U.S. Natural Gas Futures Tread Water — Market Talk

Copper futures climbed toward $5.40 per pound on Monday, rebounding sharply after last week’s pullback as short covering and position rollovers ahead of contract expiry overshadowed weak Chinese data.

Recent figures still point to soft underlying demand in China, with industrial output slowing, retail sales underwhelming and new home prices extending their multi-year decline, while renewed stress around developer Vanke has kept property-sector risks firmly in focus.

Even so, prices remain near multi-month high territory, underpinned by tight physical conditions, low visible inventories in London, and constrained global supply, with a large share of LME stocks earmarked for delivery and material continuing to flow into the US to capture arbitrage opportunities.

USDA Monday released the following export highlights in its Export Sales report for week ended November 20.

Source: USDA

                           SUMMARY OF EXPORT TRANSACTIONS 
                     REPORTED UNDER THE DAILY SALES REPORTING SYSTEM 
                         FOR PERIOD ENDING NOVEMBER 20, 2025 
 
Highlights for week ending November 20, 2025 are excluded due to the lapse 
in federal funding. 
 
 
COMMODITY     DESTINATION           QUANITY (MT)          MARKETING YEAR 
SOYBEANS      CHINA                1,707,000 MT 1/           2025/2026 
WHITE WHEAT   CHINA                  132,000 MT 1/           2025/2026 
 
1/ Export sales. 
 
Write to Linda Rice at csstat@dowjones.com 
 

Palladium increased 5.02% to 1589 USD/t.oz

Gold's direction this week will largely depend on U.S. bond yields and the dollar, according to Fawad Razaqzada from Forex.com. "Any further weakness in bonds, or strength in yields, could pressure low-and zero-yielding assets like gold," he says. Meanwhile, "if the USD were to bounce back this week, which is a busy one for data and Fed speak, then gold could lose some shine." The U.S. dollar came under pressure last week as the Federal Reserve left the door open to further rate cuts next year. All eyes are now on November's nonfarm payrolls report due Tuesday and consumer price data on Thursday. The market will also monitor New York Fed President John Williams' speech later on Monday and Governor Christopher Waller's remarks on Wednesday. (giulia.petroni@wsj.com)

Orange Juice increased to 168.50 USd/Lbs, the highest since November 2025.

Over the past 4 weeks, Orange Juice lost 1.54%, and in the last 12 months, it decreased 68.19%.

Gold prices rise as investors weigh expectations of looser U.S. monetary policy next year and persistent geopolitical risks. "The metal benefited from expectations of additional interest rate cuts in 2026 following the Federal Reserve's recent rate reduction and a less hawkish tone than expected from Fed Chair Jerome Powell," says Christopher Tahir from Exness. Meanwhile, uncertainty surrounding peace talks in Eastern Europe, along with tensions in the Middle East and Latin America, have further reinforced gold's appeal as a safe haven. Demand has also been bolstered by steady inflows into gold-backed exchange-traded funds and continued buying by central banks, as well as concerns about the Fed's future independence, Tahir says. Futures in New York rise 1.2% to $4,378.80 a troy ounce, bringing gains for the year to more than 65%. (giulia.petroni@wsj.com)