The latest Market Talks covering Commodities. Published exclusively on Dow Jones Newswires throughout the day.

0400 GMT - The cost environment for miners "has shifted materially" as a result of the conflict in the Middle East, BHP says in its FY results. Higher energy prices have raised inflation across key regions, it says. In Australia, that's added to already elevated domestic inflation, says the miner. For Chile and Canada, it is reigniting pressure after inflation had started to ease back towards central-bank targets, it says. BHP notes that disruption to trade flows through the Strait of Hormuz has also put "significant upward pressure" on sulfuric acid, diesel and ammonia markets. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0351 GMT - Beijing is expected to reaccelerate fiscal support in 2H, helping to keep economic growth in China broadly consistent with the official 4.5%-5% target range for 2026, according to BHP, the world's No. 1 miner. China's economic momentum has slowed recently, weighed down by muted consumer spending and slumping investment. "While growth remains uneven across sectors, with domestic demand softer and the property sector continuing to act as a drag, exports have continued to perform strongly, helping to sustain industrial activity and demand for imported raw materials," BHP says. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0258 GMT - Palm oil rises in early Asian trading, driven by overnight gains in soybean oil on the Chicago Board of Trade, says David Ng, a trader at Kuala Lumpur-based Iceberg X. Higher palm olein prices on the Dalian Commodity Exchange also seen supporting palm oil prices, he says. However, recent weakness in exports could weigh on prices, he adds. Ng expects prices to be supported at 4,750 ringgit a ton with resistance at 4,850 ringgit a ton. The Bursa Malaysia Derivatives contract for November delivery is up 7 ringgit at 4,828 ringgit a ton.(yingxian.wong@wsj.com)

0228 GMT - Iron ore is trading steadily in early Asian trading. Oversupply pressures are likely to intensify due to rising supplies from Australia and Brazil as well as new sources, ANZ Research analysts say in a note. That would keep a lid on iron-ore price gains, they add. The most-traded iron-ore futures contract on the Dalian Commodity Exchange is flat at 708.0 yuan a metric ton. (amanda.lee@wsj.com)

0216 GMT - BHP's consensus-beating annual results top off what was a very good year for the world's No. 1 miner, says Jefferies. The growth in BHP's copper earnings--to account for 54% of annual underlying Ebitda--partially justifies a rerating of BHP's equity valuation over the past year, it says. "This is an excellent set of results for BHP," the bank says. While Jefferies thinks BHP's shares could gain further in the coming six months or so, it does expect company-specific tailwinds to subside. Volumes in Chile are now expected to decline, it says, adding that the increase in Ebitda from FY 2025 to FY 2026 was almost entirely due to the impact of higher prices. Jefferies reiterates a hold rating. It has a A$65.00 target on the stock. Shares are up 3.0% at A$64.09. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

0157 GMT - Base metals decline in Asian trade. Weaker-than-expected economic data in China is likely weighing on sentiment across the base metals sector, say ANZ Research analysts in a note. They cite a decline in fixed asset investment and soft domestic consumption. The data follows signs of softening domestic demand, they say. Recent copper premiums on imports to China have fallen, suggesting that buyers are balking at higher prices, ANZ adds. The three-month copper contract on the London Metal Exchange is down 0.3% at $14,120.00 a metric ton. Aluminum slips 0.4%, nickel falls 0.1% and zinc is down 0.6%. (megan.cheah@wsj.com)

0100 GMT - Gold rises in early Asian trade. Easing expectations of Federal Reserve rate hikes are likely placing downward pressure on the dollar, say ANZ Research analysts, who cite a trade-weighted gauge of the currency hitting its lowest level since May. This makes dollar-denominated gold cheaper for many buyers and has likely triggered renewed investment demand. Strong central-bank gold-buying is also supporting the precious metal, they note. Spot gold is up 0.2% at $4,429.15 an ounce. (megan.cheah@wsj.com)

0047 GMT - A2 Milk's first-time guidance for FY27 missed market expectations, and Forsyth Barr expects meaningful downgrades to consensus Ebitda forecasts. This comes despite A2 Milk typically being conservative with its guidance. "The weaker-than-anticipated outlook reflects a more challenging backdrop for infant formula growth," analyst Will Twiss says. A2 Milk experienced severe China label market share losses in 4Q as a result of limited supply. It also lost some momentum for English label infant milk formula following its product recall in the U.S. "Outside of China infant formula, the result was encouraging," Forsyth Barr says. It retains a neutral call on A2 Milk, and cuts its price target by 5.1% to 9.05 New Zealand dollars a share. A2 Milk is up 4.5% at NZ$8.11. (david.winning@wsj.com; @dwinningWSJ)

0009 GMT - BHP's FY 2026 dividend beat and in-line FY 2027 guidance should be reasonably well received by the market, says RBC Capital Markets analyst James Redfern. BHP's annual payout of US$1.72 a share is its highest in four years and above Visible Alpha consensus of US$1.54 a share. "Along with the dividend, a key focus is new FY27 guidance for unit costs and capex," says Redfern. While forecast unit costs at Western Australia Iron Ore are 2% higher than consensus, projected costs at Escondida are 4% below consensus, he says. RBC has a sector perform rating and A$57.00 target on BHP shares. The stock is up 2.9% early in Sydney at A$63.97. (rhiannon.hoyle@wsj.com; @RhiannonHoyle)

1930 GMT - Most-active live cattle futures on the CME close down 0.1% to $2.1865 a pound, bringing the contract down to its lowest level since early December. It comes while cases of New World screwworm, while slowed, continue to grow. The USDA's Animal and Plant Health Inspection Service reported a new case today, bringing the total reported since June to 46 -- although only 4 of those are considered active. The latest case was found in sheep in Val Verde County, Texas. Lean hog futures finish virtually unchanged at 72.5 cents a pound. (kirk.maltais@wsj.com)

1922 GMT - U.S. natural gas futures lose ground with high production and comfortable storage levels weighing against strong weather-driven demand and recovering LNG feedgas flows. "Lingering heat across Texas and the Southeast should support cooling demand through the remainder of August, while LNG exports are positioned to rise as maintenance concludes and new capacity ramps," Andy Huenefeld of Pinebrook Energy Advisors says in a note. But with production increasing as the shoulder-season approaches, "competing forces continue to favor a broadly balanced market rather than a sustained move in either direction," he adds. Nymex natural gas settles down 1.6% at $2.690/mmBtu. (anthony.harrup@wsj.com)

1902 GMT - Oil futures settle higher as the U.S. and Iran vie for control over the Strait of Hormuz and President Trump says he's in no hurry to resolve the conflict. Gains accelerated after Iranian state media said an Emirati oil tanker was seized in the strait. "The Iranian route is one of the conditions, and payment for services and Iran's permit are other conditions that oil tankers must observe," the Fars news agency said.The U.S. continues its blockade of Iranian ports,with Centcom saying that to date U.S. forces have "redirected 64 commercial vessels, disabled 3, and boarded 2 to ensure compliance." WTI settles up2.5% at $84.50 a barrel and Brent rises 2.7% to $90.87 a barrel.