Oil rises above $82 as Eurozone concerns ebb
SINGAPORE, Nov 22 (Reuters) - Oil on Monday rose to above $82 a barrel, rebounding from two straight weeks of losses, as the dollar weakened after Ireland sought an international bailout to tackle its banking and budget crisis.
"They want to cool the market which is good for the economy," said Ken Hasegawa, commodities derivatives sales manager at Newedge Japan. "It's a strategy to prevent inflation. They really want to grow gradually."
China fuel stocks in 8th monthly fall, led by diesel
BEIJING, Nov 22 (Reuters) - Combined inventories of gasoline, diesel and kerosene held by China's top two oil firms were down 3.4 percent in October versus September, the eighth monthly decline, led by a steep draw in diesel as demand for the fuel surged, an industry official said on Monday.
Diesel stocks held by Sinopec Corp and PetroChina were down a sharp 14.3 last month from September, while that of gasoline rose 6.8 percent, said the official who is not authorized to release the data.
OIL: Crude gains above $82/bbl on euro strength
TOKYO, Nov 22 (Reuters) - U.S. crude futures rose above $82 a barrel on Monday, helped by a weaker dollar against the euro after the EU and IMF agreed to help bail out Ireland with loans to tackle the country's banking and budget crisis.
Late on Friday, the U.S. government reported that money managers cut net long crude oil positions on the NYMEX in the week to Nov. 16, from record high levels the previous period.
COMMODITY MARKETS: China bank move has little impact, rate rise eyed
LONDON, Nov 19 (Reuters) - Oil, gold and industrial metals were slightly firmer on Friday, supported by a weaker dollar and talk of a multi-billion euro deal for Ireland, but some other commodities fell on news of tighter Chinese monetary policy.
"Anything that acts a gentle brake on the runaway growth in China will be a very good thing in the longer term," said Christopher Bellew at Bache Commodities in London.
GLOBAL MARKETS: Ireland bail-out aids euro, Asian stocks
SYDNEY, Nov 22 (Reuters) - The euro, Asian stocks and commodities got a fillip on Monday after global financial authorities agreed to bail out debt-swamped Ireland and protect Europe's wider financial stability.
The EU and the IMF agreed to lend Ireland cash to tackle its banking and budget crisis. The size of the loans has not been decided but is likely to be smaller than Greece's 110 billion euro bailout last May.
US factory,jobless data show some economic strength
WASHINGTON, Nov 18 (Reuters) - A closely watched gauge of U.S. jobless benefits hit a two-year low last week and factory activity in the country's Mid-Atlantic region accelerated in November, suggesting the economy's recovery was gaining speed.
The improving economic picture was further bolstered by a third report on Thursday showing a measure of future economic activity increased 0.5 percent in October.
China raises RRR again to fight inflation
BEIJING, Nov 19 (Reuters) - China ordered lenders on Friday to lock up more of their money with the central bank for the second time in two weeks, stepping up its battle to pull excess cash out of the economy before inflation has a chance to take off.
The People's Bank of China said that it would increase banks' required reserves by 50 basis points, its fifth such announcement this year. Including a temporary increase, the move takes required reserve ratios (RRR) to 18.5 percent for big banks, a record high.
Raw materials present EU with trade, growth conundrum
BRUSSELS, Nov 18 (Reuters) - To fuel its economic recovery, Europe needs raw materials. But its efforts to acquire them are being frustrated by a mistrust of foreign supplies and internal disagreement over what a raw material is.
The European Union, the world's largest trading zone, has complained for years about non-EU countries restricting the export of essential materials used by European manufacturers to make products such as steel, semiconductors and light bulbs.
PRECIOUS-Gold extends gains as Ireland aid talk lifts euro
LONDON, Nov 19 (Reuters) - Gold prices climbed in Europe on Friday, building on the previous session's gains, as expectations that Ireland is near a multi-billion euro deal to help its beleaguered banks lifted the euro.
Spot gold was bid at $1,360.00 an ounce at 1042 GMT, against $1,352.65 late in New York on Thursday. U.S. gold futures for December delivery rose $6.70 to $1,359.70.
FOREX-Euro edges up on Irish hopes, China move hurts Aussie
LONDON, Nov 19 (Reuters) - The euro edged up on Friday, recouping earlier losses on expectations that Ireland was near a deal to get tens of billions of euros from its European partners and the IMF for its shattered banks.
The euro may also have been helped after China tightened monetary policy on Friday by raising banks' reserve requirements, as traders has already been positioning for a possible change in Chinese policy, a trader said.
US wheat up over 1 pct on strong U.S. exports
SYDNEY, Nov 19 (Reuters) - U.S. wheat, corn and soybeans futures all posted gains in early Asian trade, continuing to regain lost ground, with sentiment helped by a weakening dollar and returning investor appetite for riskier assets.
Corn, soybean and wheat prices are expected to be influenced by factors such as gold prices, China rate moves and the dollar for the next month due to a lack of new fundamental inputs.
More China corn imports decided by market-official
BEIJING, Nov 19 (Reuters) - China's grain deputy chief said commercial companies and market prices would decide if more corn would be imported into the country while the government holds ample reserves and can ensure supplies.
"Corn imports currently are conducted by enterprises, not at the needs of the government in ensuring domestic supplies," Zeng Liying, deputy director of the State Grain Administration, told state media.
Asian markets rise on U.S., Europe cheer
SINGAPORE, Nov 19 (Reuters) - Asian stock markets rose slightly on Friday and the euro held recent gains after a strong Wall Street performance and moves towards heading off a potential Irish debt crisis.
"Many hedge funds close books in November and now is a time when short-covering tends to emerge. Solid U.S. economic data and GM's listing yesterday are also lending help," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities.
China food demand boosts Brazil growers' profits
SAO PAULO, Nov 18 (Reuters) - Brazil growers will reap healthy profits from the 2010/11 grain crop, despite the high cost of getting goods to port, because strong demand from China is supporting prices, consultants MB Associados said. Despite the downward correction in world commodities prices in the past week, futures prices of commodities from grains to iron ore are still historically firm, economist Jose Roberto Mendonca de Barros, founder of MB Associados, told Reuters in an interview on Thursday.
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