20121101 1606 Global Markets & Commodities Related News.

STOCKS: European stocks are expected to open flat or slightly higher, in what is expected to be a light session due to national holidays in part of mainland Europe. Most Asian shares fell, but losses were curbed as the region's factory activity surveys mostly improved, with China's official and private sector manufacturing PMIs confirming a recovery in the growth trend even if it lacked punch. U.S. stocks ended flat on Wednesday. (Reuters)

FOREX-Yen crawls toward 4-month low vs dollar, euro on hold
TOKYO, Nov 1 (Reuters) - The yen dipped edging closer to a four-month low on Japanese importers' selling the currency and as the market viewed the Bank of Japan's latest easing steps more positively.
"Those who just trade on news headlines sold dollar/yen after the BOJ. But the BOJ's latest stance is quite aggressive as it plans to keep easy policy until deflation ends, thus likely to keep the dollar supported," said Minori Uchida, chief FX strategist at the Bank of Tokyo-Mitsubishi UFJ.

Twin China PMI surveys show economy perking up
BEIJING, Nov 1 (Reuters) - China's economy is finally regaining some traction, official and private sector factory surveys showed on Thursday, although they pointed to a sluggish recovery with the latter recording its 12th straight month of slowing growth.
The surveys add to other signs of economic revival in October after domestic credit curbs and weak demand from overseas markets pushed down third-quarter growth to its lowest rate since the depths of the global financial crisis.

France, Britain set stage for EU budget wrangling (Reuters)
British Prime Minister David Cameron came under pressure to act tough on the European Union budget and France threatened to use its veto, signalling a divisive start to bargaining over the 1 trillion euro long-term spending plan.

U.S. corn harvest 91 percent complete, soy 87 percent (Reuters)
The world's largest corn harvest limped along toward the finish line last week amid rain delays in the Midwest farm belt, but it remained tied with 2010 as the fastest ever, U.S. government data showed on Wednesday.

GRAINS: U.S. soybeans rose, extending gains from the previous session on talk of renewed demand from China, while concerns a bumper South American crop might not materialize added strength to beans and pushed corn to a one-week high. Wheat rose, extending gains into a second session, on concerns over global tightening. . (Reuters)

U.S. E Coast fuel supply relief days away despite efforts (Reuters)
East Coast fuel supplies seemed set to remain tight into next week, as spotty electrical power and flooding damage stymied the recovery of two New Jersey refineries after Hurricane Sandy.

OIL: Brent crude hovered around $108 a barrel as investors focused on concerns that storm Sandy's rampage across the U.S. East Coast could reduce fuel demand and shrugged off data pointing to a recovery in China. (Reuters)

Global copper market seen at 281,000 T surplus in 2013 -IWCC
SINGAPORE, Nov 1 (Reuters) - The global market for refined copper is expected to swing into a 281,000 tonne surplus in 2013 from a deficit this year, the International Wrought Copper Council (IWCC) said, with mine supply growing against a backdrop of tepid demand.
The industry group estimated global refined copper production would climb 4.9 percent from 2012 to 21.06 million tonnes, helped by a recovery in international mine supply.

Global copper market seen at 281,000 T surplus in 2013 –IWCC (Reuters)
The global market for refined copper is expected to swing into a 281,000 tonne surplus in 2013 from a deficit this year, the International Wrought Copper Council said, with mine supply growing against a backdrop of tepid demand.

BASE METALS: London copper extended gains into a third session, inching up on encouraging economic data from China, although lingering concerns about downstream demand in the world's top metals consumer kept gains in check.  (Reuters)

PRECIOUS METALS: Gold traded flat, shrugging off data showing China's economy was perking up, as investors waited on the sidelines of the market for U.S. employment data due on Friday.  (Reuters)

METALS-LME copper inches up on China data, set to climb for 3rd day
SHANGHAI, Nov 1 (Reuters) - London copper extended gains into a third session inching up on encouraging economic data from China, although lingering concerns about downstream demand in the world's top metals consumer kept gains in check.
"Copper prices hardly moved today despite China's official PMI (results) ... and a surge in Shanghai equities, as Chinese downstream demand is still weak," said Orient Futures Derivatives director Andy Du.

PRECIOUS-Gold steady as investors await US data, election
SINGAPORE, Nov 1 (Reuters) - Gold traded flat shrugging off data showing China's economy was perking up, as investors looking for more clarity on the global economy focused instead on U.S. employment data due on Friday.
"The reason for gold to rise is uncertainty. If PMI numbers rise, that adds to confidence in the market, which is probably negative to gold," said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong.