Thursday, November 22, 2012

20121122 1740 Global Markets & Commodities Related News.

STOCKS: European equities and Asian shares rose as solid manufacturing surveys in the United States and China fed optimism that the global growth slowdown may have turned a corner.
U.S. stocks finished modestly higher on Wednesday, with the S&P 500 up for a fourth session, although volume was one of the year's lowest on the day ahead of the Thanksgiving holiday.

FOREX-Euro hits 6-mth high vs yen, supported by Greece optimism
SINGAPORE/SYDNEY, Nov 22 (Reuters) - The euro hit a 6-1/2 month high against the yen, supported by revived hopes of a Greek loan deal, while investors gave the yen a wide berth on expectations of more forceful monetary easing in Japan.
"Obviously it's based on the fact that if Abe wins, it's all going to be further easing and further measures to weaken the yen," said Andrew Robinson, FX analyst for Saxo Capital Markets in Singapore. "I think we have a bit further to go."

HSBC China flash PMI at 13-month high as growth quickens
China's vast manufacturing sector saw expansion accelerate in November for the first time in 13 months, preliminary results from a factory survey showed, a sign that the pace of economic growth has revived after seven consecutive quarters of slowdown.

Exxon warning adds to Nigeria oil output problems
ExxonMobil on Wednesday became the fourth oil major in a month to warn customers over delays to Nigerian oil and gas exports, adding to a raft of problems for Africa's biggest energy producer caused by oil spills, theft and flooding.

GRAINS: U.S. wheat ended nearly flat on Wednesday as concerns about dry conditions underpinned the market, but corn and soybeans slid in choppy trading the day before the U.S. Thanksgiving holiday.

Cargill sees world cocoa market near balance
Cargill expects world 2012/13 cocoa supplies to balance demand due to improved weather conditions in West Africa, the U.S. agribusiness company said on Wednesday.

U.S. crude oil, product inventories fell last week-EIA
U.S. crude oil and refined product inventories fell last week as plants processed more crude and imports dropped, data from the U.S. Energy Information Administration showed on Wednesday. Total U.S. crude oil inventories fell 1.47 million barrels in the week to Nov. 16 to 374.47 million barrels, after analysts polled by Reuters had forecast a build of 900,000 barrels.

OIL: Brent crude was steady near $111 per barrel as the Chinese economy showed further signs of recovery, boosting the outlook for oil demand, although the upside was limited as a ceasefire in the Gaza Strip eased concerns over supply.

Indonesia's Timah sees steady 2013 refined tin output after 2012 drop
Indonesia's top tin miner PT Timah expects refined tin output to drop to around 30,000 tonnes this year and remain steady in 2013 as it limits production to boost profits amid weak tin prices, the chief operating officer said on Wednesday.

BASE METALS: London copper rebounded snapping two sessions of losses, after manufacturing in top metals consumer China returned to expansion and European leaders assured investors of a likely bailout for Greece, which boosted the euro.

PRECIOUS METALS: Gold edged higher supported by central bank purchases and a weaker dollar as European leaders raised the possibility that a bailout deal for Greece was imminent.

METALS-Copper rebounds as China economy recovers
SINGAPORE, Nov 22 (Reuters) - London copper rebounded, snapping two sessions of losses, after encouraging economic data from top metals consumer China and as European leaders assured investors of a likely bailout for Greece, boosting the euro.
"We do see China's economy strengthening to about 8 percent (GDP growth) next year. That implies a potential pickup in demand for commodities because of the commodity-intensive nature of that growth," said Alexandra Knight, an economist with National Australia Bank in Melbourne.

PRECIOUS-Gold steady ahead of possible Greek bailout deal
SINGAPORE, Nov 22 (Reuters) - Gold traded in a $5 range, supported by central bank purchases and a weaker dollar as European leaders raised the possibility that a bailout deal for Greece was imminent.
Gold, up nearly 11 percent this year on the back of U.S. monetary easing measures to stimulate its economy, has been hovering around $1,730 for most of this week as investors focus on whether the United States will avoid a fiscal crisis.
"The market is lacking direction right now and investors have become increasingly cautious," said Chen Min, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen.
"The sentiment is mainly supported by concerns about the U.S. 'fiscal cliff', which offsets the easing of geopolitical tension in the Middle East which should have dented gold's safe-haven appeal."

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