MARKET MOVEMENTS:
–Brent crude oil is up 0.1% to $63.74 a barrel.
–European benchmark gas is down 0.9% to 30.93 euros a megawatt-hour.
–Gold futures are up 1.9% to $4,087.80 a troy ounce.
–LME three-month copper futures are up 1.1% to $10,810 a metric ton.
TOP STORY:
The Nord Stream Investigation That's Splintering Europe Over Ukraine
BERLIN-For three years, a crack team of detectives gathered each weekday morning around a whiteboard at the German Federal Police headquarters in Potsdam, near Berlin. Now their investigation into who was behind the greatest act of sabotage in modern history-the bombing of the Nord Stream pipelines-is threatening to splinter support for Ukraine, the country they hold responsible.
Poland already has refused to extradite one of the suspects to stand trial in Germany. It instead views him a hero for destroying a vital source of revenue for Russian President Vladimir Putin's war machine. Polish Prime Minister Donald Tusk, who has long questioned Germany's dependence on Russian energy, ridiculed the investigation. The problem isn't that the pipeline was blown up, he said. The "problem is that it was built."
OTHER STORIES:
China Suspends Shipping Probe, Pauses Critical Mineral Curbs in Trade Truce With U.S. -- Update
Beijing has suspended sanctions imposed on South Korean shipbuilders related to a U.S. probe and paused some export controls on critical minerals, following a trade detente agreed with Washington last month.
Shortly after Washington suspended a probe into the Chinese shipping sector, China's commerce ministry said Monday that it would halt sanctions on five subsidiaries of shipbuilder Hanwha Ocean over their alleged role in a U.S. investigation, for a period of one year.
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Salzgitter Shares Rise After Better-Than-Expected Earnings
Shares in Salzgitter rose after the German steel company reported higher-than expected earnings that offset a decline in sales volumes and a narrowed guidance.
In European morning trade Monday, shares were 6.4% higher at 29.76 euros.
Salzgitter said earnings before interest, taxes, depreciation, and amortization were 107 million euros ($123.8 million) in the third quarter, beating a company-compiled consensus of 102 million euros.
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Alaska's New Mining Rush Chases Something More Coveted Than Gold
ESTER, Alaska-At a mining site here, Rod Blakestad cracked open a shiny rock with his pick. He found quartz, a sign that the rock may contain gold.
But Blakestad, a veteran gold hunter, tossed the rock aside. He and his team of geologists were searching for something even more sought-after: antimony, an obscure element widely used in the defense industry that is now at the center of the bitter U.S.-China trade fight.
MARKET TALKS:
Salzgitter Won't Benefit From Steel Price Recovery Until 2026 -- Market Talk
1108 GMT - Although there are early signs of steel prices trending up, it is coming off a very low base and Salzgitter won't likely see the benefits until 2026, Jefferies analysts Cole Hathorn and Tommaso Castello say. The European steel market continues to face weak demand and pricing, and hence 2025 will still be a challenging year for profitability, the analysts say after the steel company lowered its full-year Ebitda guidance. The stock is likely to fall in the short term after the revised guidance, the analysts write in a research note. Shares are up 5.4% at 29.48 euros. (maitane.sardon@wsj.com)
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European Gas Prices Fall on Firm Supplies -- Market Talk
1108 GMT - European natural-gas prices fall in European midday trading, with the benchmark Dutch TTF contract down 0.3% to 31.07 euros a megawatt hour. "Undisrupted LNG and Norwegian pipeline supplies to Europe's storage facilities have enabled the region to manage the seasonal transition smoothly," analysts at ANZ Research say. "North Asia LNG prices were also lower, as above-average winter temperatures in large parts of China kept demand subdued." According to industry group Gas Infrastructure Europe, EU storage levels are currently at 82.6% full. (giulia.petroni@wsj.com)
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Equinor Is Most Exposed to Weaker Commodity Prices -- Market Talk
1029 GMT - Equinor is the most exposed to European gas prices according to Berenberg's integrated energy coverage, and the bank expects prices to be weak heading into 2026. In addition, the company has downgraded guidance in its midstream, marketing and processing business by roughly one-third, mainly due to difficult trading conditions. "We expect Equinor to lean on the balance sheet to cover the underlying dividend in 2026 and 2027, and therefore reduce our buyback assumptions." However, there remains some scope for upside surprise to gas price strength over the winter and the bank retains its hold rating on the stock for now, but lowers its price target to 225 Norwegian kroner from 245 kroner. Shares rise 0.4% to 246.80 kroner. (dominic.chopping@wsj.com)
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Copper Supported by Fed Rate-Cut Bets, U.S.-China Trade Truce -- Market Talk
