20121130 1700 Global Markets & Commodities Related News.

STOCKS: European stocks opened little changed while Asian shares hit a nine-month peak, as firmer overnight global equities created an upbeat tone, but flows were largely driven by month- and year-end position-squaring, with investors taking profits on the rises and buying on dips. U.S. stocks finished higher on Thursday. (Reuters)

FOREX-Euro rises to fresh 7-month high versus yen
LONDON, Nov 30 (Reuters) - The euro rose to a fresh seven-month high against the yen with traders citing month-end demand to buy euros from Japanese importers.
The euro  rose to 107.55 yen on EBS trading platform, its highest since late April.


China's Nov official PMI seen hitting 7-mth high as demand revives
BEIJING, Nov 30 (Reuters) - China's factory activity in November probably expanded at its fastest pace in seven months, reinforcing views that recovery in the world's second-largest economy is entrenched going into the final quarter of the year.
China's official purchasing managers' index (PMI) in  November may have rebounded to 50.6 from October's 50.2, the  median estimate of 11 economists polled by Reuters showed, the  latest evidence a recovery in the vast manufacturing sector was  gathering momentum on the back of a revival in domestic demand.

Boehner sees no progress in 'fiscal cliff' talks (Reuters)

House of Representatives Speaker John Boehner said on Thursday that "fiscal cliff" talks with the White House had made no substantive progress and criticized President Barack Obama and Democrats for failing to get serious about including spending cuts in a final deal.

GRAINS: Chicago wheat futures fell for the second straight session, dragged down by weak exports from the United States and profit taking after a consistent rally this week.  (Reuters)

Flood-hit Argentine barley seen losing ground to soy (Reuters)
Flooded Argentine barley fields will be planted with soybeans once they dry out, the Buenos Aires Grains Exchange said on Thursday, signaling the exchange may end up increasing its soy area estimate for the 2012/13 season.

POLL-Oversupply to depress oil prices next year (Reuters)
Oil prices are expected to fall slightly over the next year as high production feeds softening demand at a time of slowing global economic growth, a Reuters poll shows.

OIL: Brent crude was stuck below $111 per barrel, as a lack of progress in critical U.S. budget talks to avert a looming fiscal disaster muddied the outlook for oil demand from the world's biggest consumer. (Reuters)

Norilsk sees palladium in deficit next several years (Reuters)
Norilsk Nickel, the world's largest producer of palladium and nickel, expects the palladium market to remain in a deficit in the next several years largely due to a near depletion of Russian state supplies.

BASE METALS: London copper edged up, bracing to finish the month higher on signs that a recovery in China's economic growth took root in November, although worries over Europe and the United States kept gains constrained.  (Reuters)

PRECIOUS METALS: Gold was trading in a tight $4 range above $1,720 an ounce, but prices were on track for their biggest weekly drop since the start of the month with an uncertainty about crucial U.S. talks to avert a fiscal crisis continuing to hit sentiment. (Reuters)


METALS-LME copper inches up, eyes monthly gain on China prospects
SINGAPORE, Nov 30 (Reuters) - London copper edged up bracing to finish the month higher on signs that a recovery in China's economic growth took root in November, although worries over Europe and the United States kept gains constrained.
"Everyone's expectations on the copper market are turning bullish quarter 1. You've got the U.S. housing market starting to pick up, China starting to pick up and reforms next year," said Jonathan Barratt, chief executive of Barratt's Bulletin, a Sydney-based commodity research firm.

PRECIOUS-Gold ticks up; headed for biggest weekly drop in 4 weeks
SINGAPORE, Nov 30 (Reuters) - Gold edged up but prices were on track for their biggest weekly drop since the start of the month with an uncertainty about crucial U.S. talks to avert a fiscal crisis continuing to hit sentiment.
"Gold is back in its old $1,700-$1,730 range," said Chen Min, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen, referring to a range in which gold had traded earlier this month.

Baltic Index down as capesize, panamax rates fall
Nov 29 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Thursday as capesize and panamax rates declined.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 0.63 percent to 1,097 points.