20121119 1719 Global Markets & Commodities Related News.

STOCKS: European stock index futures pointed to a sharply higher open, with stocks poised to mirror gains on Wall Street and in Asia on hopes of a deal in Washington to avoid a damaging "fiscal cliff". (Reuters)

FOREX-Yen hits 7-mth low as likely next government calls for easing
SINGAPORE, Nov 19 (Reuters) - The yen hit a seven-month low against the dollar hurt by expectations that a new Japanese government will push the Bank of Japan into taking aggressive monetary stimulus measures to boost economic growth.
"We've travelled too far, too fast over the last week or so," said Gareth Berry, a strategist for UBS in Singapore.

Looking hard for reasons to give thanks (Reuters)
With every year that passes, fewer and fewer people lead a life that is poor, nasty, brutish and short. So it is only right to step back, as America does this Thursday, to appreciate the bounties bestowed by economic progress.

US lawmakers say they're confident they can avoid 'fiscal cliff' (Reuters)
Leading U.S. lawmakers expressed confidence on Sunday that they could reach a deal to avert the "fiscal cliff" even as they laid down markers on taxes and spending that may make any agreement more difficult.

China to halt regular state soy sales from this week -CNGOIC (Reuters)
China, the world's top soy buyer, will temporarily halt regular state soy sales from this week as Beijing starts a stockpiling programme for the oilseed, an official think tank said on Monday, to improve margins for soy plants and spur imports.

GRAINS: U.S. soybeans rose 1 percent, buoyed by expectations of renewed buying after prices slid to their lowest in five months in the previous session as the world's top buyer China cancelled purchases. Corn rose for a second straight session while wheat ticked higher, snapping a six-session losing streak as sentiment across global financial markets turned positive on hopes that U.S. politicians would find common ground to prevent the economy from being weakened by the "fiscal cliff": a combination of spending cuts and higher taxes. (Reuters)

OIL: Brent crude rose to almost $110 a barrel as escalating violence between Israel and the Palestinians fuelled concerns about supplies from the Middle East. (Reuters)

Oil platform blaze off Louisiana leaves workers missing (Reuters)
An oil platform in the Gulf of Mexico off the Louisiana coast exploded on Friday, leaving two people missing and badly injuring several others, recalling the horror of the 2010 Deepwater Horizon disaster.

LME aluminium stocks set to break record on structural surplus (Reuters)
Aluminium stocks on the London Metal Exchange are poised to hit another all-time record above five million tonnes as soon as next week in a market swamped by a structural surplus.

BASE METALS: London copper rallied almost 1 percent, with traders expecting fresh shoots of economic revival to be revealed in China this week, while hopes that U.S. lawmakers would avert a looming fiscal crisis also stoked appetite for risk. (Reuters)

PRECIOUS METALS: Gold gained after dropping by a percent last week as the dollar came off the previous session's highs, while continued U.S. discussions to avert an upcoming "fiscal cliff" also lent support. (Reuters)

METALS-Copper up nearly 1 pct on hopes for U.S. fiscal fix
SINGAPORE, Nov 19 (Reuters) - London copper rallied almost 1 percent with traders expecting fresh shoots of economic revival to be revealed in China this week, while hopes that U.S. lawmakers would avert a looming fiscal crisis also stoked appetite for risk.
"The trough seems to be behind us on China. If you take historical information like fixed asset investment ... it seems we are on a higher footing," said Dominic Schnider, head of commodity research at UBS Wealth Management.

PRECIOUS-Gold firms on soft dollar; US fiscal talks eyed
SINGAPORE, Nov 19 (Reuters) - Gold gained after  dropping by 1 percent last week as the dollar came off the  previous session's highs, while rising tension in the Middle  East and continued U.S. discussions to resolve fiscal  difficulties lent support.
"The dollar is losing momentum for a further rally after  Friday's positive news on the fiscal talks, which will support  gold," said Li Ning, an analyst at Shanghai CIFCO Futures.