the world's entire maritime segment would require approximately 50 billion liters of ethanol annually," Soybean and Corn Advisor's Michael Cordonnier writes. Brazil's ethanol is mostly made from sugar cane, but if the Maersk experiment is successful the country may need to use more corn for fuel. "Such an increase in corn ethanol production could limit Brazil's future corn exports," Cordonnier says. On the CBOT, corn futures rise nearly 1%. (paulo.trevisani@wsj.com; @ptrevisani)
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Grain Futures Extend Gains in Early Trade -- Market Talk
0931 ET - Grain futures are building on yesterday's gains, as investors expect President Trump to clinch a trade deal this week that would unleash Chinese purchases of U.S. agricultural exports, particularly soybeans. Global supplies of soybeans remain high, however, putting a lid on prices. Wheat leads the early rally. RCM's Doug Bergman writes that wheat is overbought, "with prices pushing through technical resistance that will likely spark more fund short-covering." He expects buyers to step in on pull-backs due to high levels of short positions. Wheat is up 1%, soybeans rise 0.9% and corn climbs 0.6%. (paulo.trevisani@wsj.com; @ptrevisani)
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U.S. Natural Gas Futures Give Back Gains -- Market Talk
0914 ET - U.S. natural gas futures are lower with weather forecasts turning warmer overnight and the November contract displaying volatility ahead of tomorrow's expiration. The weather remains near seasonal in terms of heating degree days for the front six days, but too warm for Nov. 3-11, NatGasWeather.com says in a note. "Clearly, colder trends are going to be needed if weather patterns are to be considered cold/blue enough to satisfy." Nymex natural gas is off 3% at $3.340/mmBtu. (anthony.harrup@wsj.com)
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Crude Futures Extend Retreat
0848 ET - Oil futures are returning more of the gains made from last week's move by the U.S. to sanction Russia's biggest oil companies, with market participants turning attention back to oversupply worries. "I think the crude market made a large move quickly and stopped a lot of shorts out of the market, and the physical market hasn't given enough of a signal for higher prices and we are retracing," Scott Shelton of TP ICAP says in a note. There are reports that OPEC+ could agree to another small output increase in December, "which I would have thought was priced," he adds. WTI is down 1.5% at $60.41 a barrel, and Brent is off 1.5% at $64.63. (anthony.harrup@wsj.com)
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Gold Falls With Fed Decision, U.S.-China Trade Talks in Focus -- Market Talk
1420 GMT - Gold prices hold below $4,000, with traders now focused on the Federal Reserve's interest-rate decision and U.S.-China trade talks later this week. Futures in New York fall 1.5% to $3,955.50 a troy ounce, while spot gold plunges 3.2% to $3,981.99 an ounce in afternoon trade. "We agree that the market has become overbought, which finally gave rise to this week's correction," analysts at Bank of America say. However, the precious metal continues to be supported. "For rallies to end, the fundamental backdrop needs to change and so far that has not happened." Meanwhile, platinum futures fall 1% to $1,578.40 an ounce, and silver edges 0.5% higher at $47.04 an ounce. (giulia.petroni@wsj.com)
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Palm Oil Ended Lower on Concerns Over Weak Demand -- Market Talk
1040 GMT - Palm oil ended lower on concerns over weak demand in the coming week and rising output in Malaysia, according to David Ng, a trader at Kuala Lumpur-based Iceberg X. Ng sees support for palm oil prices at 4,250 ringgit a ton and resistance at 4,400 ringgit a ton. Investors are closely watching the impact of Indonesia's plan to launch biodiesel containing 50% palm-oil based biofuel. The Bursa Malaysia Derivatives contract for January delivery falls 58 ringgit to 4,315 ringgit a ton. (tracy.qu@wsj.com)
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Copper Edges Lower Despite U.S.-China Trade Optimism -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2025 11:04 ET (15:04 GMT)
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