Central Banks Accelerated Gold Buying in Third Quarter — Commodities Roundup

MARKET MOVEMENTS:

--Brent crude is down 1.15% to $103.58 a barrel.

--European benchmark gas drops 4.6% to 90.50 euros a megawatt-hour.

--Copper futures are down 2.1% at $14,043.50 a metric ton.

--Gold futures are down 0.7% to $3,940.30 a troy ounce.

TOP STORY:

Central Banks Accelerated Gold Buying in Third Quarter

Central banks stepped up gold buying in the third quarter to its fastest pace since late 2024, as geopolitical risks and concerns over fiscal discipline bolstered institutional demand for the precious metal.

The institutions added a net 321 metric tons to their reserves in the period, driven by portfolio diversification and risk management, according to the World Gold Council, an industry body representing gold miners. Despite a subdued start to 2026, year-to-date purchases are now 6% higher than last year's.

OTHER STORIES:

Iran War Threatens Record Annual Drop in Global LNG Supply, IEA Says

Gas markets are facing a major squeeze, with liquefied-natural-gas output set for its steepest annual decline on record as the Iran war chokes off supplies and intensifies competition among importers, the International Energy Agency said.

Global LNG supply is forecast to fall by 3% this year, or nearly 20 billion cubic meters, as disruptions to shipping in the Strait of Hormuz-which used to carry around 20% of the world's LNG flows-and Iranian attacks on key regional infrastructure sharply curtailed exports from Qatar and the United Arab Emirates.

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U.S. Strikes Iran's Qeshm Island as Trump Talks Down War Risks

The U.S. attacked Iran's Qeshm Island on Monday, U.S. officials said, in the latest of a series of limited strikes Washington has secretly carried out against the country in recent weeks as President Trump touted the possibility of a diplomatic deal.

The assault follows comments by Trump playing down the possibility of a return to war with Iran after Tuesday's midterm elections.

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Oil Prices Rebound as U.S. Strikes on Iran Renew Supply Concerns

Oil prices rose Tuesday, recovering some of the previous session's steep losses as investors weighed fresh U.S. strikes on Iran against continuing diplomatic efforts to end the conflict.

Brent crude futures for January delivery increased 1.8% to $106.63 a barrel, while U.S. West Texas Intermediate futures for January delivery climbed 2.4% to $97.08 a barrel.

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Yum 3Q Revenue Rises Despite Taco Bell Cyclospora Outbreak Fallout

Yum! Brands reported higher third-quarter revenue, even as Taco Bell same-store sales dropped following a parasitic outbreak over the summer that was linked to lettuce served at its restaurants.

Total revenue rose 4% to $2.05 billion in the latest period, in line with analyst estimates, according to FactSet.

MARKET TALKS:

Southern Hemisphere Crops, Black Sea Developments Key to Wheat -- Market Talk

1002 ET - The contrast between geopolitical uncertainty and weaker wheat prices highlights the need to distinguish potential supply risks from immediate market tightness, analysts at Rabobank say. They note that the Rosario exchange recently raised its estimate for Argentina's wheat crop, while the Australian harvest is gathering pace. Harvest progress in the Southern Hemisphere and Black Sea developments will shape wheat prices, they say. "U.S. export demand will depend partly on the delivered-price competitiveness of U.S. wheat relative to competing origins." Wheat is down 1.5% on CBOT at $5.97 1/2 a bushel.(anthony.harrup@wsj.com)

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Mexico Keeps Up Demand for U.S. Corn -- Market Talk

0938 ET - Private exporters reported another large corn sale to Mexico for the 2026/27 marketing year, the USDA says. The 315,000 metric tons destined for south of the border follows a 1.73 million ton sale announced yesterday, including 1.14 million tons for the current marketing year and the rest for 2027/28. Yesterday's sale was one of the largest for a single day on record for U.S. corn, "providing a welcome boost to demand following a sluggish start to the 2026/27 marketing year," Joe Davis of Futures International says in a note. Today's flash sales include 136,000 tons of corn for South Korea and 134,000 tons of soybeans to unknown destinations, both for 2026/27. CBOT corn is off 0.9%, soybeans slip 0.2% and wheat is 1% lower. (anthony.harrup@wsj.com)

