SSE Consume Commodity Index Hits 40-week High

By Ian Walker

Gold Fields reported higher earnings for the first half year, in line with its forecasts, as it benefited from rising gold prices offset by increased costs.

The South African gold miner said Friday that net profit was $1.02 billion for the half year ended June 30 compared with $389 million for the comparable period a year earlier.

Basic earnings per share for the half year were $1.15 compared with $0.43 and a forecast of between $1.09 and $1.21 per share given on Aug. 4.

Headline earnings per share were $1.15 compared with $0.36 and a forecast of between $1.09 and $1.21 per share.

Group attributable gold equivalent production for the second quarter was 585,000 ounces compared with 551,000 ounces in the earlier quarter, and a forecast of 585,000 ounces. All-in sustaining costs were $2,054 an ounce compared with $1,861 an ounce in the first quarter and a forecast of $2,054 an ounce.

The company backed production guidance for between 2.25 million and 2.45 million gold equivalent ounces. AISC is expected to be between $1,500 an ounce and $1,650 an ounce, as forecast earlier this month, it said.

Write to Ian Walker at ian.walker@wsj.com

Malaysian palm oil futures hovered near MYR 4,500 per tonne after three straight sessions of losses, supported by a weaker ringgit and gains in rival Dalian and Chicago edible oils.

Sentiment was also lifted by strong export expectations, as cargo surveyors reported that Malaysian palm oil shipments during August 1–20 rose 13.6% to 17% from July.

In top buyer India, purchases in July jumped 16% from June to 301,000 tonnes, the highest in nine months, even as Malaysia’s inventories climbed to a 19-month high of 2.11 million tonnes.

Meanwhile, the Malaysian Palm Oil Council expects India’s demand to stay firm in September as importers stock up ahead of the Diwali festivals.

In the U.S., policy uncertainty over small refiners’ biofuel waivers kept traders cautious, with the Trump administration expected to issue a ruling as early as Friday while delaying a decision on larger refiners’ obligations.

For the week, contracts are on track for a third straight gain, so far up about 0.5%.

Iron ore futures fell below CNY 770 per tonne on Friday, extending losses for a second straight session as demand concerns coincided with ample supply.

Disruptions to steel production tied to China’s upcoming military parade turned out less severe than expected, but long-term consumption from the world’s top buyer remains clouded by a weak property sector, sluggish infrastructure activity, and uncertain manufacturing momentum.

Industry data showed portside inventories in China climbed 0.2% from the prior week to 138.5 million tons as of August 21, adding to oversupply worries.

On the supply side, shipments from Brazil are projected to rise 4% year-on-year in 2025 thanks to stronger mining activity and infrastructure improvements.

Higher volumes to China are expected to replace shipments from Australia, Peru, and India.

Meanwhile, Australian exports remain steady but face weather-related risks later in the year, while India has kept export volumes constrained by domestic demand.

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Palm oil gains in early Asian trade on solid sentiment, supported by robust demand expectations, AmInvestment Bank says in a note. Demand is likely to strengthen with India's coming festival season adding further buying interest, it says. August output was also only slightly higher. AmInvestment Bank expects CPO futures to find support at 4,475 ringgit a ton and face resistance at 4,561 ringgit a ton. The Bursa Malaysia Derivatives contract for October delivery is 47 ringgit higher at 4,507 ringgit a ton. (yingxian.wong@wsj.com)

Silver held firm above $38 per ounce on Friday after two consecutive sessions of gains, as investors awaited Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium for signals on the interest rate outlook.

Markets remain cautious that Powell could push back against expectations for a near-term rate cut.

Futures currently imply about a 75% probability of a 25 basis point cut in September, down from more than 90% a week earlier.

Kansas City Fed President Jeffrey Schmid argued that “modestly restrictive” monetary policy is still appropriate given inflation risks, while Cleveland Fed President Beth Hammack reiterated her opposition to cutting rates at this stage.

Silver has also shown resilience in recent sessions, diverging from gold by holding firm despite weakness in the yellow metal and strength in the US dollar.