Oil steadies above $91 ahead of U.S. inventory data
SINGAPORE, Dec 29 (Reuters) - Oil steadied above $91 a barrel, as forecasts for warmer weather in the U.S. Northeast offset expectations for a further drawdown in crude stocks in the world's largest oil user.
"Oil is tracking the cold weather in the Northeast of the United States and also the dollar against the euro," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd.
U.S. corn, soy dip from over 2-year highs, wheat firm
SINGAPORE, Dec 29 (Reuters) - U.S. corn and soybean futures edged lower, easing from highest in over two years scaled in the previous session as dry weather in Argentina continued to raise concerns over supplies.
"Soybeans, corn and wheat should continue the bullish trend next year, but there could some profit-taking at the end of the year," said Kazuhiko Saito, chief commodities analyst at Fujitomi Co in Tokyo.
Japan, China shares fall after rate rise; euro up
SINGAPORE, Dec 28 (Reuters) - Shares in Japan and China eased as concerns that further Chinese monetary tightening will cool the engine of world economic growth overshadowed Japanese data that pointed to improving demand. "Data in recent weeks have been supportive of the stocks and commodity markets globally," said David Cohen, director of Asian economic forecasting at Action Economics.
Oil prices climb above $91/bbl, dollar, cold snap supports
SINGAPORE, Dec 28 (Reuters) - U.S. crude prices rose above $91 a barrel, hovering just below a 26-month top hit in the previous session, supported by a weaker dollar and hopes that a major snow storm on the U.S. East Coast would stoke demand for heating oil.
"Data in recent weeks have been supportive of the stocks and commodity markets globally. The U.S. will avoid a double-dip. The Asian region including Japan looks a little bit better, with its industrial production finally showing an increase," said David Cohen, director of Asian Economic Forecasting at Action Econ.
Gold up on dollar weakness, Asian buying
SINGAPORE, Dec 28 (Reuters) - Spot gold prices firmed as it was supported by a weaker dollar and buying interest in Asia, while investors hoped for a further rally in prices next year.
"Gold is riding high on its own, but with the euro/dollar bid, it's even better," said a Singapore-based trader. "Asians have been non-stop buyers, and want to load up when gold is some 40 bucks off the all-time highs."
COMMODITY MARKETS: Markets hit new highs as China rate hike barely hurt
NEW YORK, Dec 27 (Reuters) - Commodity markets took China's surprise rate hike in stride on Monday, with soybeans and oil hitting two-year peaks and copper hitting record highs amid razor-thin trade as investors stayed focused on fundamentals in the final trading week of the year.
"A lot of people were unable to come to work today because of the storm and when you add the uncertainties from the Chinese rate hike to that, it explains the volumes you have," said George Gero, senior vice president at RBC Wealth Management in New York.
GLOBAL MARETS: US stocks recover after China rate move, euro up
NEW YORK, Dec 27 (Reuters) - U.S. stocks closed little changed and the dollar lost ground to the euro in thin trade on Monday, buffeted by China's Christmas Day interest rate hike and a blizzard that pounded the northeastern United States.
"The market is pretty much flat but we ended well off our lows and although we have no buyers stepping in, we have to give the bulls the victory seeing how the market turned around," said Ryan Detrick, technical analyst at Schaeffer's Investment Research at Cincinnati, Ohio.
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