20121205 1623 Global Markets & commodities Related News.

STOCKS: European stock index futures pointed to a higher open, with stocks set to resume their recent rally and track gains in Asia after comments from China's new leader fuelled hopes for a recovery. U.S. stocks finished slightly lower in a quiet session on Tuesday. (Reuters)



FOREX-Euro rises to 1-1/2 month high versus dollar
LONDON, Dec 5 (Reuters) - The euro rose to a 1-1/2 month high against the U.S dollar extending recent gains as worries over Greece and Spain subsided and investors cut previous short positions against the single currency.
The euro  hit $1.3127, its highest level since Oct. 18, according to trading platform EBS. Traders cited an options barrier at $1.3150 with Asian central banks also seen buying the euro in recent sessions.


Obama firm on 'fiscal cliff' amid Republican disarray  (Reuters)
President Barack Obama held his ground on the "fiscal cliff" on Tuesday, insisting on higher tax rates for the wealthiest Americans, while Republicans showed increasing disarray over how far they should go to compromise with Obama's demands.

GRAINS: U.S. soybeans climbed to their highest in nearly a month and wheat snapped out of a four-day slide as traders continued to worry that unfriendly crop weather in key producing regions would whittle down global supplies. (Reuters)

China HSBC Nov services PMI eases on soft new orders (Reuters)
Growth in China's services sector slowed in November as lacklustre growth in new orders and a surge of recent hires reduced work backlogs.

Oil supply comfortable, Badri says ahead of OPEC (Reuters)
Global oil supplies are comfortable, OPEC secretary general Abdullah al-Badri said on Tuesday ahead of the oil exporting group's meeting in Vienna next week.

Petrobras struggling to sell Gulf of Mexico assets -sources (Reuters)
Brazil's state-controlled oil company Petrobras is having trouble selling more than $4 billion of offshore oil exploration and production assets in the U.S. Gulf of Mexico, sources familiar with the matter said.

Nebraska decision on Keystone pipeline on horizon-U.S. oil lobby (Reuters)
Nebraska's state government will soon announce a decision on the Keystone XL pipeline from Canada, a milestone in a long approval process, but it is unclear when the Obama administration will decide, a U.S. oil industry lobby group said Tuesday.

OIL: Brent crude was steady around $110 a barrel, nursing losses from the previous two sessions, as investors fretted over prospects for the U.S. fiscal crisis to hurt oil demand, despite supply fears fanned by Middle East tension.  (Reuters)

BASE METALS: London and Shanghai copper prices hit their highest in nearly seven weeks, cheered by news that China is seeking more effective policies to ensure stable economic growth.  (Reuters)

PRECIOUS METALS: Gold edged up on bargain hunting, but still hovered near its weakest in a month as talks between the White House and Congress to avoid year-end tax hikes and spending cuts showed little progress and kept most investors at bay.  (Reuters)


METALS-Copper hits near 7-week high on China recovery hopes
SINGAPORE, Dec 5 (Reuters) - London and Shanghai copper prices hit their highest in nearly seven weeks cheered by news that China is seeking more effective policies to ensure stable economic growth.
"Risk appetite is back," said a Singapore-based trader, adding that some stop-loss buying helped fuel the rise in copper.

PRECIOUS-Gold bounces from 1-month low, US budget talks drag
SINGAPORE, Dec 5 (Reuters) - Gold edged up on bargain hunting but still hovered near its weakest in a month as talks between the White House and Congress to avoid year-end tax hikes and spending cuts showed little progress and kept most investors at bay.
"I think there are a few scenarios that we could look at. They may not come to a real, long-term deal. So we are expecting that there will be delays, which mean they will extend the deadline until they come to an agreement," said Lynette Tan, senior investment analyst at Phillip Futures in Singapore.


Baltic Index down on lower capesize, panamax rates
Dec 3 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Monday as rates for capesize, panamax vessels fell on lower demand.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 0.83 percent to 1,077 points.