Oil approaches two-week high on Ireland rescue
SINGAPORE, Nov 29 (Reuters) - Oil rose past $84 after the European Union approved a rescue for Ireland and outlined a permanent system to resolve the euro zone's debt crisis, providing some confidence that energy demand growth will remain resilient next year.
"The southern European sovereign debt crisis would have to take a severe turn for the worse to derail positive commodity price trends that are finding strong support from improving fundamentals and positive market sentiment towards growth assets" following the second wave of U.S. expansionary monetary policy, Barclays Capital analysts, including Kevin Norrish, said in a report on Monday.
U.S. wheat climbs to 1-week top, corn rises 1 pct
SINGAPORE, Nov 29 (Reuters)- - Chicago wheat rose 1.6 percent to its highest in more than a week, drawing support form dry weather hurting crops in parts of the U.S. wheat belt, while corn futures bounced 1 percent, buoyed by strong global demand.
"We are certainly looking at what is happening with the weather around the world, the poor crop conditions in the hard red winter wheat belt in the United States continues to raise concerns," said Luke Matthews, a commodity strategist at Commonwealth Bank in Sydney.
Argentina soy planting makes patchy progress - govt
BUENOS AIRES, Nov 26 (Reuters) - Showers in Argentine agricultural regions have allowed farmers to restart 2010/11 soy seeding, but dryness in part of the farm belt delayed planting in some areas, the government said on Friday.
Argentina is the world's No. 3 soybean supplier and the government has forecast soy area at 18.65 million hectares (46.08 million acres), slightly above last season.
Gold bounces from lows; jewellers buy
SINGAPORE, Nov 29 (Reuters) - Gold rebounded after an early drop spurred buying from jewellers in Asia, but further gains could be limited by a rally in the U.S. dollar amid persistent euro zone debt concerns.
"For today, I would look at support for gold at about $1,350. However, I think if we see a breach of this level, then we could see gold retreating further," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
OIL: Crude rises on Ireland rescue
SINGAPORE, Nov 29 (Reuters) - Oil rose to $84 on Monday after the European Union approved a rescue for Ireland and outlined a permanent system to resolve the euro zone's debt crisis, instilling some confidence that energy demand growth will remain resilient next year.
Finance ministers from the 16-nation euro zone, anxious to prevent market contagion engulfing Portugal and Spain, unanimously endorsed an emergency loan package of 85 billion euros ($115 billion) to help Dublin cover bad bank debts and bridge a huge budget deficit.
COMMODITY MARKETS: Most markets dip in thin trade; cotton, soy tumble
NEW YORK, Nov 26 (Reuters) - Oil and metals closed slightly lower on Friday as U.S. markets drifted after Thursday's Thanksgiving holiday but cotton tumbled and soybeans also saw steep losses as the dollar hit a two-month high against the
euro.
"It was a relatively strong performance for crude, given the rally in the dollar and the slip in the S&P (500 stock index)," Tim Evans, energy analyst at Citi Futures Perspective in New York.
GLOBAL MARKETS: Euro bounces on Irish deal, but doubts abound
SYDNEY, Nov 29 (Reuters) - The embattled euro crept off two-month lows on Monday after European authorities tried to protect the region's financial stability by agreeing to lend debt-soaked Ireland 85 billion euros.
"The package is pretty much what most would have anticipated, so it's not a surprise to anyone," said Greg Gibbs, strategist at RBS in Sydney.
Bunds rise on periphery worry; Spanish yields up
LONDON, Nov 26 (Reuters) - German government bond yields fell on Friday while those of Portuguese and Spanish bonds rose on mounting anxiety over where the euro zone crisis might spread to next.
Spanish and Portuguese bonds underperformed with Portugal's 10-year yield spreads over Bunds widening by 15 basis points to 468 bps after the Financial Times Deutschland reported that the majority of euro zone states and the European Central Bank were urging Portugal to apply for a financial bailout.
FUND VIEW-Hedge fund Mulvaney backs commodities bull run
LONDON, Nov 25 (Reuters) - The recent downturn in commodity prices is likely to prove a blip in a longer-term bull run, according to Mulvaney Capital, one of the top-performing hedge funds in recent months.
Paul Mulvaney, chief executive of $160 million hedge fund firm Mulvaney Capital Management, said his computer-driven fund had cut back exposure during this month's setback in commodity markets but was still positioned for further gains.
Commodity currencies look shaky before year-end
LONDON, Nov 25 (Reuters) - Commodity-linked currencies will be vulnerable to a sell-off as concerns about a slowdown in emerging Asia encourage investors to pare their exposure to risk and cut over-extended long positions before year-end.
The growth-linked Australian, Canadian and New Zealand dollars, which earlier this month began to fall from recent highs, are particularly sensitive to concerns China may slow as a result of policy measures aimed at curbing inflation.
PRECIOUS-Gold steady; eyes $1,400/oz on Europe, Korea worries
SINGAPORE, Nov 26 (Reuters) - Gold was steady on Friday, trading just shy of $1,400 an ounce, underpinned by anxiety of Europe's debt situation and geo-political tensions in Asia.
Spot gold edged lower 0.2 percent to $1,371.65 an ounce by 0537 GMT, trading below its all-time high around $1,424 struck in early November.
FOREX-Euro hits fresh 2-mth low as periphery worry grows
LONDON, Nov 26 (Reuters) - The euro fell to a fresh two-month low against a resurgent dollar on Friday as mounting speculation that Portugal will need to follow Ireland in seeking financial aid further unsettled nervous investors.
The Australian dollar tumbled after the Australian central bank quashed chances of an imminent rate hike and the yen hit a seven-week low against the dollar, with fresh sabre-rattling by North Korea helping the U.S. currency.
U.S. wheat up on weather concerns, soy slips
SINGAPORE, Nov 26 (REUTERS) - Chicago wheat futures gained around half a percent, rising for a second straight day as poor rains in the United States and China's producing areas supported the market, while soybeans fell 0.4 percent, pressured by a stronger dollar.
"There is no change in weather situation as it continues be dry in the U.S. and people are starting to be a bit concerned about dryness in China," said Brett Cooper, a senior manager of markets at FCStone Australia.
Euro falls to 2-month low; Asia stocks slide
HONG KONG, Nov 26 (Reuters) - The euro fell to a two-month low, with Europe's fiscal problems looking more likely to spread than be solved in the near term, while the looming year-end kept many equity investors eager to take profits, weighing on Asian stock markets.
"Recent purchases done by foreign investors are not simply short covering but I think fresh funds are being poured into Japanese shares. More follow-through buying could drive up shares prices further," Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities in Tokyo.
U.S. oil stays near $84; Europe, China concerns linger
SINGAPORE, Nov 26 (Reuters) - U.S. oil held steady near $84, paving the way for its first weekly rise in three weeks, although ongoing concerns about a wider debt crisis in Europe and Chinese inflation continued to weigh in post-holiday thin trade.
"We know the IMF will back loans to Ireland but we don't know how it will be implemented," Taylor said, adding that the focus may also turn to Portugal's debts as interest rates for its bonds have risen sharply.
US dollar up; Asia stocks slip on profit taking
HONG KONG, Nov 26 (Reuters) - The U.S. dollar steadied, as traders girded for a break above tough chart obstacles on Europe's fiscal problems, while the looming year end kept many equity investors eager to take profits, weighing on Asian stock markets.
The Australian dollar slid after the head of the country's central bank said interest rates were about right for the near term, extinguishing speculation the currency's yield advantage would get a policy boost in the next few months.
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