1023 GMT - Copper prices rise in early trading, supported by expectations of a December interest-rate cut and progress in U.S.-China trade relations. Futures on the London Metal Exchange rise 1.2% to $10,822 a metric ton. Beijing suspended some export controls on critical minerals including rare earths, following a trade agreement with Washington last month. Meanwhile, the latest Chinese data showed that downward price pressures continued to ease in October. However, refined copper imports slowed, impacted by elevated prices, ample domestic supply, and unfavorable import arbitrage conditions, according to ANZ Research. On the supply side, pressures in Indonesia are easing, with Freeport-McMoRan saying in a SEC filing last week that operations at its Big Gossan and Deep Mill Level Zone underground mines at Grasberg have been restarted in late October. (giulia.petroni@wsj.com)
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Palm Oil Edges Higher as Investors Digest Data -- Market Talk
1020 GMT - Palm oil ended slightly higher as investors digest the latest data on supply and demand. Malaysia's palm oil exports were up 19% on month at 1.69 million metric tons in October, according to the Malaysian Palm Oil Board on Monday. The country's palm oil stock rose 4.4% on month to 2.46 million tons. While inventory levels climb to a five-year high, stock levels are expected to begin to fall in the coming months as the high production season has peaked, Citi analysts said in a note. The Bursa Malaysia Derivatives contract for January delivery ended 2 ringgit higher at 4,111 ringgit a ton. (sherry.qin@wsj.com)
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Oil Rises on Progress Toward Ending U.S. Government Shutdown
0902 GMT - Oil prices rise in early trading, supported by progress toward ending the U.S. government shutdown and as investors await a series of industry reports due later this week. Brent crude is up 0.4% to $63.88 a barrel, while WTI gains 0.6% to $60.11 a barrel. The potential reopening of the federal government is expected to boost market sentiment and demand in the world's top oil consumer. Meanwhile, market watchers turn their attention to upcoming monthly reports from OPEC, the IEA and the Energy Information Administration for insights on current supply-demand trends amid growing concerns over excess supplies. Traders are also closely monitoring Russian oil flows following the latest U.S. sanctions, with media reports saying President Trump has granted Hungary a one-year exemption for buying Russian energy. (giulia.petroni@wsj.com)
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Gold Soars on Fed Rate-Cut Bets Despite Government Shutdown Progress -- Market Talk
0845 GMT - Gold prices jump in early trading, driven by expectations of further interest-rate cuts in December after U.S. data showed a surge in October layoffs and weakening consumer sentiment. Futures in New York gain 2% to $4,092.20 a troy ounce, the highest level in more than two weeks, while spot gold is up 0.6% to $4,001.28. "Signs of a weakening U.S. economy outweighed progress in negotiations to end the record-breaking government shutdown," says Soojin Kim, analyst at MUFG. Market participants now see a 65% chance of a December rate cut, according to the FedWatch tool. Meanwhile, silver futures soar 3.7% to $49.92 an ounce, while platinum is up 3.2% to $1,598.80. (giulia.petroni@wsj.com)
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London-Listed Miners Rise on Climbing Precious Metal Prices -- Market Talk
0824 GMT - London-traded miners jump up in opening trade as precious metal prices rise. Gold futures in New York are up 2% to $4,090.80 a troy ounce while silver futures are up 3.6% at $49.88 an ounce. Fears that the U.S. economy is weakening outweighs the progress made to end the government shutdown and pushes gold prices higher, MUFG's Soojin Kim writes. Gold and silver miners Hochschild Mining and Fresnillo rise nearly 5% while Endeavour Mining is up 4%. Among the diversified miners, Anglo American and Glencore lead the way and trade up 2.3%. Rio Tinto's London shares are up 1%. Copper miner Antofagasta is up 2.8%. (adam.whittaker@wsj.com)
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Comex Gold Futures Seeking to Resume Uptrend, Chart Shows -- Market Talk
0640 GMT - Comex gold futures are seeking to resume their uptrend, RHB Retail Research's Joseph Chai says in a note. The futures closed Friday with a bullish candlestick pattern on the daily chart, signaling that selling pressure is tapering, the analyst notes. In the event that the commodity rises above the 20-day simple moving average, this would attract fresh buying interest to boost it toward the $4,200/oz level, Chai says. Meanwhile, the 50-day SMA continues moving upward, lending support for a bullish technical setup, Chai adds. The 20-day SMA is last quoted around $4,080.16/oz, ICE data show. Spot gold is 1.9% higher at $4,076.87/oz. (ronnie.harui@wsj.com)
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Palm Oil Falls But Higher Demand, Tighter Production May Support -- Market Talk
(MORE TO FOLLOW) Dow Jones Newswires
November 10, 2025 06:46 ET (11:46 GMT)
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