Orsted's Revolution Wind to File Injunction Against U.S. Construction Halt -- Commodities Roundup

MARKET MOVEMENTS:

--Brent crude oil falls 0.3% to $60.67 a barrel.

--European benchmark gas is up 1.3% to 28.52 euros a megawatt-hour.

--Gold futures are up 1.45% to $4,404.20 a troy ounce.

--LME three-month copper futures are up 0.8% to $12,522.50 a metric ton.

TOP STORY:

Orsted's Revolution Wind to File Injunction Against U.S. Construction Halt

Orsted said its U.S. joint venture would seek an injunction against the Trump administration's lease suspension order, which halted the construction of all U.S. offshore wind projects.

Revolution Wind, a 50-50 venture between the Danish renewable company and Global Infrastructure Partners' Skyborn Renewables, filed a supplemental complaint challenging the order, Orsted said. The complaint, filed in the U.S. District Court for the District of Columbia, would be followed by a motion for a preliminary injunction, it said.

OTHER STORIES:

FTSE 100 Tops 10000 for First Time

The U.K.'s FTSE 100 topped 10000 for the first time on Friday, building on a 2025 rally in which the index rose by the most in 16 years.

Mining and defense stocks helped the index briefly hit five figures, extending a theme from last year, when shares of Fresnillo, Endeavour Mining and Rolls-Royce more than doubled. The FTSE 100 rose almost 22% in 2025, outpacing the Nasdaq composite, the top performer among big U.S. indexes.

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Venezuelan Exiles Root for U.S. Military Action. Those Left Behind Oppose It.

The millions of Venezuelans who have fled the rule of Nicolas Maduro stand largely in solidarity with compatriots who stayed behind-except on the question of U.S. military intervention to change the regime.

Most of the eight million Venezuelans living in exile see American military action as the best shot to bring back democracy in a country they fear they may otherwise never see again, polls show.

MARKET TALKS:

European Gas Climbs as Cold Weather Bites

1148 GMT - European natural-gas prices climb as cold weather intensifies across the continent. Temperatures are below or near-to-below normal and are expected to fall further in some regions over the weekend. Colder weather is expected in western Europe as an Arctic cold pool spreads. The benchmark Dutch TTF contract is up 1.2% at 29.49 euros a megawatt hour. European gas storage levels fall 0.5% on-day to 62.2%, according to industry group Gas Infrastructure Europe. ([e-mail])

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Orsted's Legal Appeal Boosts Odds that U.S. Wind Projects Will Continue

1106 GMT - Orsted's legal appeal against the Trump administration's suspension of its Revolution Wind offshore wind project lease boosts the odds that work on it could proceed even as the dispute continues, Equita analysts write in a note. Revolution Wind and Sunrise Wind--another of the Danish renewable company's U.S. projects subject to the suspension--together are forecast to contribute about 15% of the group's Ebitda from the fourth quarter of 2026, and about 8% of its total enterprise value, the analysts say. Share are up 3.9% at 127.20 kroner. ([e-mail])

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Copper Rally Continues, Spurred by Supply Shocks

1130 GMT - Copper continues its rally into the new year as supply constraints push the red metal higher. Futures on the London Metal Exchange are up 0.8% at $12,522.50. Supply shocks in Indonesia, the Democratic Republic of Congo and Latin America have combined to send prices higher, analysts at SP Angel write. "We suspect the recent copper rally is more reflective of supply/demand fundamentals rather than speculative capital betting on improved global growth in 2026," the analysts add. Copper prices are shy of the $12,960.00 intraday high hit Monday. ([e-mail])

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Palm Oil Ends Lower Amid Weakening Demand

1003 GMT - Palm oil ended lower amid concerns over weakening December exports. Potential supply disruptions from persistent monsoon rains and the upcoming low production season could help limit the downside of palm oil prices, Kenanga Futures says in a research note. Soybean oil's weakness on the Chicago Board of Trade also weighed on palm oil's prices. Kenanga sets the support and resistance level for March futures at 3,975 ringgit and 4,080 ringgit a ton, respectively. The Bursa Malaysia Derivatives contract for March delivery ended 60 ringgit lower at 3,990 ringgit a ton. ([e-mail])

