IEA Forecasts Smaller Oil Surplus as OPEC+ Output -2-

0846 GMT - Gold prices rise after the Federal Reserve delivered a widely expected 25-basis-point interest-rate cut, even though policymakers left markets uncertain about next year's policy path. Futures in New York are up 0.4% to $4,241.90 a troy ounce, while spot gold gains 0.5% to $4.338.77 an ounce. Meanwhile, silver futures climb 2.2% to $62.39 an ounce after hitting a record high of $63.25 earlier. "Both gold and silver are heading for their strongest annual performance since 1979, with gold up more than 60% and silver more than doubling, driven by heavy central-bank demand, rising ETF inflows, and investor shifts away from sovereign bonds and currencies," MUFG's Soojin Kim says. Traders now await next week's delayed U.S. data, with NFP jobs and CPI inflation figures in focus. ([e-mail])

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Malaysia's Oil and Gas Sector Likely to Stay Soft in 2026 -- Market Talk

0414 GMT - Malaysia's oil and gas sector may remain muted in 2026, driven by expectations of a global supply surplus and another year of weak domestic capital expenditure, Maybank IB analyst Jeremie Yap says in a note. He expects Brent crude oil prices to be slightly lower at $65/bbl in 2026, versus $67/bbl this year, reflecting a widening supply glut, with the U.S. Energy Information Administration projecting a surplus of 2.17 million barrels a day next year, compared with an estimated 1.84 million barrels a day in 2025. Locally, spending is likely to stay subdued amid lower oil prices and unresolved issues among domestic oil majors, keeping offshore activity and earnings growth soft, he says. Maybank maintains a neutral rating on Malaysia's oil and gas sector, pegging Dialog as its preferred pick. ([e-mail])

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Iron Ore Rises; Downward Pressure on Prices May Be Capped -- Market Talk

0225 GMT - Iron ore rises in early Asian trade, with the most-traded iron-ore contract on the Dalian Commodity Exchange up 0.2% at 768.5 yuan a ton. Despite state-backed trader China Mineral Resources Group's warning that speculative activity is driving a "false heat" in iron ore, prices have remained above $100/ton, ANZ analysts say in a note. Meanwhile, as supply chain tensions ease, steel mill profits recover and winter restocking demand strengthens, downward pressure on prices may be limited, Nanhua analysts say in commentary. Traders are also awaiting China's central economic work conference, which will influence market expectations, Nanhua adds. ([e-mail])

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Crude Palm Oil Prices Likely to Stay Near MYR4,000/ton Given Lower Output -- Market Talk

0109 GMT - Crude palm oil prices are expected to stay supported near MYR4,000/ton as Malaysia's output is likely to decline on-month until February 2026 due to seasonality, CIMB Securities analysts Ivy Ng Lee Fang and Yue Jia Lim say in a note. They maintain their 2026 average CPO price forecast of MYR4,200/ton. The analysts project Malaysia's palm oil inventories will rise 3% on month to 2.93 million tons in December, as a modest 2% increase in exports is unlikely to offset expected production. The larger stockpile could weigh on near-term prices, with buyers potentially delaying purchases in anticipation of softer levels, they add. CIMB maintains an overweight rating on Malaysia's plantation sector. ([e-mail])

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Malaysia's Palm Oil Inventories May Rise in December -- Market Talk

0101 GMT - Malaysia's palm oil inventories are likely to edge up to about 2.9 million tons in December from 2.84 million tons in November, Maybank analyst Ong Chee Ting says in a note. Early export estimates from cargo surveyor Amspec show shipments in December 1-10 falling 10.3% on month, with full-month exports looking at 1.18 million tons--below the historical average of 1.43 million tons, he notes. High inventories may cap CPO near-term prices, but are likely to be partly offset by expectations of seasonally weaker production and monsoon-related disruptions, he adds. Maybank remains neutral on Southeast Asia's plantation sector and prefers SD Guthrie and Sarawak Oil Palms. ([e-mail])

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(END) Dow Jones Newswires

12-11-25 1006ET