OIL: Crude falls on strong dollar after ending flat
TOKYO, Nov 12 (Reuters) - U.S. crude futures edged lower on Friday off a 25-month high hit a day earlier, pressured by a stronger dollar.
The current rally has seen prices break above the $70-$85 range, partly on OPEC's signals that it can tolerate higher oil prices and on a plan by the Federal Reserve to buy $600 billion in U.S. Treasury bonds to help speed economic growth.
COMMODITY MARKETS: Copper off record high as commods retrace gains
NEW YORK/LONDON, Nov 11 (Reuters) - Copper hit a record high on Thursday, tracking this week's historic milestones in gold and tin while oil pulled back after hitting a 25-month high, as the rallying U.S. dollar pressured both markets late.
"You can't stop it, it's a flood," Lars Steffenson, managing director at Ebullio Capital, said of the flow of money into commodities. "China's looking good," he added.
GLOBAL MARKETS: Euro hit by debt worry, tech stocks hit Wall St.
NEW YORK, Nov 11 (Reuters) - The euro fell to a five-week low on Thursday on concerns about Ireland's ability to repay its debt while earnings fears knocked U.S. stocks lower after a technology bellwether Cisco Systems gave a dismal outlook.
"The market has gone back to focusing on Europe rather than the U.S., where rates are currently very low," said Greg Anderson, G10 FX strategist at Citigroup in New York. "It has become a game of 'Which currency do you dislike the most?' and right now that currency is the euro."
Cushing oil stocks rise 241,034 barrels - Genscape
NEW YORK, Nov 11 (Reuters) - Oil inventories at the key U.S. crude oil hub at Cushing, Oklahoma, rose by 241,034 barrels to 35.07 million barrels in the week to Nov. 9, Genscape data showed on Thursday.
According to Genscape, it was the second consecutive weekly rise in Cushing inventories following five weeks of draws from the huge tank farm.
High Oct CPI Rise Mainly Due To Food, Property-Related Items (Source: CME)
The sharp rise in China's October consumer price inflation was partly caused by a bigger-than-expected impact on food prices from rising global prices for agricultural products and commodities, Sheng Laiyun, spokesman for China's National Bureau of Statistics, said. Sheng also said China's government would have to work harder to achieve its 2010 CPI target of around 3% and that the country expects a negative impact on China's economy and inflation from quantitative easing policies in other countries, which he said would push global raw materials and agricultural product prices even higher. China's consumer price index rose 4.4% in October, accelerating from September's 3.6% rise to its highest level in two years, driven by a 10.1% rise in food prices.
PRECIOUS-Gold inches up on dlr rally pause, physical buying
SINGAPORE, Nov 11 (Reuters) - Gold prices edged up on physical demand and a pause in a dollar rally as investors closely watched for currency signals from the Group of 20 leadership summit that began on Thursday in Seoul.
Spot gold gained 0.3 percent to $1,407.34 an ounce by 0613 GMT, off the all-time high of $1,424.10 hit on Tuesday.
FOREX-Euro hampered by fragile periphery; G20 under way
LONDON, Nov 11 (Reuters) - The euro dipped on Thursday after skidding to a five-week low the previous day, with tensions in the euro zone periphery expected to trigger further selling and a potential retest of key technical support.
The dollar lost steam after four days of gains but remained close to significant barriers which, if broken, could see its short-covering rebound stretch higher against the likes of the yen and euro.
China growth, euro zone debt in focus
LONDON, Nov 11 (Reuters) - European stocks edged lower , with Wall Street also set for modest losses, while the dollar firmed and copper prices pushed to a record high.
"The U.S. no longer appears to have the clout to push through its agenda. The G20 is unlikely to adopt targets on current account imbalances," said Etsuko Yamashita, chief economist at Sumitomo Mitsui Banking Corp.
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