TotalEnergies to Form Flexible Power JV With -2-

0426 GMT - China's campaign to curb overcapacity in the solar sector is likely to succeed, supported by strong alignment among major producers and supportive policy signals, Nomura analysts say in a note. They expect a meaningful amount of polysilicon capacity to leave the market, which should improve supply-demand balance. Polysilicon output is expected to fall in November due to lower utilization in Southwestern China, while wafer production should contract after cuts by two leading manufacturers. Solar cell and module productions are also projected to decline. Short-term headwinds might persist, with high inventories and seasonal demand weakness in downstream segments potentially weighing on prices, the analysts say. In the medium term, improved industry discipline is expected to support higher utilization, price recovery, and stronger profitability for polysilicon firms, they add. (jason.chau@wsj.com)

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Australian Lithium Investors Seen Taking Profits, Buying Dip if CATL Mine Restarts -- Market Talk

0350 GMT - Australian lithium miners are outpacing metal-price gains and could swing lower if a restart of CATL's Jianxiawo mine is announced, Macquarie analysts say in a note. A restart of that big operation "may shock the futures market [and] weigh on equities, presenting a profit-taking opportunity," the analysts say. That said, the analysts are constructive on the lithium market in the medium term, citing a widening imbalance between supply and demand. As such, they reckon a drop in stock prices could also "present a 'buy-the-dip' opportunity." They reiterate an outperform rating on IGO, Elevra Lithium and PMET Resources. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Iron Ore Rises Amid Tightening Port Inventories, Growing Steel Demand -- Market Talk

0242 GMT - Iron ore rises amid rising steel prices and tightening port inventories. Total iron ore inventories across 35 major ports fell by 132 million metric tons, ANZ Research analysts say in a note. Steel demand growth is accelerating in China's nonproperty sectors, which now account for more than 72% of total steel demand. Nonproperty demand is forecast to grow nearly 2% this year, ANZ says. China's property market also appears to have stabilized, though meaningful growth in steel and iron ore demand is unlikely until new construction activity improves, ANZ adds. The most-traded iron ore contract on the Dalian Commodity Exchange is 0.9% higher at 781.5 yuan a ton. (jason.chau@wsj.com)

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Rio Tinto to Get Less Than Half of Earnings From Iron Ore Next Year -- Market Talk

0128 GMT - Rio Tinto is likely to get 48% of its Ebitda from iron ore in 2026, down from 81% in 2023, Citi analyst Ephrem Ravi estimates. The miner is diversifying its earnings even as its Simandou iron-ore project in Guinea ramps up, helped by growth in its copper division. The shift also reflects forecast moves in prices, including a soft outlook for iron ore, Ravi says. He reckons Rio's copper business is "on track for solid growth," tipping increases of 7% in 2026 and 5% in 2027. Investors should get a clearer picture of the miner's growth plans when it holds an investor briefing on Dec. 4, Ravi says. Citi has a neutral rating on Rio Tinto. The stock is up 1.5% in Sydney at A$133.78. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Base Metals Fall; Weak China Data, Supply Resumption Weigh -- Market Talk

0121 GMT - Base metals fall in Asian trading. The three-month copper contract on the LME retreats 0.3% to $10,824.50 a ton, nickel declines 0.4% and zinc slips 0.2%. Reports of progress on trade deals have failed to boost sentiment across the complex, ANZ Research analysts say in a note. The metals appear to be under pressure from Friday's weak economic data from China, including industrial production posting its smallest gain since the start of the year. Easing concerns of supply disruptions also weigh on sentiment in the copper market, ANZ says. Freeport-McMoRan says it has resumed some activities at the Grasberg copper mine in Indonesia after the operation was idled in September, ANZ adds. (megan.cheah@wsj.com)

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BHP Potential U.K. Court Case Impact Long Dated, Capped -- Market Talk

0012 GMT - While London's High Court has found BHP liable for the 2015 Samarco dam collapse, any "cash impact remains long dated and capped," RBC Capital Markets analyst Kaan Peker says in a note. "The ruling does not introduce a new liability, it simply affirms it," Peker says. He views the court's decision as neutral for BHP. Any impact on cash flow is unlikely until roughly 2030 and is "already significantly provisioned," or contained, he says. He points to a US$32 billion settlement signed last year between BHP, joint-venture partner Vale and Brazilian authorities. "The October 2024 Brazil Agreement remains valid and binding, and duplicate claims cannot be paid twice," Peker says. RBC has a sector perform rating and A$44.00 target on BHP. The stock is down 1.3% at A$42.20. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Corrections & Amplifications

This article was corrected on November 18, 2025 to clarify that the Business of Fashion is a media publication, not a market researcher. An earlier article mislabeled the company.

(END) Dow Jones Newswires

November 17, 2025 09:03 ET (14:03 GMT)