20121123 1616 Global Markets & Commodities Related News.

STOCKS: European shares were set to edge higher and on track for the best week in about 10 months on expectations that the pace of global economic recovery was picking up and Greece was closer to getting the next tranche of aid. Asian shares rose and were on course for a weekly gain of more than 2.5 percent, their best in two months. Activity generally was subdued, with Japanese financial markets closed for a holiday following the U.S. shutdown for Thanksgiving on Thursday. (Reuters)


FOREX-Euro rises to three-week high versus dollar
LONDON, Nov 23 (Reuters) - The euro rose to hit a three-week high versus the dollar after a source told Reuters that Greece's international lenders were inching towards an agreement debt sustainabilty.
Euro  rose past option barriers at $1.2900 to hit a three-week high of $1.2908 on trading platform EBS, up 0.17 percent on the day. Stop loss buy orders are cited at $1.2920.


EU budget talks dim after gesture to French, Poles   (Reuters)
Prospects of a deal on the European Union's long-term budget dimmed after a fresh compromise proposal offered concessions to France and Poland but ignored British and German demands for deeper overall spending cuts.

POLL-China's 2012/13 soybean import growth seen at 6-yr low (Reuters)
China's soybean imports will grow at their slowest pace in six years this marketing year as sluggish demand and poor crushing margins dent purchases by the world's top buyer, a Reuters poll showed.

BP, Rosneft formalise terms for tie-up (Reuters)
Oil companies BP and Rosneft came closer to sealing their tie-up deal on Thursday, winning Russian government approval for a key part of it and signing a sale and purchase agreement for scrutiny by regulators around the world.

OIL: Brent crude slipped towards $110 a barrel as weak data from Europe raised concerns about global demand and a ceasefire in the Gaza Strip eased supply concerns, overshadowing positive manufacturing data out of China.  (Reuters)

EU steelmakers unhappy with EU conditions on Glenstrata deal (Reuters)
EU steelmakers said Europe's antitrust conditions for Glencore to go ahead with its $33 billion takeover of Xstrata XTA.L are not sufficient to prevent the dominant influence of one zinc supplier.

BASE METALS: London copper was steady and set to log a second week of gains after recent data fuelled hope that Chinese and U.S. economies have finally turned a corner, but the Thanksgiving holiday in the United States drained liquidity.  (Reuters)

PRECIOUS METALS: Gold traded little changed but was headed for the second weekly rise in three, supported by concerns over U.S. fiscal problems and a weaker dollar.  (Reuters)


METALS-LME copper steady, eyes second week of gains on China
SINGAPORE, Nov 23 (Reuters) - London copper was steady and set to log a second week of gains after recent data fuelled hope that the Chinese and U.S. economies have finally turned a corner, but the Thanksgiving holiday in the United States drained liquidity.
"We got a positive PMI number and we'll see a slight rebound from here but I don't think copper prices can explode, as they are not fundamentally supported," said Judy Zhu, an analyst with Standard Chartered in Shanghai.

PRECIOUS-Gold headed for weekly gain, US fiscal worry supports
SINGAPORE, Nov 23 (Reuters) - Gold traded little changed but was headed for the second weekly rise in three, supported by concerns over U.S. fiscal problems and a weaker dollar.
"We are stuck between $1,715 and $1,740 area for now, but speculators are still bullish on gold, as uncertainties about the 'fiscal cliff' hang around and they believe that central banks around the world will stay loose on monetary policy," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.