The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.

0331 GMT - Copper edges higher in early Asian trade. The base metal sector likely found support from investors, tracking some relief in U.S. stocks and bonds, despite signs of easing tightness in the sector, ANZ Research writes in a note. However, cash contracts have been trading at a discount compared to the three-months futures contracts, likely due to U.S. traders paring back buying on reports of the White House possibly delaying a decision regarding import tariffs on refined metal, ANZ says. The three-month LME copper contract is 0.1% higher at $14,242.50 a ton. (kimberley.kao@wsj.com)

0248 GMT - Palm oil rises in Asian trading thanks to bargain hunting. Technical analysis suggests crude palm oil futures could remain in positive territory although momentum has moderated following the recent pullback, AmInvestment Bank says in a note. Prices are expected to consolidate with an upside bias as long as they hold above 4,900 ringgit a ton, it adds. The Bursa Malaysia Derivatives contract for December delivery is up 45 ringgit at 5,043 ringgit a ton. (yingxian.wong@wsj.com)

0239 GMT - Iron ore prices are higher in early Asian trading despite a fundamentally weak outlook. Demand remains subdued, with low end-user consumption and widespread losses among steel mills fueling expectations of production cuts and a negative feedback loop for iron ore demand, Baocheng Futures analysts write in a note. Domestic port arrivals have increased from the previous period, while miners' shipments have also rebounded to year-to-date highs, pointing to ample overseas supply, they add. The most actively traded January iron ore contract on the Dalian Commodity Exchange is up 0.3% at 710.5 yuan a ton. (jiahui.huang@wsj.com; @ivy_jiahuihuang)

0006 GMT - Gold edges up in early Asian trade after slipping in the wake of the Fed's first rate hike in over three years. Higher rates tend to weigh on non-yielding assets like gold, though markets had largely priced in the move, taking some sting out of the reaction. Expectations of how many more hikes lie ahead will set the tone for gold moving forward. Oxford Economics expects the Fed to tighten again in December before moving to the sidelines for an extended pause. Michael Pearce, chief U.S. economist, says inflation will rise over the next month. But the energy price shock, higher rates and potential AI impacts will put pressure on the labor market, helping bring inflation back to target sooner than Fed officials think. Gold is up 0.2% at $4,269 an ounce. (fabiana.negrinochoa@wsj.com)

2107 GMT - Live cattle futures fall for a second straight session, with choice and select boxed beef cuts off 27 cents and $1.79 per hundredweight, respectively. "High gas prices have consumers buying the cheapest beef," Chris Lehner of ADM Investor Services says in a note. "High diesel prices are costing feedlots more to deliver cattle and packers more to deliver beef" and so far "consumers aren't seeing cheaper beef prices." December cattle fall 1.4% on CME to $2.202 a pound. Lean hogs are mixed with October down 0.5% at 78.675 cents a pound and the December contract up 0.4% at 69.95 cents a pound.(anthony.harrup@wsj.com)

2043 GMT - Oil futures give back some gains after rising to four-month highs on extended risks to supply routes out of the Middle East. "We're seeing the markets pricing in the higher risk associated with beliefs that the conflict could continue longer," says Angie Gildea, global head of oil and gas at KPMG. Damage to the Saudi pipeline, drawdowns in SPRinventories and increased Chinese buying "is factoring into the pricing." SPR withdrawals can't go on forever, "so at some point we get into some real challenges," Gildea adds. WTI settles down 3.2% at $102.43 a barrel and Brent falls 2.7% to $105.83. (anthony.harrup@wsj.com)

1925 GMT - U.S. natural gas futures give up early gains and settle lower with current heat expected to give way to cooler weather as the month progresses, reducing power-sector demand. The EIA's inventory report due Thursday is expected to show a below-normal storage build for last week, shrinking the surplus over the five-year average but still leaving stocks looking comfortable ahead of the winter. Analysts in a Wall Street Journal survey expect a 49 Bcf injection, putting inventories at 3,303 Bcf or 123 Bcf above the 2021-2025 average. Nymex natural gas settles down 1% at $2.891/mmBtu.(anthony.harrup@wsj.com)

1857 GMT - SovEcon estimates that combined Russian and Ukrainian wheat exports for the July-September period will be around 8 million metric tons, the lowest since the 2010/11 season. That compares with 16.2 million tons a year ago and a five-year average of 18.2 million tons. Russian exports are seen at 5.4 million tons for the period and Ukrainian exports at 2.6 million tons. "The weak shipments reflect severe disruptions to Black Sea and Azov logistics on both sides," the grains consultancy says. Alternative routes provide only limited relief, and there is still no clear path to restoring safe shipping in the Black Sea, SovEcon adds. "We believe the market is still underpricing the scale of the supply shock." (anthony.harrup@wsj.com)

1844 GMT - Precious metals are giving back gains after the Federal Reserve raised interest rates as expected. Equities have taken the news "relatively well," but "evidence of the Fed's hawkishness is in the slightly firmer U.S. dollar and lower gold price," Capital.com senior financial market analyst Kyle Rodda says in a note. "A special focus will be on the shape of the yield curve too as markets assess what impact policy is having on long-term inflation expectations." Gold for December delivery is off 0.1% at $4,327.10 a troy ounce and silver up 0.7% at $64.33 a troy ounce. (anthony.harrup@wsj.com)

1737 GMT - Brazil's Conab projects corn production from the three crops of the 2026/27 cycle to total 148 million metric tons, up 2.8% from 2025/26 as planted acreage grows. Aside from rising domestic consumption driven by higher animal feed and ethanol industry use, export demand for Brazilian corn is expected to increase, potentially reaching 46 million tons in the 2026/27 cycle, Conab says. The government agency expects soybean production of 181.6 million tons for 2026/27, a small increase over the previous year. (anthony.harrup@wsj.com)

1647 GMT - Gold futures are higher as the market awaits the Fed's interest-rate decision at 2pm ET, where expectations are for an increase. "We see the immediate gold-price setup being shaped by three measurable forces: Treasury yields, the U.S. dollar, and demand for safe-haven assets," Zaye Capital Markets chief investment officer Naeem Aslam says in a note. Political uncertainty, tariff risk, high oil prices and geopolitical tensions can sustain demand for portfolio protection, he says, but if inflation remains persistent and the Fed signals that rates must stay restrictive, "gold can face renewed pressure from higher real yields and a stronger dollar, even when geopolitical risk remains elevated." Gold for December delivery is up 1.3% in New York at $4,389.20 a troy ounce. Silver gains 1.8% to $65.04 a troy ounce. (anthony.harrup@wsj.com)

1551 GMT - Soybean futures are modestly lower after testing recent highs overnight. "The uptrend is in place, but the market is back to being overbought," Doug Bergman of RCM Alternatives says in a note. Near-term price movement is tricky with a record net long held by funds, President Trump's planned meeting with China's Xi Jinping that could provide market-moving headlines, and supply that will hit the market soon with the U.S. harvest picking up, "Whether the bean market can trade significantly higher from here will likely depend on South American production prospects, which right now the market is pricing in the smallest increase in production that we've seen in several years." CBOT soybeans are off 0.2%. Corn is down 0.8% and wheat is off 0.2%.