TotalEnergies Says Mozambique LNG Partners Will -2-

0253 GMT - Palm oil climbs in early Asian trade, supported by potential bargain hunting after a recent decline and amid overnight strength in rival vegetable oils, say Kenanga Futures analysts. However, this upside could be limited by seasonal demand and concerns over supply disruptions in Indonesia, they add. The analysts peg support and resistance for the February futures contract at 4,055 ringgit and 4,160 ringgit, respectively. The Bursa Malaysia Derivatives contract for February delivery trades 12 ringgit higher at 4,106 ringgit a ton.(megan.cheah@wsj.com)

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BlueScope's New Zealand Market Headwinds Unlikely to Improve Just Yet -- Market Talk

0250 GMT - BlueScope Steel is unlikely to enjoy a recovery in New Zealand market conditions until FY 2027, say UBS analysts Will Wilson and Nathan Reilly. "Conditions are not getting worse, but also not any better and with an election expected in 2026, we do not expect any underlying demand improvement until FY27," the analysts say in a note. That said, a shift to electric arc furnace production sets BlueScope's business there "up for sustained success," say Wilson and Reilly. BlueScope has been losing money in New Zealand and the new EAF model will give it better flexibility to reduce production in line with demand, they say. UBS reiterates a buy rating and raises its target on BlueScope to A$27.50 from A$26.50. The stock is down 0.9% at A$24.13. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

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Iron Ore Prices Rise as Fundamentals Improve -- Market Talk

0211 GMT - Iron ore prices are higher in early Asia trade, supported by improving fundamentals. Supply and demand are getting better, Guangfa Futures analysts write in a note, adding that the market expects stronger demand to raise inventories. That said, some analysts remain neutral on the black metal, with Guotai Junan Futures analysts saying current market valuations are slightly high. The most actively traded January iron ore contract on the Dalian Commodity Exchange is 0.9% higher at CNY803.5 a ton.(jiahui.huang@wsj.com; @ivy_jiahuihuang)

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Base Metals Decline; Fresh Catalysts Likely Needed -- Market Talk

0149 GMT - Base metals fall in the Asian session. The three-month copper contract on the LME drops 1.1% to $11,130.50 a ton, aluminum declines 0.45% and zinc is 0.6% lower. The base metals complex likely needs fresh catalysts to boost prices above resistance levels, say Sucden Financial analysts in a note. These may include additional supply disruptions, or stronger macro signals such as U.S. dollar weakness. Without these catalysts, the market could consolidate, but price risk remains skewed to the upside thanks to tight spreads, they add. (megan.cheah@wsj.com)

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(END) Dow Jones Newswires

December 02, 2025 11:24 ET (16:24 GMT)