20121206 1723 Global Markets & Commodities Related News.

STOCKS: European stocks opened positively while Asian shares paused after hitting 16-month highs earlier thanks to buying from investors reassured by U.S. President Barack Obama saying a deal to avert the so-called fiscal cliff was possible in "about a week" if Republicans compromise on taxes. A volatile trading session ended with U.S. stocks mostly higher on Wednesday. (Reuters)

FOREX: The euro slipped in Asian trade, moving further away from both a seven-week high against the dollar and a 7-1/2-month high against the yen hit in the previous session, as investors awaited a European Central Bank policy meeting.  (Reuters)

Obama warns will not 'play' games over debt ceiling (Reuters)
President Barack Obama bluntly warned Republican lawmakers on Wednesday that he would not engage in another debt ceiling standoff and predicted a "fiscal cliff" deal could be reached in a week if his opponents would compromise on taxes.

GRAINS:  U.S. soybeans rose to their highest in almost a month, lifted by expectations of a jump in Chinese demand and concerns about supplies from Argentina, where unfavourable wet weather is threatening crop yields.  (Reuters)

Canada wheat crop swells to second-biggest in 16 years (Reuters)
Canada's wheat harvest was its second-biggest in 16 years, according to a Statistics Canada report on Wednesday, offering a bright spot amid growing concerns about crops in many of the world's other leading growers.

US fuel stocks rise sharply as refiners produce more-EIA (Reuters)
Stocks of refined fuel products in the United States rose sharply last week, and crude inventories fell as refineries processed more crude, data from the U.S. Energy Information Administration showed on Wednesday.

US shale production to push oil, gas output higher-EIA (Reuters)
U.S. oil and gas production over the next two decades will be higher than previously expected, the government said on Wednesday, underscoring the push toward greater energy self-sufficiency and more exports of natural gas.

OIL: Brent crude held below $109 per barrel as niggling worries about the global economy and oil demand, following subdued data from the United States and Europe, countered supply fears stemming from simmering Middle East tensions.  (Reuters)

China smelters offer lower premiums to export copper cathodes (Reuters)
China's large copper smelters are offering 2013 exports of refined cathode at cheaper premiums, ranging from about 12 percent to 21 percent less, as they compete with major suppliers such as top world producer Codelco, boosting supply in Asia.

BASE METAS: London copper slipped after five days of gains fuelled by hopes that U.S. lawmakers would forge a last minute deal to avert a budget crisis, building on optimism over accelerating growth in top consumer China.  (Reuters)

PRECIOUS METALS: Gold edged down, holding near a one-month low hit in the previous session, pressured by a slightly stronger dollar as investors await a policy meeting of the European Central Bank for fresh clues to its stance. (Reuters)