Food Prices at Highest Level in 18 Months, UN -2-

0522 GMT - Gold's rally may have run its course, UOB Global Economics & Markets Research's Quek Ser Leang says in a research report. Last week, gold formed 'Doji' pattern on weekly candlestick chart, which is typically perceived as a bearish signal, the markets strategist says. Crossover in weekly slow stochastics from overbought territory suggests downside risks are building. On the daily chart, gold broke below the three-month rising trendline support two sessions ago, with bearish divergence on daily MACD. However, any pullback will probably be choppy and potentially drawn out, with initial support at 55-day exponential moving average, which is now at $2,636/oz, the strategist adds. Spot gold is down 0.4% at $2,694.69/oz. ([e-mail])

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Iron Ore Lower; Investors Await China NPC Results -- Market Talk

0233 GMT - Iron ore is lower in early Asian trading. Investors are waiting for China's NPC results, say Nanhua Futures analysts in a research note. There is a risk of current positive factors having already been fully priced in, and further rise of the black metal will need to be supported by additional macro supportive measures, they add. The most-traded iron-ore contract on the Dalian Commodity Exchange is down 0.9% at CNY782.0/ton. ([e-mail])

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Copper Edges Lower After Fed Cut; China's NPC in Focus -- Market Talk

0214 GMT - Copper edges lower in early Asian trading. Prices have fallen following the U.S. elections, mainly due to demand for safe-haven precious metals, Nanhua Futures analysts write in a note. But its supply and demand fundamentals haven't changed, they say. The Fed's rate cut and Chair Jerome Powell's comments are the main factors affecting copper prices in the short term, they say. China's NPC Standing Committee meeting concluding this week will also be watched closely, they add. The three-month LME copper contract is 0.2% lower at $9,648.00/ton. ([e-mail])

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Oil Drops as Investors Digest Competing Narratives Around Trump -- Market Talk

0109 GMT - Oil prices are lower in early Asia trade. Investors continue to digest the competing narratives around Trump's potential impact on the oil market, ANZ Research analysts write in a note. The higher production outlook is a major concern, but that could also be exacerbated by weaker demand given potentially higher tariffs on China, they say. Trump's administration may renew a clampdown on Iran via further sanctions, which would come amid an uncertain outlook for next year. Front-month WTI crude oil is 0.3% lower at $72.12/bbl and Brent crude futures are 0.2% lower at $75.46/bbl. ([e-mail];

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Uranium Prices Maybe Jolted If Russian Tensions Ease -- Market Talk

1848 ET - Citi is cautious about uranium prices in the near term as it analyses the outcome of Donald Trump's election victory. It's concerned about the potential for Russian uranium supplies to enter Western markets if there's a de-escalation in geopolitical tensions. Also, production is up world-wide and new mines are being developed, Citi says. That's likely to bring more new supply to the market in 2025. "We also revise our 4Q (of 2024) and 1Q 2025 averages to $84/lb and $90/lb, respectively," Citi says. "We still expect prices to return to a $100/lb level towards the end of 2025." ([e-mail]; @dwinningWSJ)

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(END) Dow Jones Newswires

11-08-24 1046ET