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Shoppers Are Trading Down to Cheaper Coffee Options -- Market Talk

0922 ET - Inflation-weary consumers are looking to save money on their morning brew. Keurig Dr Pepper says its U.S. coffee business is navigating a challenging environment and recovering slower than anticipated, as shoppers more often trade down to lower-cost coffee products. "If you think about it, there have been multiple years of inflation-driven price increases on coffee, and we are seeing heightened value sensitivity in at-home coffee, particularly among the low- and middle-income consumers," CEO Tim Cofer says on a call with analysts. The result: shoppers are gravitating towards ground coffee beans and instant coffee, rather than splurging on single-serve K cups. "In addition, we did see private-label penetration increasing," Cofer adds. Keurig Dr Pepper is off 3.6% premarket. (connor.hart@wsj.com)

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U.S. Natural Gas Futures Pick Up in Early Trading -- Market Talk

0916 ET - U.S. natural gas futures gain in early trade, with production readings off some and a slightly colder near-term weather outlook. It's no surprise that European models added some heating degree days overnight "since there was little room for the data to be any warmer," NatGasWeather.com says in a note. "The longer it takes for blue weather maps to show up in the weather models, the more impatient the natural gas markets could get." Nymex natural gas is up 2.1% at $2.915/mmBtu. (anthony.harrup@wsj.com)

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Oil Futures Resume Decline on Hopes for Diplomacy -- Market Talk

0908 ET - Oil futures give up early gains and resume yesterday's retreat on optimism about diplomatic efforts toward an agreement between the U.S. and Iran. "The market appears to have downplayed the importance of U.S. strikes on Iranian targets on Qeshm Island, as they seemed non-escalatory at a time when the market is already pricing in high risks of escalation," Samer Hasn of XS.com says in a note. Hasn sees "nothing to justify this level of optimism about negotiations between the U.S. and Iran, which could keep downward moves in oil prices unsustainable." WTI is down 2.3% at $94.21 a barrel and Brent falls 3% to $101.64 a barrel. (anthony.harrup@wsj.com)

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Palm Oil Falls, Weighed by Competitive Pressure, Weaker Crude -- Market Talk

1010 GMT - Palm oil futures closed lower, with the Bursa Malaysia Derivatives contract for January delivery dropping 97 ringgit to 4,552 ringgit a metric ton. Declining Indonesian export costs are likely intensifying competitive pressure, while weaker crude oil prices weighed on the broader edible oils complex, said Kenanga Futures analysts in a note. Concerns over rising inventories and strong production levels could have also overshadowed robust export demand, they added. The lack of clarity around a potential Malaysian export tax waiver may be further pressuring market sentiment. (megan.cheah@wsj.com)

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European TTF Gas Rebounds After Monday's Drop -- Market Talk

0916 GMT - European natural-gas prices rebound after settling more than 8% lower in the previous session. In early trading, the benchmark Dutch TTF contract rises 3.6% to 98.25 euros a megawatt-hour as investors weigh fresh U.S. strikes on Iran against diplomatic efforts to end the conflict. "For the gas market, de-escalation is crucial, as LNG flows from the region haven't recovered as much as on the oil side," analysts at ING say. "This leaves the market vulnerable as it heads deeper into the European heating season." (giulia.petroni@wsj.com)

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Gold Futures Slide as Higher Oil Prices Fuel Rate-Hike Concerns -- Market Talk

0911 GMT - Gold falls more than 1.5% as a rebound in oil prices fuels expectations of higher interest rates, while investors await the outcome of the U.S. midterm elections. In midmorning European trading, New York futures are down 1.6% to $3,906.20 a troy ounce. Investors now await Friday's payrolls report, as the strength of employment and wage growth will shape monetary policy expectations, analysts at Sucden Financial say. According to the CME's FedWatch tool, traders are pricing in a 75% chance of a Federal Reserve rate hike in December, weighing on the precious metal's outlook. Meanwhile, silver futures slide 4.2% to $48.72 an ounce and platinum is down 2.5% to $1,417.70 an ounce. (giulia.petroni@wsj.com)

Write to Barcelona Editors at barcelonaeditors@dowjones.com

(END) Dow Jones Newswires

November 03, 2026 11:07 ET (16:07 GMT)

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