20110815 1618 Global Market & Commodities Related News.

Stocks bounce on U.S. cues; sentiment wary
HONG KONG/SINGAPORE, Aug 15 (Reuters) - Asian equities bounced on Monday and safe-haven assets like gold and the Swiss franc fell as market players cautiously returned to pick up bargains after last's week wild ride, though concerns over the weak global economic outlook may keep gains in check.
"There is still a huge focus on money markets ... and looking at them shows not everything is solved," she said.

Thai govt says to implement policies within 6 months
BANGKOK, Aug 15 (Reuters) - Thailand's new government wants to implement within six months the policies promised during its election campaign such as a minimum wage of 300 baht ($10) per day and a higher guaranteed farmgate price for rice, a deputy prime minister said on Monday.
"Within 6 months, the Thai people should see the implementation of a minimum wage of 300 baht per day and a reinstatement of the rice buying scheme," Deputy Prime Minister Kittirat Na Ranong told reporters.

Specs cut net long soy stake to smallest in a month
CHICAGO, Aug 12 (Reuters) - Large speculators cut their net long stake in Chicago Board of Trade soybeans to the smallest level in a month, weekly data from the U.S. Commodity Futures Trading Commission showed, reflecting corn/soybean spreading along with fears of a global economic slowdown.
Commodity index funds, meanwhile, reduced their net longs in CBOT corn, soybeans and wheat.

Wheat extends rally on strong demand, corn at 2-week top
SINGAPORE, Aug 15 (Reuters) - Chicago wheat jumped more than 1 percent on Monday, building on last week's rally as strong demand led by Saudi Arabia and concerns over the U.S. spring wheat crop propelled the market.
"Fundamentally, the wheat market is supported by Saudi Arabia taking a large chunk of U.S. wheat over the weekend, which is in addition to big purchases Algeria announced earlier," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.

Brazil sugar output seen around 30.5 mln T -Energy Brazil
CEBU, Philippines, Aug 15 (Reuters) - Brazil's main centre-south sugar output for 2011/12 is estimated around 30.5 million tonnes, commodity trader Energy Brazil said on Monday, below the 31.57 million tonnes projected by cane industry association Unica.
Pedro Cortes, President of Energy Brazil, also cautioned that sugar prices could rebound in two years if the world suffers another recession which could impact investments and production.

Brent edges up, above $108 as economic concerns ease
SINGAPORE, Aug 15 (Reuters) - Brent crude futures rose on Monday, as investors bought into riskier assets after positive economic data from the U.S. and Japan helped ease panic in financial markets.
"At these levels, oil looks cheap and we could see some buying activity. A lot of the bad news has been priced in and there is an expectation that the weakness cannot be sustained," said Ben Westmore, a commodities analyst at National Australia Bank.

Brent edges up, above $108 as economic concerns ease
SINGAPORE, Aug 15 (Reuters) - Brent crude futures rose on Monday, as investors bought into riskier assets after positive economic data from the U.S. and Japan helped ease panic in financial markets.
"At these levels, oil looks cheap and we could see some buying activity. A lot of the bad news has been priced in and there is an expectation that the weakness cannot be sustained," said Ben Westmore, a commodities analyst at National Australia Bank.

Gas prices drop nearly 9 cts at US pumps-Lundberg
NEW YORK, Aug 14 (Reuters) - The average price of gasoline in the United States fell by 8.98 cents over the past three weeks due mainly to declines in the crude oil market, according to the nationwide Lundberg Survey.
The national average price for a gallon of regular gasoline declined to $3.61 on Aug. 12, according to a survey of about 2,500 gas stations in the continental U.S.

LME copper up, boosted by equities
SHANGHAI, Aug 15 (Reuters) - Copper rose on Monday, lifted by a rebound in equities after a ban on short selling gave European stocks a reprieve and U.S. retail sales posted the biggest gain in four months in July.
"The conditions for shorting are not there yet as there is not enough pressure on market sentiment. And confidence is also a bit lacking due to uncertainties in the global macroeconomic situation," said Jinhui Futures deputy general manager Ling Yu Hui.

Spot gold pares losses on Shanghai arbitrage buying
SINGAPORE, Aug 15 (Reuters) - Gold pared most of its 1-percent loss on Monday, buoyed by arbitrage trade from participants in the Shanghai market, after a revived risk appetite led investors out of bullion to riskier assets.
"We see strong buying interest from Shanghai after the markets opened there," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.

Gold/S&P ratio at 23-year high, could keep rising
NEW YORK, Aug 12 (Reuters) - Mounting fears about a double-dip recession and a U.S. government debt crisis prompted equity investors to seek refuge in bullion, sending the Gold/S&P 500 ratio to its highest in 23 years this week.
The ratio, calculated by dividing the price of an ounce of gold  by the S&P 500 index, has traded in a range between 1 and 1.2 from January 2010 to June 2011. In the past four weeks it climbed nearly 50 percent, hitting 1.6 on Wednesday, the highest since September 1988.