OPEC+ Delays Output Policy Meeting to Dec. 5 -- -2-

0714 GMT - Higher-than-expected real interest rates and a stronger dollar may limit gold's short-term upside, Lombard Odier says in its 2025 outlook report. However, it still sees the precious metal as a valuable asset in 2025. As disinflation and rate cuts continue in major economies, investor demand is expected to pick up, providing support for gold prices, the report notes. Demand from central banks to diversify reserves is also likely to stay strong, Lombard Odier adds. "A dedicated allocation to gold into 2025 therefore plays a useful portfolio diversification role," it says. Spot gold is flat at $2,636.86/oz. ([e-mail])

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Iron Ore Futures Mixed; Steel Production Prospects May Support -- Market Talk

0218 GMT - Iron ore futures are mixed in the Asian morning session. Iron ore futures may be supported by prospects of more steel production from China. Iron ore is used to manufacture steel. There could be a potential pickup in China's steel production due to China's stimulus measures, CBA's Vivek Dhar says in a research report. Also, Chinese steelmakers may seek to boost steel exports ahead of rising global trade tensions when U.S. President-elect Trump takes office on Jan. 20, 2025, the analyst adds. The most-traded January 2025 iron-ore contract on the Dalian Commodity Exchange is steady at CNY786.5 a ton, while the February 2025 contract is 0.2% lower at CNY781.0 a ton. ([e-mail])

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Australian Coking Coal Price May Rise Further Heading Into Year's End -- Market Talk

0110 GMT - The price of Australian premium coking coal could rise closer to $220/metric ton by year's end if China's steel output benefits from stimulus and mills wanting to increase exports ahead of President-elect Donald Trump taking office, says Commonwealth Bank of Australia analyst Vivek Dhar. The steelmaking commodity has edged up from a three-year low of $180/ton in September, helped by Australia's accelerating export growth and subdued global steel output, Dhar says. Australian premium coking coal last traded at $203/ton, according to S&P Global Commodity Insights. ([e-mail]; @RhiannonHoyle)

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Australian Lithium Supply Cuts Do Little to Rein in Market Oversupply -- Market Talk

0018 GMT - Cuts to Australian lithium production now total around 37,700 metric tons of lithium carbonate equivalent, or LCE, according to Morgan Stanley analysts, but that will barely make a dent in the market surplus they are forecasting for this year and next. MS analysts forecast surpluses of 157,000 tons and 334,000 tons of LCE in 2024 and 2025, respectively. Those reduce to 150,000 tons and 296,000 tons when factoring in recent supply announcements, implying more cuts are required, the analysts say. They say they are cautious on lithium's outlook given supply cuts could easily be reversed if prices improve. They say there's also potential for a weaker electric-vehicle outlook if the U.S. introduces tariffs, which would weigh on lithium demand.([e-mail]; @RhiannonHoyle)

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(END) Dow Jones Newswires

11-28-24 0821ET