Adnoc Launches New Natural Gas, Chemicals -2-

0907 GMT - Gold futures rise as the U.S. dollar slips back. Futures rise 1.2% to $2,678.90 a troy ounce, and are broadly flat on week. The greenback eased as investors priced out a part of geopolitical risk, though appetite for gold remained intact, says Swissquote Bank's Ipek Ozkardeskaya. A strong greenback typically dampens the safe-haven appeal of gold. Easing geopolitical risks and the dollar's fall reflect a 60-day ceasefire between Israel and Lebanon, expected to take effect on Wednesday and ending more than a year of fighting. At the same time, the probability of a 25 basis point interest rate cut from the U.S. Federal Reserve rose to 65% after Tuesday's release of the Fed meeting minutes, Ozkardeskaya says in a note. A cut to rates would be a further boon for non-interest bearing bullion. ([e-mail])

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Oil Inches Higher as Market Assesses Israel-Hezbollah Cease-Fire Deal -- Market Talk

0858 GMT - Oil prices edge higher in early European trade after Israel and Hezbollah reached a cease-fire deal and as markets await OPEC+'s next policy move. Brent crude and WTI are up 0.4% at $72.58 and $69.05 a barrel, respectively. The agreement is expected to go into effect on Wednesday, ending more than a year of fighting across the Israeli-Lebanese border. "The focus now shifts to the implementation of the current agreement and how it affects ongoing fighting in the Gaza Strip or the Israel-Iran conflict," ING analysts say. Meanwhile, OPEC+ is expected to further delay its plans to increase output at its next meeting on Sunday. "Crude oil prices continue to face stiff resistance around $75/bbl due to demand concerns," ING says. "Any premature production hike from the group could push the market into deeper oversupply." ([e-mail])

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Anglo American's Platinum Unit Stake Sale a Positive Step Toward Spinoff -- Market Talk

0815 GMT - Anglo American's sell-down of shares in Anglo American Platinum is a small incremental positive toward its investment case, RBC Capital Markets analyst Marina Calero writes in a research note. The share disposal moves the London-listed mining giant closer to the complete merger of the unit by the middle of next year, she writes. The company is also planning to offload its diamond business next year. "An expected recovery in platinum-group metals and diamond prices could also help boost sentiment while a renewed approach from BHP cannot be ruled out, with the end-November deadline soon approaching," Calero says. Shares are up 1.7% at 24.13 pounds. ([e-mail])

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Iron Ore Edges Lower; Steel Production Likely to Support Prices -- Market Talk

0220 GMT - Iron ore edges lower in the Asia morning session, but may be supported by signs of China's steel production recovery as iron ore is used to produce steel. For first 20 days of November, China produced more steel compared with same period last year and the daily level of production is nearly unchanged compared with October, Commerzbank Research analysts say in a research report. The stabilization in Chinese steel production appears to be supporting iron ore prices, the analysts add. The most-traded iron-ore contract on the Dalian Commodity Exchange is 0.1% lower at CNY783.0 a ton. ([e-mail])

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BHP-led Escondida Copper Mine Working Hard to Stand Still, Says Citi -- Market Talk

0122 GMT - A visit to the BHP-led Escondida copper mine in Chile has underscored the challenges the miner--and the broader copper industry--faces in sustaining output of the industrial metal as ore grades decline and costs rise, Citi analyst Paul McTaggart says in a note. Plans to expand the Laguna Seca concentrator, replace the ageing Los Colorados facility and explore leaching technologies will be key to maintaining production levels, says McTaggart. "These initiatives highlight not only the operational challenges at Escondida but also the broader implications for rising capital intensity across the [copper] industry as grades deteriorate globally," he says. Citi has a buy rating and A$46.00 target on BHP. The stock is down 0.1% at A$39.84. ([e-mail]; @RhiannonHoyle)

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(END) Dow Jones Newswires

11-27-24 0953ET