20120906 1637 Global Markets & Commodities Related New.

GLOBAL MARKETS: Asian shares rose and the euro edged back towards the previous session's high on reports that the European Central Bank will buy unlimited amounts of short-term sovereign bonds to cap surging borrowing costs in indebted euro zone states. European shares looked set to gain, having flirted with one-month lows in the previous session, with investors likely to shun big bets in the run-up to a European Central bank meeting at which they hope details of a new bond-buying plan will be announced. U.S. stocks closed out a second straight session of thin trading on Wednesday, with investors reluctant to make big bets ahead of a crucial meeting of the European Central Bank, which could announce new policies to help contain the euro zone's debt crisis. (Reuters)

FOREX-Euro rests near 2-month high, pinning hopes on ECB
TOKYO, Sept 6 (Reuters) - The euro held firm near its two-month peak having rallied sharply the previous day on renewed hopes that the European Central Bank may employ new tactics to counter the region's perennial debt crisis.
"The euro could gain further if the ECB does not cut rates today given that some market players have been expecting a rate cut, even though latest media reports suggest a rate cut is not on the cards this time," said Yunosuke Ikeda, senior FX strategist at Nomura.

FOREX: The euro held firm near its two-month peak in Asia, having rallied sharply the previous day on renewed hopes that the European Central Bank may employ new tactics to counter the region's perennial debt crisis. (Reuters)

Draghi to deliver bond plan at crunch ECB meeting(Reuters)
European Central Bank chief Mario Draghi faces the most decisive moment of his presidency on Thursday when he tries to heal divisions among policymakers and deliver on his promise to save the euro.

Australia employment dips, jobless also down (Reuters)
Australian employment dipped unexpectedly in August even as the jobless rate also surprised by dropping to a three-month low of 5.1 percent, a mixed result that did nothing to alter expectations of more rate cuts.

G20 should coordinate to avoid food price panic(Reuters)
To avoid exacerbating shortages and price spikes, G20 nations must avoid grains export limits and panic buying after a U.S. drought devastated crops and Russian wheat supplies have fallen, a farming official from No. 2 soy grower Brazil said on W edn esday.

GRAINS: Chicago soybeans lost more ground, sliding to a one-week low as the start of the U.S. harvest weighed on prices amid reports of rains improving yields of the late planted crop. (Reuters)

U.S. says 49.33 pct oil output shut in US Gulf due to Isaac(Reuters)
U.S. regulators said 49.33 percent of daily oil production and 25.71 percent of daily natural gas output in U.S.-regulated areas of the Gulf of Mexico remained shut on Wednesday due to Hurricane Isaac, remnants of which re-entered the northern Gulf Wednesday.  

OIL: Brent futures climbed above $113 per barrel, with investors hoping the European Central Bank will announce details of how it plans to tackle the euro zone's debt crisis at a meeting later in the day.(Reuters)

S.Africa's Implats gets new wage demand from workers(Reuters)
South Africa's Impala Platinum, the world's second-largest platinum producer, has received new wage demands from a workers' committee made up of members of mining unions.

BASE METALS: London copper prices slipped but did not stray too far from a 1-1/2 month high scaled in the prior session on hopes the European Central Bank will unveil a new bond buying plan to combat the region's debt crisis at a meeting later in the day. (Reuters)

PRECIOUS METALS: Gold tracked the euro higher, staying within sight of its highest in nearly six months ahead of a meeting of the European Central Bank later in the day that could bring the announcement of new policies to help contain the euro zone's debt crisis. (Reuters)

METALS-Copper buoyed by stimulus hopes before ECB meet
SINGAPORE, Sept 6 (Reuters) - Shanghai copper rose to its highest in more than three months on Thursday, while London prices held near a 1-1/2-month top on hopes the European Central Bank will unveil a new plan to combat surging borrowing costs in indebted euro zone states.
"In the short term, decisive actions by the ECB will boost copper prices, but the medium-to-long term fundamentals will weigh on market sentiment," said Zhang Ao, an analyst at Minmetals Futures in the southern Chinese city of Shenzhen.

PRECIOUS-Gold at 6-mth high ahead of ECB meeting, U.S. payrolls
SINGAPORE, Sept 6 (Reuters) - Bullion tracked the euro higher on Thursday and rose to its highest since March ahead of a meeting of the European Central Bank later in the day that could bring the announcement of new policies to help contain the euro zone's debt crisis.
"There's a lot of event risk in the market at the moment. People seem to be positioning for a relatively positive outcome from the ECB, and that's probably why we are testing $1,700 right now," said Nick Trevethan, senior metals strategist at ANZ in Singapore.