0801 GMT - Equinor's fourth-quarter trading update doesn't contain any significant new disclosure, but does point to weaker marketing, midstream & processing earnings, Citi analyst Alastair R Syme writes. In line with commodity price movements, the company is pointing to lower liquids prices and higher gas prices, he says. The marketing, midstream & processing business - consistent with disclosure from other integrated oil companies - has been impacted by weaker refining and lower opportunities in gas trading." Citi trims its quarterly EPS forecast by 1%. The bank rates Equinor at sell with a 230 Norwegian kroner target price. Shares closed at 298.10 kroner. (dominic.chopping@wsj.com)
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Copper May Sustain Gains Despite Dollar Strength -- Market Talk
0357 GMT - Copper gains as base metals maintain a modest rally despite continued dollar strength. The three-month LME copper contract is 0.5% higher at $9,141.50 a ton. "A decoupling appears to be emerging between base metals and the dollar, which traditionally exhibits a strong negative correlation," says Daria Efanova, head of research at Sucden Financial. Comex/LME copper arbitrage is creating volatility, prompting LME to align with the gains seen in Comex, she says. "If copper gains above the $9,200/t level, we expect that more market participants will rejoin the market, leading to further price increases," she adds. (hoishan.chan@wsj.com)
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Brent Oil Prices Between $78-$83 Likely a Comfortable Range -- Market Talk
0331 GMT - The near-term prices of Brent crude oil falling between $78 and $83/bbl appear to be a "relatively comfortable range," writes OCBC Asean economist Jonathan Ng in a note. Crude oil prices recently surged after the Biden administration introduced some of the harshest sanctions on Russia's oil sector, Ng notes, adding that U.S. President-elect Trump's policies will take center stage after he takes office later this month. "Further two-tail risks of breakouts" is possible in the near-term, Ng says, citing implications of Trump's policies on trade, energy and foreign affairs. Front-month Brent crude oil futures are 0.4% lower at $80.71/bbl.(amanda.lee@wsj.com)
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Iron Ore Rises, Supported by Hope for China Stimulus Measures -- Market Talk
0225 GMT - Iron ore rises in early Asian trade. The sentiment is supported by recent comments from China's Ministry of Commerce that it would boost consumption and stabilize foreign trade and investment this year, the ANZ Research team writes in a note. China's stimulus measures in recent months have helped boost the outlook for steel demand, with recent trade data showing that steel exports were strong, they add. The most-traded iron-ore contract on the Dalian Commodity Exchange is up 1.6% at CNY778.0 a ton. (kimberley.kao@wsj.com)
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Copper Rises, Supported by China's Trade Data -- Market Talk
0216 GMT - Copper is higher in early Asian trading, after China's trade data that was seen as encouraging, says ANZ research analysts in a commentary. China's commodity imports for December remained relatively strong, reflecting modest improvement in manufacturing activity in 4Q, the analysts note. An early Lunar New Year holiday period this year may prompt early buying, they add. The three-month LME copper contract is 0.4% higher at $9,128.50 a ton. (tracy.qu@wsj.com)
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(END) Dow Jones Newswires
01-14-25 0753ET