Commodities and Energy Page Editor: William Hardy, London Newsroom +33 207 542 7629 Provided by: Reuters News Updated: 10 Nopember 2008 20:12:47 (GMT+07:00)
Oil, metals jump on China's spending plan LONDON, Nov 10 (Reuters) - Commodity markets surged on Monday as demand hopes brightened following China's $600 billion stimulus plan and pledges by the G20 group of nations to take all necessary steps to put financial markets back on their feet. Story ID: nLA274043 Oil above $64 on China stimulus, Saudi supply cut LONDON, Nov 10 (Reuters) - Oil rose more than 5 percent on Monday, fuelled by hopes that plans around the world to lift growth could avert recession and by Saudi Arabia's intention to cut crude supplies to Asia in December. Story ID: nSYD393020 Saudi confirms oil supply cuts with Dec curbs TOKYO, Nov 10 (Reuters) - Top oil exporter Saudi Arabia provided the most visible evidence yet of adhering to OPEC's deal to curb output by telling refiners in Asia that it would cut December supplies by 5 percent, term lifters said on Monday. Story ID: nSP414579 Gold climbs as commodities rally on China LONDON, Nov 10 (Reuters) - Gold rose 2 percent in Europe on Monday, lifted by gains across commodities after China announced a $600 billion economic stimulus package, and by weakness in the dollar against the euro. Story ID: nLA207483 Qatar oil min says oil price should stay above $70 DOHA, Nov 10 (Reuters) - Oil should be above $70 a barrel to encourage investment in increased production capacity and avoid creating future supply crises, Qatar's oil minister said on Monday. Story ID: nLA238086 U.S. soybeans up 3 pct on China demand boost PARIS/ SYDNEY, Nov 10 (Reuters) - U.S. soybean futures rose 3 percent on Monday ahead of the USDA's monthly crop report, seen cutting the soy output estimate, and gains across commodities spurred by China's $600 billion stimulus plan. Story ID: nSYD417514 Base metals boosted by China's spending package LONDON, Nov 10 (Reuters) - Copper jumped almost 10 percent on Monday, pulling all industrial metals higher, on hopes that China's $600 billion economic stimulus plan will boost demand. Story ID: nLA280734 India's STC chief: govt veg oil imports stop NEW DELHI, Nov 10 (Reuters) - The State Trading Corp of India has stopped importing edible oils for the government as states are reluctant to lift the stocks as local prices have fallen, the government-run company's chairman said on Monday. Story ID: nDEL219757 Rio to review Maaden $10.6 bln aluminium jv-CEO DUBAI/RIYADH, Nov 10 (Reuters) - Rio Tinto Alcan said on Monday it will review a $10.6 billion aluminium joint venture with Saudi firm Maaden, and sources close to the project said it could be delayed by 1-2 years. Story ID: nLA248791 Rio cuts Australia iron output as China weakens SYDNEY, Nov 10 (Reuters) - Facing a dramatic drop off in Chinese steel production, Rio Tinto Ltd/Plc will cut iron ore shipments by up to 20 million tonnes in 2008 in hopes that industrial activity in China will improve next year. Story ID: nSYD419061 Pemex says $60 oil no threat to its plans BEIJING, Nov 10 (Reuters) - Crude oil prices at $60 per barrel are still above the level needed for Mexico's state-owned oil firm Pemex to add new output, and it is sticking with output forecasts for next year, a top executive said on Monday. Story ID: nPEK104915 Copyright © 2008 Reuters News
