20121016 1612 Global Markets & Commodities Related News.

STOCKS: Asian shares rose as investor sentiment improved thanks to an overnight rally in U.S. stocks that was fuelled by better than expected earnings from Citigroup Inc, the third-largest U.S. bank, and above forecast retail sales data. European stocks opened higher. U.S. stocks climbed on Monday, rebounding from last week's losses after Citigroup's earnings and retail sales sharply exceeded expectations. (Reuters)

US retail sales point to stronger economic growth
WASHINGTON, Oct 15 (Reuters) - U.S. retail sales rose in September as Americans stepped up purchases of everything from cars to electronics, a sign that consumer spending is driving faster economic growth.
Other U.S. data on Monday pointed to an economy feeling the effects of cooling global growth, with New York state factory activity shrinking in October.

FOREX: The dollar hit a one-month high against the yen and tested a key resistance level after U.S. retail sales data came in stronger than expected. (Reuters)

FOREX-Dollar hits 1-month high vs yen, tests resistance
TOKYO, Oct 16 (Reuters) - The dollar hit a one-month high against the yen on Tuesday and tested a key resistance level after U.S. retail sales data came in stronger than expected.    
"Dollar/yen is near sensitive levels. Speculative accounts are trying to test the upside now," said Teppei Ino, currency analyst at the Bank of Tokyo-Mitsubishi UFJ.

U.S. retail sales point to stronger economic growth (Reuters)
U.S. retail sales rose in September as Americans stepped up purchases of everything from cars to electronics, a sign that consumer spending is driving faster economic growth.

Spanish aid request from euro zone seen in November (Reuters)
Spain could ask for financial aid from the euro zone next month and if it does the request would likely be dealt with alongside a revised loan programme for Greece and a bailout for Cyprus in one big package, euro zone officials said.

U.S. corn harvest 79 pct complete, soy harvest at 71 pct (Reuters)
U.S. farmers had harvested 79 percent of their corn crop and 71 percent of their soybean crop as of Sunday, their pace slowing down from previous weeks due to rainy conditions, a U.S. Agriculture Department report said on Monday.

GRAINS: U.S. soy rose 0.8 percent, recovering from its lowest in more than three months on expectations China will step up imports with prices easing from record highs.  (Reuters)

POLL-U.S. crude stocks seen up on higher imports last week (Reuters)
U.S. crude oil inventories were expected to have risen for the week to Oct. 12 due to an anticipated rise in imports, while weak demand was seen lifting gasoline stockpiles, a preliminary Reuters poll of analysts showed on Monday.

OIL: Brent futures rose above $116, underpinned by supply concerns after the European Union slapped more sanctions on Iran, while ample supplies and healthy inventory in top consumer the United States capped gains.  (Reuters)

LME's buyer aims "bazooka" at warehouse delays (Reuters)
The head of the Hong Kong bourse, buyer of the London Metal Exchange, promised to aim "a bazooka" at the problem of long queues which clients endure to withdraw material like copper and zinc from warehouses regulated by the LME.

BASE METALS: Copper prices firmed, lifted as equities and the euro were buoyed by better-than-expected corporate earnings from Citigroup Inc, positive U.S. data and hopes for progress in battling Europe's debt crisis. (Reuters)

PRECIOUS METALS: Gold held steady above a one-month low hit in the previous session, as upbeat U.S. retail sales data appeared to undermine the necessity for stimulus measures and dented gold's appeal as a hedge against monetary easing.  (Reuters)

POLL-Analysts boost long-term base metal f'casts
LONDON, Oct 15 (Reuters) - Analysts revised up their long-term price forecasts for copper and most other base metals, saying rising production costs and a modest demand increase would be the main factors pushing prices higher in the next 10 years, a Reuters survey showed.
The survey of 11 analysts showed the average price forecast for copper  rose 3.6 percent from last year's Reuters poll figure to $6,420.90 a tonne, also supported by a finite supply outlook.

POLL-Analysts slightly less bearish on copper, wary over China
LONDON, Oct 15 (Reuters) - Analysts moderated their downbeat views of copper prices in the final quarter of this year and in 2013, after central banks provided stimulus, but they expect uncertainty over China to prevent a quick return to bullishness, a Reuters poll showed.
The 27 market participants surveyed last week called for cash copper prices  to average $8,019.80 a tonne in 2012, rising to $8,267.30 in 2013. The forecasts are up marginally from a similar poll conducted in July.

METALS-Copper lifted by stronger equities, euro
SHANGHAI, Oct 16 (Reuters) - Copper prices firmed on Tuesday, lifted as equities and the euro were buoyed by better-than-expected corporate earnings from Citigroup Inc , positive U.S. data and hopes for progress in battling Europe's debt crisis.  
"Today's modest rally in stocks and the euro gave investors an opportunity to buy into London copper and keep prices range-bound after yesterday's dip," said a Shanghai-based trader.

PRECIOUS-Gold hovers above 1-month low; U.S. data weighs
SINGAPORE, Oct 16 (Reuters) - Gold inched up on Tuesday, off a one-month low hit in the previous session, but upbeat U.S.  retail sales data appeared to undermine the necessity for  stimulus measures and dented gold's appeal as a hedge against  monetary easing.
"The support from QE3 (third round of quantitative easing)  is fading," said Li Ning, an analyst at Shanghai CIFCO Futures.  "And if the economy keeps improving, investors will wonder about the length and scale of QE3."