MARKET MOVEMENTS:
–Brent crude oil is up 0.2% to $62.07 a barrel.
–European benchmark gas is down 2.9% to 29.29 euros a megawatt-hour.
–Gold futures are down 0.1% to $4,077 a troy ounce.
–LME three-month copper futures are flat at $10,776.50 a metric ton.
TOP STORY:
BHP Abandons Bid for Anglo American Following New Talks
BHP Group said it wouldn't pursue a takeover of Anglo American following new talks, shutting the door on a deal that could have turbocharged its copper business and helping to clear the way for its U.K. rival to close a merger with Teck Resources.
Melbourne, Australia-based BHP first approached London-listed Anglo American about a possible takeover in April last year, arguing that a combination of the companies' prized copper mines and other operations would have significant benefits.
That roughly $50 billion proposal was rejected by Anglo, which has since agreed to merge with Canada's Teck in a deal to be voted on by shareholders next month.
OTHER STORIES:
Endeavour Silver Divests Mexican Silver Project for up to $50M
Endeavour Silver has agreed to sell its mine in Mexico to Guanajuato Silver for up to $50 million as it looks to right-size its portfolio.
The Canadian mining company said Monday that Guanajuato Silver will acquire all of the issued and outstanding shares of Mina Bolanitos from affiliates of the company, which holds the mine located in Guanajuato, Mexico.
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Tucker Carlson Is Joining the Gold Rush
Tucker Carlson says central banks are a scam and the U.S. dollar is "doomed." Now he has launched a precious-metals company.
"We're clearly watching the end of the postwar order, and a lot of things we took for granted as secure, no longer are," the former Fox News host said in an interview. That worldview has made him keen on tangible assets like gold.
MARKET TALKS:
Copper Edges Lower Amid U.S. Rate-Cut Uncertainty -- Market Talk
1246 GMT - Copper prices slip in afternoon trading, with uncertainty over the Federal Reserve's next policy move weighing on sentiment. According to the FedWatch tool, traders now price in a 74% chance of a December rate cut, with a low-interest-rate environment typically boosting economic activity and demand for commodities. However, mixed signals from policymakers and a significant data gap are keeping investors on edge. Futures on the London Metal Exchange are down 0.1% to $10,773.50 a metric ton. Losses though are capped by signs of tightness in the market. "Codelco has proposed a record $330-a-ton premium for metal sold to South Korean consumers," roughly in line with offers of $325 a ton to clients in Europe, analysts at the firm say. "This record physical premium highlights the tightness the market is experiencing." (giulia.petroni@wsj.com)
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European Gas Price Drops on Ample Supplies, Ukraine-Russia Peace Talk Prospects -- Market Talk
1235 GMT - European natural-gas prices dropped below 30 euros a megawatt hour for the first time since May last year, as gas inflows remain steady and the supply balance is considered adequate for the winter. Warmer temperature forecasts are expected to reduce demand, DNB analysts say. Also, Europe isn't aggressively competing for LNG from Asia as the price difference between the two regions is neutral, DNB says. An increase in feedgas--the natural gas supplied to LNG export terminals for liquefaction--to U.S. facilities also indicates the country has increased production, ensuring sufficient global supply. Meanwhile, prospects for a Ukraine-Russia peace deal are easing geopolitical risks and could help maintain some Russian gas in Europe's supply mix, according to DNB. The benchmark Dutch TTF contract is down 2.7% to 29.38 euros a megawatt hour. (giulia.petroni@wsj.com)
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BHP Will Be Frustrated That It Can't Buy Anglo American -- Market Talk
1025 GMT - BHP will be frustrated that it had to walk away from its second attempt to buy Anglo American, AJ Bell's Russ Mould writes. This is because buying Anglo would have strengthened its copper portfolio, he says. It would also have prevented Anglo's planned merger with Teck Resources, which will create a larger competitor, he writes. BHP has a lot to be focusing on but in an industry built on mergers and acquisitions, no-one wants to be the loser, Mould writes. BHP's London-listed shares trade down 0.1% at 2,013 pence.(adam.whittaker@wsj.com)
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Palm Oil Ends Lower on Weakness in Rival Oils, Stronger Ringgit -- Market Talk
1010 GMT - Palm oil closed lower, tracking overnight weakness in rival vegetable oils and a stronger ringgit, Kenanga Futures writes in a note. Market sentiment continues to be dampened by the sluggish November export data and rising production expectations, Kenanga adds. It sees support and resistance for the February futures contract at 4,000 ringgit a ton and 4,100 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for February delivery closed 14 ringgit lower at 4,055 ringgit a ton. (amanda.lee@wsj.com)
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Investors Reward Anglo American for Copper-Focused Combination -- Market Talk
