0701 GMT – Fresh geopolitical tensions over Greenland have sent gold and silver up again, adding to an already bullish outlook for the haven metals in 2026. Gold is set to keep scaling new heights this year, fueled by demand from retail and institutional investors, HDFC Securities analysts say in a note. Aggressive central bank buying will continue too, they expect, noting that for the first time since 1996, global central banks’ gold reserves exceed U.S. Treasury holdings, reflecting a pivot away from U.S.-dollar assets and geopolitical risk management. Silver will perform even better, they add, as a structural supply deficit combines with strong demand. HDFC Securities recommends investors allocate up to 10% of their portfolio to gold and silver. (megan.cheah@wsj.com)
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BHP Has Reasons to Want to Buy Glencore — Market Talk
0335 GMT – BHP may yet seek to gatecrash takeover talks between Rio Tinto and Glencore, according to the Australian mining giant’s former chief economist, Huw McKay. Aside from a hunger for copper, BHP–like rival Rio Tinto–could be interested in Glencore for its marketing muscle, McKay says in a social-media post. Physical trading businesses could be a useful hedge for miners in a new era of geopolitical rivalry, he says. “That could be encouraging the majors to be less dismissive of trading, and who better than Glencore to acquire that capability from?” Buying Glencore would also give its suitor “pure, unadulterated scale in a world dominated by passive investing and mega caps,” McKay says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
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Palm Oil Falls Amid Profit-Taking — Market Talk
0249 GMT – Palm oil prices fall in early Asian trade amid profit taking. However, technical analysis suggests CPO futures could trade higher, while stronger soybean oil prices last Friday on the Chicago Board of Trade and higher crude oil prices could support momentum, AmInvestment Bank says in a note. Rising palm oil export demand and expectations of slower production growth in the coming weeks may also help support prices, it adds. AmInvestment Bank sees support for CPO futures at 4,004 ringgit a ton and resistance at 4,114 ringgit a ton. The Bursa Malaysia Derivatives contract for April delivery is 16 ringgit lower at 4,056 ringgit a ton. (yingxian.wong@wsj.com)
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Bullish Gold-Market Drivers Still Very Much in Place — Market Talk
0249 GMT – There is more reason to believe gold will consolidate or edge higher than sell off sharply, says George Cheveley, natural resources portfolio manager at Ninety One. “Gold’s rally has been powerful, but it has also been grounded in fundamentals that are still very much in place,” he says. That includes a weaker U.S. dollar, ongoing geopolitical tensions and expectations of Fed rate cuts, as well as heightened concern over fiscal deficits and sustained central-bank demand. In Sydney, gold miners Northern Star is up 3.5% at A$27.77 a share, while Evolution Mining is 2.4% higher at A$13.44.(rhiannon.hoyle@wsj.com; @RhiannonHoyle)
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Iron Ore Falls; Rising Supply From Simandou Mine — Market Talk
0241 GMT – Iron ore falls in early Asian trading; rising supply is weighing on market sentiment, ANZ analysts say in a note. They note that China has just received its first iron ore shipment from the newly opened Simandou mine in Guinea. Production from the Simandou project is expected to ramp up to as much as 120 million tonnes of high-grade iron ore, with strong demand from Chinese steel mills. ANZ also flags rising inventories as a concern, citing data from steel market information provider Steelhome which shows stockpiles at 35 major Chinese ports increasing on week. The most-traded iron-ore contract on the Dalian Commodity Exchange is 2.8% lower at 792.00 yuan a ton.(jason.chau@wsj.com)
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Rio Tinto Expected to Offer Premium to Buy Glencore — Market Talk
0216 GMT – RBC Capital Markets expects Rio Tinto will make an all-scrip offer for Glencore valued roughly 27% higher than the Swiss miner’s undisturbed share price. “A merger of Glencore and Rio Tinto that was thought by many as an unserious conversation just over a year ago, has now found its sweet spot after a strong copper rally, heightened resource scarcity fears and an Argentina turnaround,” RBC says in a note. Yet the structure of any bid “has prompted plenty of debate” and won’t be straightforward, the broker says. RBC reckons Rio Tinto should offer to buy the whole business without a requirement for carve outs. “Otherwise it might open [the] door to BHP” to make a rival bid, RBC says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)
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Base Metals Rise, Supported by Rising EV, AI Demand — Market Talk
0116 GMT – Base metals rise in Asian trade. Within the complex, copper demand remains exceptionally strong, thanks to electric vehicles, energy infrastructure, artificial intelligence and resilient U.S. consumption, say ANZ Research analysts in a note. Persistent mine disruptions could also constrain copper supply and maintain prices above $11,000 a metric ton, they add. Meanwhile, Indonesian nickel supply growth is moderating amid rising policy-driven uncertainty and the market could shift into deficit by next year, ANZ says. This, alongside rising EV demand, could support a rebound from nickel’s current low prices, ANZ adds. The three-month copper contract on the London Metal Exchange gains 1.1% to $12,939.00 a ton, nickel climbs 2.0% and aluminum adds 0.5%. (megan.cheah@wsj.com)
Write to Barcelona Editors at barcelonaeditors@dowjones.com
(END) Dow Jones Newswires
January 19, 2026 12:26 ET (17:26 GMT)
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