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Silver Could Benefit More From U.S. Interest-Rate Cuts Than Gold

0943 GMT - Silver could benefit more than gold in a potentially declining interest rate environment, says Rania Gule, senior market analyst at trading platform XS.com, in a note. Silver is more sensitive to monetary-policy shifts, Gule says. Silver's high liquidity, ease of trading and relatively lower cost compared with gold makes it an attractive option as a safe-haven asset for both retail and institutional investors, Gule adds. The metal gained nearly 148% in 2025, reflecting its "multidimensional" nature as a safe haven, monetary hedge and critical mineral for the U.S. economy, Gule adds. Dollar-denominated silver is also becoming more attractive to non-U.S. buyers as the greenback loses value, driving global demand, Gule says. Spot silver is 4.05% higher at $74.51/oz. ([e-mail])

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Oil Steady as Supply Glut Offsets Gulf Tensions

0915 GMT - Oil is steady as prices hold around three-month averages. Brent crude is down 0.05% at $60.80 a barrel, while WTI is also down 0.05% at $57.37 a barrel. Escalating tensions between Saudi Arabia and the United Arab Emirates adds to geopolitical risk premium, as the states' respective proxies clash in Yemen. The recent dispute centered around a strike on a Yemeni port that serves as the gateway to the country's oil region. Supply gluts pushed oil to its sharpest annual loss since 2020, with Brent falling 18% in 2025. ([e-mail])

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Silver Rebounds After CME Selling

0900 GMT - Silver claws back losses caused by the CME Group's increased margin requirements at the end of 2025. Changes to the cash levels traders need to support their bets sparked sharp falls in the precious metal on Monday and Wednesday. Heightened tensions between Saudi Arabia and the United Arab Emirates also support silver levels. The slip at the end of 2025 wasn't enough to stop the precious metal recording its largest one-year net gain on record. New York futures are up 4.95% at $74.095 an ounce and have more than doubled over the past year. ([e-mail])

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Gold Opens the Year Up as Geopolitical Risk Persists

0847 GMT - Gold rises as geopolitical tensions continue into the new year. New York futures are up 1.1% at $4,389.50 a troy ounce, partly reversing losses in the last few days of 2025 trading. Tensions between Saudi Arabia and the United Arab Emirates have risen as the states' proxies clash in Yemen, with geopolitical risk supporting the safe-haven asset. The precious metal notched its largest one-year net gain on record in 2025, as Comex gold contracts climbed 64.5%. ([e-mail])

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Palm Oil Falls on Weaker Soybean Oil

0247 GMT - Palm oil prices fall in early Asian trade, weighed by soybean oil's weakness on the Chicago Board of Trade overnight. Recent ringgit strength could also affect Malaysian palm oil export competitiveness, AmInvestment Bank says in a note. However, technical analysis suggests CPO futures are expected to remain neutral to supportive in the near term as the market awaits clearer guidance, it adds. AmInvestment Bank sees support for CPO futures at 3,949 ringgit a ton and resistance at 4,101 ringgit a ton. The Bursa Malaysia Derivatives contract for March delivery is lower by 52 ringgit at 3,998 ringgit a ton. ([e-mail])

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Oil Rises; Prices Could Remain Near Five-Year Low This Year

0129 GMT - Crude oil ticks up in early Asia trade to kick off the new year. For 2026, prices could stay above $50/bbl but remain near a five-year low, Louis Navellier, chief investment officer of Navellier & Associates says in a note. The Wall Street Journal reported a rise of oil stored in oil tankers, which is expected to keep prices soft until demand picks up in the spring, Navellier says. Front-month WTI crude oil futures are up 0.1% at $57.49/bbl while front-month Brent crude futures are 0.1% higher at $60.92/bbl. ([e-mail])

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(END) Dow Jones Newswires

01-02-26 0733ET