Wednesday, October 5, 2011

20111005 1125 Global Market 7 Commodities Related News.

GLOBAL MARKETS - US stocks stage late rally; euro up on Bernanke
NEW YORK, Oct 4 (Reuters) - A late rally in U.S. stocks pulled Wall Street out of bear market territory on Tuesday, and the euro rose versus the dollar after Federal Reserve Chairman Ben Bernanke promised more economic stimulus if needed.
Reports that European finance ministers agreed to prepare action to safeguard their banks, following the first bailout of a lender as a result of the region's debt crisis, were cited as giving stocks a boost heading into the close.

COMMODITIES - Brent, copper tumble despite Bernanke remarks
NEW YORK, Oct 4 (Reuters) - Brent oil fell on Tuesday, closing below $100 a barrel for the first time since February, while copper ended at a 15-month low and gold dropped 3 percent, as mounting worries that Greece could default outweighed hopes for more Federal Reserve stimulus.
Many commodity prices bounced up off early lows when U.S. Federal Reserve Chairman Ben Bernanke told a Joint Economic Committee of Congress that the U.S. central bank was prepared to take steps to help an economic recovery that is "close to faltering&#8221.

US crude surges over $2 on oil stock drawdown
SINGAPORE, Oct 5 (Reuters) - U.S. crude oil rose more than $2 on Wednesday after weekly data from the American Petroleum Institute showed deep drawdowns in crude and refined product inventories.
U.S. crude for November delivery surged to an intraday high of $78.46 a barrel, up $2.79 in early Asia trading.

US gasoline demand dips on price, economy-MasterCard
Oct 4 (Reuters) - U.S. retail gasoline demand fell last week from a year earlier as motorists drove less due to economic uncertainty and elevated pump prices, MasterCard said in its SpendingPulse report on Tuesday.
Demand dropped 2.9 percent year-on-year as a gallon of gasoline cost 28.6 percent more than a year earlier, the data showed.

NYMEX - Natural gas ends up, first gain in five sessions  
NEW YORK, Oct 4 (Reuters) - U.S. natural gas futures, backed by technical buying after four straight losing sessions, ended higher on Tuesday but mild weather forecasts and concerns about growing supplies limited the upside.
"We bounced off yesterday's low, so that looks like technical support now, but there's no (hot or cold) weather and recent economic data hasn't looked good,".

EURO COAL - Prices slide on Greek default fears
LONDON, Oct 4 (Reuters) - Prompt physical coal prices fell further on Tuesday as growing fears for the world economy and the possibility of a default by debt-stricken Greece took their toll.
"The biggest factor is macro issues now with fears over the euro," one European trader said. "Coal is really feeling the pinch."

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