Iron Ore Rises on Restocking Prospects

GFPT appears resilient amid macroeconomic headwinds, CGS International's Rasmiman Sermprasert says in a research report. Chicken remains an affordable protein, which benefits the chicken-product manufacturer through resilient consumption in Thailand and strong export competitiveness, the analyst writes. That probably positions GFPT as a defensive play amid cautious spending, helping sustain volumes and margins even in a weak macro environment. While a stronger baht could pressure the Thai company's exports, its natural hedging and diversified strategy should mitigate currency risk. The brokerage lifts its 2025 and 2026 net profit forecasts for GFPT by 11% and 8%, respectively. It raises the stock's target price to THB15.20 from THB14.20, with an unchanged add rating. Shares are 1.0% higher at THB10.40. (ronnie.harui@wsj.com)

Copper futures dropped below $5.3 per pound on Tuesday, retreating from four-month highs as risk-off sentiment swept through financial markets, with commodities, equities, and cryptocurrencies all experiencing losses.

Investors also cautiously awaited the delayed US jobs report, which could influence the Federal Reserve’s policy outlook for next year.

Additionally, slowing economic activity and the lack of strong policy support in China, the world’s top consumer, weighed on sentiment.

However, copper remained supported by ongoing supply disruptions at major global mines and expectations that the Trump administration may impose tariffs on refined metal.

This prompted traders to redirect copper flows into the US, tightening conditions elsewhere.

By Megan Cheah and Paul Vieira

Mining giants Teck Resources and Anglo American have received approval from the Canadian government for a deal to create one of the world's largest copper producers.

The formation of Anglo Teck will provide "enduring benefits" for Canada, the companies said Monday. Teck is based in Vancouver, British Columbia, and the Pacific Coast city will serve as the global headquarters for the new company.

The companies have further defined proposed commitments set under the Investment Canada Act. These include Anglo Teck spending at least 4.5 billion Canadian dollars, equivalent to US$3.27 billion, in the country within five years, as well as enhancing the country's critical minerals processing capacity.

Based on the proposed commitments, Anglo Teck will spend at least C$10 billion over 15 years.

The approval is an important step forward in the formation of Anglo Teck, said Teck President and Chief Executive Jonathan Price.

"This merger will combine two world-class companies to form a business of significant scale and capability that will deliver billions in investment and drive new economic activity and job creation here in Canada and beyond," he added.

The approval came even though Canada's Industry Minister, Melanie Joly, had expressed concern about the proposed transaction, saying last month that the companies' commitments weren't enough to secure government approval. As industry minister, Joly is responsible for enforcing Canada's foreign-investment laws, which require government approval for foreign-led mergers and acquisitions to ensure they are in the country's interest.

In a statement Monday, Joly said the deal benefits the Canadian economy, adding that the companies committed to keep 4,000 employees in the country, ensure Canadians account for half of the combined economy's board for a seven-year period, and earmark hundreds of millions of dollars for indigenous communities in British Columbia.

The Anglo-Teck merger was approved by each company's shareholders earlier this month. It also received competition approvals in Canada and Australia. Other reviews are progressing.

Write to Megan Cheah at megan.cheah@wsj.com and Paul Vieira at paul.vieira@wsj.com.

By Kimberley Kao

Shares of Guoxia Technology jumped in their Hong Kong debut, after the renewable energy company's initial public offering drew overwhelming demand from investors.

The Chinese company's shares more than doubled from their IPO price to 45.60 Hong Kong dollars in early trading Tuesday. The benchmark Hang Seng Index was 1.8% lower.

Guoxia Technology, which is a renewable energy solutions and products provider that specializes in the research and development as well as provision of energy storage systems, is based in Jiangsu, China.

The company reported net proceeds of 700.55 million Hong Kong dollars, equivalent to $90 million,from its initial public offering.

Guoxia offered 38.93 million shares at HK$20.10 each, a filing to Hong Kong's stock exchange showed. Its IPO shares were nearly two thousand times oversubscribed by investors.

Guoxia said in its IPO filing that it plans to use about 44% of its net proceeds to enhance its R&D capabilities, including artificial-intelligence computing, and about 19% to build its overseas operational and service network to support the company's international growth strategies.

Roll-out of overseas operational support and sales infrastructure is expected to commence in early 2026, with a focus on Europe and Africa. The company plans to establish eight centers across the two regions.

Hong Kong has been one of the world's most popular markets for listings this year. In the first 11 months of 2025, funds raised through IPOs reached the equivalent of about US$33 billion, more than triple the amount raised in the same period a year earlier, according to Hong Kong's stock exchange.

Write to Kimberley Kao at kimberley.kao@wsj.com

Silver slipped to below $63 per ounce on Tuesday, retreating from all-time highs as investors booked profits after a record rally that has seen the metal surge roughly 120% year-to-date.

Analysts cautioned that valuations appear stretched relative to gold and highlighted potential impacts from US tariff exemptions.

This year's rally had been driven by tightening inventories and strong industrial and retail demand, particularly from the solar, electric vehicle, and data center sectors.

Additional support came from robust ETF inflows and retail buying, reinforcing expectations of a market deficit in the year ahead.

Silver also benefited from a softer dollar following last week’s Federal Reserve rate cut, though prospects for further easing in 2026 remain uncertain.

Malaysian palm oil futures slipped for a third consecutive session, hovering near MYR 3,980 per tonne, a near three-week low, pressured by a stronger ringgit and weakness in rival edible oils on the Dalian and Chicago markets.

Sentiment was further weighed down by signs of softer exports, as cargo surveyors estimated shipments of Malaysian palm oil products for December 1–15 fell between 15.9% and 16.4% from a month earlier.

On the supply side, end-November inventories climbed 13% to 2.84 million tonnes, the highest level in 6-1/2 years, reflecting robust full-year output that is on track to surpass 20 million tonnes for the first time.

These bearish factors were partly offset by demand signals from top buyer India, where palm oil imports in November rose around 5% from October to 632,341 metric tonnes, as refiners capitalized on lower prices.

Adding some support, industry regulator data released last week showed November crude palm oil production fell 5.3% mom to 1.94 million tonnes.