20121031 1636 Global Markets & Commodities Related News.

STOCKS: European stock index futures signalled a mixed open as disappointing earnings from ArcelorMittal and Anheuser-Busch InBev rekindled worries over the outlook for corporate profits.Asian shares rose as risk appetite recovered after European equities and the euro firmed overnight, and investors looked to coming U.S. and Chinese data for fresh clues on direction. U.S. stock markets were closed for a second straight day on Tuesday. (Reuters)

FOREX: The yen drifted off a one-week high against the dollar thanks to a general improvement in risk appetite, paring gains made after the Bank of Japan balked at delivering a surprise for markets.  (Reuters)

FOREX-Yen off highs, euro supported after Italy debt sale
SYDNEY/TOKYO, Oct 31 (Reuters) - The yen drifted off a one-week high against the dollar thanks to a general improvement in risk appetite, paring gains made after the Bank of Japan balked at delivering a surprise for markets.
"The damage to the U.S. economy from Hurricane Sandy could be huge. If U.S. bond yields fall sharply, that is likely to send the dollar/yen lower," said Tohru Sasaki, the head of Japan rates and FX research at JPMorgan Chase Bank.

Hurricane Sandy losses worse than Irene: disaster forecasters  (Reuters)
Hurricane Sandy appears to have easily caused more losses than last year's Hurricane Irene, but final totals will be hard to come by for some time because of the scale of the disaster, catastrophe forecasting companies said on Tuesday.

Outages, floods hit two N.J. refineries; others restart (Reuters)
Flooding at the second-largest refinery on the U.S. East Coast plus power glitches at two other plants and a key New Jersey terminal hub slowed the recovery in fuel supplies disrupted by Hurricane Sandy.

POLL-U.S. corn harvest seen 93 pct done, soy 88 pct (Reuters)
The pace of U.S. corn and soybean harvesting slowed last week as rains in areas east of the Mississippi River delayed farmers' final push to get crops into storage bins.

GRAINS: U.S. soybeans rose, extending gains from the previous session on concerns the South American crop will not be as large as previously touted, as heavy rain slows planting in some regions there. Wheat rose for the first time in five sessions and corn also firmed, with both grains underpinned by the strength in beans. (Reuters)

Oil products trade to grow at crude's expense-analysts (Reuters)
Global traded volumes of fuels like diesel are set to boom at the expense of crude as producers build the next generation of refineries on their own soil, analysts said on Tuesday.

OIL: Brent crude held steady near $109 a barrel after the huge storm Sandy whiplashed the U.S. East Coast, reducing fuel demand even as refineries in the region gradually resumed operation.  (Reuters)


Euro Coal-Prices rise $1-$1.50/T with gas, swaps
LONDON, Oct 30 (Reuters) - Prompt European coal prices rose by $1-$1.50 a tonne on Tuesday in line with coal swaps and higher gas but few trades were reported.
South African cargo prices rose by $1.00 but remain below $80 a tonne, a level at which many of the smaller producers will be making losses.


POLL-Iron ore price to weaken as China shifts gear (Reuters)
Iron ore prices may drop nearly 10 percent over the next three years as top consumer China's economic growth shifts to a slower gear, threatening to squeeze profits at global miners Vale, Rio Tinto and BHP Billiton, a Reuters poll showed.

BASE METALS: London copper climbed for a second session, pushing further away from two-month lows as risk appetite picked up., but the industrial metal is heading for its weakest month since May as demand from top consumer China stays sluggish.  (Reuters)

PRECIOUS METALS: Gold edged up, but was poised to snap a four-month winning streak, with investors staying on the sidelines ahead of key U.S. employment data and in the wake of Hurricane Sandy.  (Reuters)

METALS-Copper climbs for 2nd day, but eyes worst month since May
SINGAPORE, Oct 31 (Reuters) - London copper climbed for a second session pushing further away from two-month lows as risk appetite picked up, but the industrial metal is heading for its weakest month since May as demand growth from top consumer China slows.
"China's rebalancing strategy isn't clear, that's holding investors back a bit and what is happening in the euro zone hasn't gone away," said Thomas Lam, chief economist at DMG & Partners Securities in Singapore.

PRECIOUS-Gold to snap 4-mth winning run; US data, election eyed
SINGAPORE, Oct 31 (Reuters) - Gold edged up but was poised to snap a four-month winning streak, with investors staying on the sidelines ahead of key U.S. employment data and in the wake of Hurricane Sandy.
"There are a lot of event risks -- nonfarm payrolls, the U.S. election, a change of power in China, plus the routine policy meetings of various central banks," said a Singapore-based trader.


Iron ore holds near $120, eyeing 2nd monthly gain
SINGAPORE, Oct 31 (Reuters) - Spot iron ore prices held near $120 a tonne and sellers upped offers for imported cargoes to top market China on Wednesday on hopes steel mills will continue to lift production for the rest of the year amid a modest revival in demand.
Iron ore is up nearly 15 percent in October, its second monthly gain in a row, after a recovery in Chinese steel prices in September encouraged producers to restock on the raw material.

Baltic index down on limted iron ore movement
Oct 30 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Tuesday as rates for capesizes fell on limited iron ore activity.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 5 points to 1,043 points.