CME to Reopen Futures, Options Trading After Halt -2-

CME Outage Considered Unlikely to Impact Near-Term Price Direction -- Market Talk

1054 GMT - The CME outage isn't expected to have any material impact on price direction in the near term, Dave Whitcomb from Peak Trading Research says. "Commodity traders have become pretty adaptive, especially after spending weeks flying blind during the U.S. government data outages," the head of research says. "And with today's thin Black Friday liquidity, this feels more like an inconvenience than a market event." (giulia.petroni@wsj.com)

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CME Outage Sparks Volatility Concerns, But U.S. Holiday Helps Mitigate Risks -- Market Talk

1037 GMT - The CME exchange outage poses a significant risk of large price swings, but reduced market activity over the U.S. holiday weekend lowers the likelihood of major shifts, Commerzbank's Thu Lan Nguyen says. "The outage has particular relevance for liquidity in U.S. trading as CME's dominance is the biggest in the U.S. market, which means that risks for larger price swings increase significantly," the head of commodity research says. "However, with the long weekend following Thanksgiving, the risks in turn for any market moving events are relatively low, so I guess this mitigates the outage implications." (giulia.petroni@wsj.com)

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CME Outage Hit During Quiet Market Period, But Restart Could Spark Price Spikes -- Market Talk

0950 GMT - The CME outage has occurred at a quiet time for markets, but the restart could trigger price spikes due to low liquidity, says Ole Hansen from Saxo Bank. "Apart from frustration over the lack of price discovery, the outage has luckily occurred on a quiet day in markets with many U.S. traders having a long Thanksgiving break," the head of commodity strategy says. "The restart, however, will be interesting as thin order books for the mentioned reason may cause some unwanted and unwarranted volatility spikes." A thin order book indicates a lack of liquidity, meaning there are few buy and sell orders at various price levels. A prolonged disruption would cause more issues, particularly as the end of the month approaches, with many investment products relying on settlement prices, Hansen says. (giulia.petroni@wsj.com)

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Base Metals Set for Weekly Gains, but Chinese Demand Concerns Cloud Outlook -- Market Talk

0938 GMT - Base-metal prices are on track for weekly gains of more than 1%, but concerns over China's property sector are weighing on demand expectations. Copper futures on the London Metal Exchange rise 0.4% to $10,976 a metric ton, while aluminum is up 0.3% to $2,840 a ton. Renewed expectations that the Federal Reserve will cut interest rates in December are providing underlying support to prices, as a lower-rate environment typically boosts demand. However, China Vanke's proposal to delay repayment on a local bond triggered a selloff in shares of Chinese property developers, further raising concerns over the country's property slump and its impact on demand. "With U.S. markets closed for Thanksgiving, trading volumes were subdued and global markets shifted into a holding pattern ahead of next week's data flow," analysts at Sucden Financial say. (giulia.petroni@wsj.com)(giulia.petroni@wsj.com)

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European Gas Prices Poised for Weekly Loss With Ukraine Peace Talks In Focus -- Market Talk

0905 GMT - European natural-gas prices rise, but are still on track for a weekly loss of more than 2% as investors closely monitor geopolitical developments in Eastern Europe and storage withdrawals. "Hopes for a Russia-Ukraine peace deal and a broader risk-on move in markets are keeping crude oil prices fairly rangebound," ING analysts say. Meanwhile, "despite lower-than-average storage levels for this time of year, investment funds remain increasingly bearish." According to industry group Gas Infrastructure Europe, EU storage levels are now 77% full amid colder-than-usual weather, but milder temperatures are expected in early December. (giulia.petroni@wsj.com)

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Gold Futures Disrupted by CME Outage But Rate-Cut Hopes Boost Sentiment -- Market Talk

0852 GMT - An outage at exchange operator CME halted gold futures trading, with prices frozen at $4,221.30 a troy ounce. "Trading could be more volatile than usual today, as U.S. markets open for a half day and liquidity is likely to be thin," Kathleen Brooks from XTB says. "Added to this, a disruption on the CME trading exchange, could also affect trading across FX, stocks, commodities and some bonds." Gold futures climbed above the $4,200 mark and were on track for a weekly gain of 3.5%, buoyed by expectations that the Federal Reserve will lower interest rates further this year. According to the FedWatch tool, traders are now pricing in a nearly 85% chance of a December cut after dovish comments from policymakers earlier this week. (giulia.petroni@wsj.com)

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Brent Crude Rises With Focus on Ukraine, WTI Disrupted

0849 GMT - Brent crude rises as traders await OPEC+'s meeting on Sunday and developments on peace talks to end the war in Ukraine, while WTI futures are frozen due to a system outage at exchange operator CME. The international oil benchmark, which trades on the Intercontinental Exchange, rises 0.4% to $63.11 a barrel in early trading and is on track for a weekly gain of 1%. OPEC+ members are expected to keep their policy steady after they decided to pause output increases for early 2026, as market concerns over a widening supply surplus continue to weigh on sentiment. Meanwhile, investors are keeping a close eye on negotiations between Russia and Ukraine as a peace deal raises the prospect of easing U.S. sanctions, which could unleash additional Russian barrels on the market. (giulia.petroni@wsj.com)

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Palm Oil Rises on Stronger Soybean Oil -- Market Talk

0301 GMT - Palm oil prices rise in early Asian trading, tracking stronger soybean oil overnight on the Chicago Board of Trade. Festival-driven buying may support prices on any dips, with demand ahead of the Lunar New Year and Ramadan in early 2026 likely providing an uplift, AmInvestment Bank says in a note. Caution persists, however, as rising production and stockpiles in major producers Indonesia and Malaysia could cap the upside, it says. Still, most negative factors are already priced in. AmInvestment Bank adds that a sustained bullish reversal in palm oil seems unlikely unless the ringgit's recent strength eases. It sees support for crude palm oil futures at 4,012 ringgit a ton and resistance at 4,169 ringgit a ton. The Bursa Malaysia Derivatives contract for February delivery is 20 ringgit higher at 4,110 ringgit a ton. (yingxian.wong@wsj.com)

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Iron Ore Falls on Concerns Over Property Sector, Supply -- Market Talk

0249 GMT - Iron ore prices fall in early Asian trade. Concerns about China's property sector are likely weighing on prices, as the sector has been a key source of demand for iron ore despite strong growth in other industries over the years, the ANZ Research team writes in a note. Sentiment was also weighed by data from the China Iron and Steel Association, which reported that inventory levels at major Chinese steel mills are rising, they add. The most-traded iron ore contract on the Dalian Commodity Exchange fell 0.3% to 793.0 yuan a ton. (kimberley.kao@wsj.com)

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(END) Dow Jones Newswires

November 28, 2025 11:12 ET (16:12 GMT)