0955 GMT - Investors have rewarded Anglo American after warming to its copper-focused combination with Teck Resources, Hargreaves Lansdown's Derren Nathan writes. This has left Anglo's valuation looking fuller than it has for some time, he adds. On the other hand, BHP, which first approached London-listed Anglo American about a possible takeover in April last year, has seen its share price drift lower in line with iron-ore prices, Nathan says. BHP has some attractive organic growth opportunities but the fast-moving macroeconomic environment carries significant short-term risks, he adds. Anglo American shares trade flat at 2,711 pence and are up 23% over the past 3 months. BHP's London shares trade flat at 2,016 pence and are down nearly 2% over the past three months. (adam.whittaker@wsj.com)
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BHP Sentiment Lifted by Decision to Halt Anglo American Bid -- Market Talk
0922 GMT - BHP's decision to not pursue a takeover of Anglo American removes an overhang that had been weighing on sentiment, RBC Capital Markets analysts write. Halting its pursuit means a large and complex deal is less likely in the near term, they write. This means that investors can focus on the miner's organic growth, balance sheet strength and its free cash flow profile, they add. BHP's London-listed shares trade up 0.65% at 2,028 pence. (adam.whittaker@wsj.com)
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Gold Edges Lower as Investors Weigh U.S. Rate-Cut Chances -- Market Talk
0852 GMT - Gold prices slip as investors assess prospects of further U.S. interest-rate cuts in December amid mixed signals and a significant data gap due to the government shutdown. In early trading, New York futures are down 0.5% to $4,060.20 a troy ounce, while spot gold falls 0.3% to $4,065.01 an ounce. Meanwhile, the U.S. dollar index--which measures the greenback against a basket of other major currencies--is broadly flat at 100.14. Gold trimmed some losses last week, when New York Federal Reserve President John Williams said there is room for further adjustments in the near term due to risks from labor market weakness. According to the FedWatch tool, traders now price in a 74% chance of a December rate cut. Non-yielding gold typically benefits from a low interest-rate environment. (giulia.petroni@wsj.com)
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Oil Extends Fall as Traders Assess Russia-Ukraine Peace Talk Prospects
0838 GMT - Oil prices slip in early trading, extending last week's fall as investors assess prospects of a Ukraine-Russia peace deal. Brent crude is down 0.4% to $61.68 a barrel, while WTI falls 0.5% to $57.79 a barrel. "Developments related to a potential peace agreement are important for the oil market, particularly amid significant uncertainty about the impact of recently imposed sanctions on Russia's Rosneft and Lukoil," ING analysts say. "A peace deal increases the likelihood that sanctions will be lifted, or at least not enforced strictly." Progress on talks to end the war have also eased concerns over disruptions to Russian diesel exports, with middle distillate cracks-the price difference between crude oil and refined products-softening since last week, according to the firm. (giulia.petroni@wsj.com)
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Anglo-Teck Merger Unlikely to Face Another Interloper as BHP Walks Away -- Market Talk
0403 GMT - Jefferies doesn't expect another interloper to threaten the planned merger of Anglo American and Teck, after BHP walked away from a bid to buy Anglo. "But this possibility cannot be ruled out entirely," its analysts acknowledge. They say they would have been surprised if BHP, Rio Tinto, Glencore, Freeport and others "had not been at least considering whether there was an opportunity to gatecrash the Anglo-Teck deal." BHP arguably has the most to gain from a successful bid, they say. "Its own copper production in Chile is declining, its capex is rising--in part due to capital-intensive, longer-term copper projects--and its relative exposure to iron ore and met coal is rising." Jefferies has a hold rating and a A$42 target on BHP. The stock is up 0.1% at A$40.41. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
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BHP Decision on Anglo Removes Key Overhang, Says Bull -- Market Talk
0350 GMT - BHP's statement that it's no longer considering a combination with Anglo American "lays to rest any further speculation that BHP might pursue" its rival, says Morgan Stanley analyst Rahul Anand. BHP is restricted for six months from making a bid for Anglo, says Anand. That restriction will take BHP past a shareholder vote on a planned merger between Anglo and Canada's Teck, planned for Dec. 9, he says. "However, whether Anglo's merger with Teck would be completed by such time cannot be determined at this point," he adds. In announcing their deal in September, Anglo and Teck said it could take 12 to 18 months to close. Nevertheless, BHP's remarks remove "a key overhang" for its stock, says Anand. MS has an overweight rating and A$48.00 target. BHP is little changed at A$40.38. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
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November 24, 2025 08:14 ET (13:14 GMT)
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