MTECHTIPS COMMODITY NEWS

MTECHTIPS:-Crude dips as Europe concerns spark profit taking

Crude oil futures dipped in Asian trading early Monday as investors sold for profits on reports France and Germany may be at odds concerning a timetable to centralize eurozone banking supervision.The commodity rose in recent sessions on Federal Reserve monetary easing measures and on reports Spain may seek a bailout, though the commodity fell amid profit-taking Monday.On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD92.79 a barrel on Monday, down 0.11%, off from a session high of USD92.89 and up from an earlier session low of USD92.75.Reports last week that Spain may be closer to requesting a sovereign bailout sent oil rising.The news sparked demand for oil on sentiment a Spanish bailout will steer Europe away from further economic decline, which would crimp demand for energy and fuels.Meanwhile, oil has risen in recent sessions in wake of the Federal Reserve's recent decision to roll out a third round of bond purchases from banks, a monetary policy tool known as quantitative easing.Over the weekend, however, reports surfaced suggesting Germany and France were at odds over a timeframe to centralize banking supervision, with Germany hoping to delay giving the European Central Bank more power to oversee the eurozone's financial institutions.

MTECHTIPS:-Gold slides as fresh European concerns spark profit taking

Gold prices fell in Asian trading on Monday as talk that France and Germany are at odds as to when the currency zone should centralize banking supervision sent the precious metal falling amid profit taking.Gold last week rose to a few dollars shy of 2012's record-high price of USD1,792.15 hit on Feb. 29 on talk of a Spanish bailout as well on the coattails of central bank decisions around the world to stimulate their economies with monetary easing measures.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.53% at USD1,768.65 a troy ounce, up from a session low of USD1,768.25 and down from a high of USD1,772.55 a troy ounce early during the session.Gold futures were likely to test support at USD1,755.75 a troy ounce, Thursday's low, and resistance at USD1,787.55, Friday's high.Over the weekend, reports surfaced that Germany and France were at odds over a timeframe to centralize banking supervision, with Germany hoping to delay giving the European Central Bank more power to oversee the eurozone's financial institutions.The news sent gold falling as investors took up long dollar positions on expectations that fresh policy snags that could further delay Europe's exit from its debt crisis.Gold and the dollar trade inversely from one another.

MTECHTIPS:-Gold down almost 1% as U.S. dollar gains broadly

Gold futures were lower during European morning hours on Monday, moving off the previous sessions sevenmonth peak as fears over the outlook for global growth pushed investors into the relative safety of the U.S. dollar, while Spain remained at the center of worries that it will need a bailout.On the Comex division of the New York Mercantile Exchange, gold futures for October delivery traded at USD1,762.75 a troy ounce during European morning trade, dropping 0.85%.Earlier in the session prices fell by as much as 1% to trade at a session low of USD1,759.75 a troy ounce. Gold futures rose to a high of USD1,787.55 a troy ounce on September 21, the strongest level since February 29.Gold prices were likely to find short-term support at USD1,751.95 a troy ounce, the low from September 18 and resistance at USD1,792.25, the high from February 29.Investors remained cautious, as Madrid is to present its draft budget for next year and announce structural reforms on Thursday, while the results of bank stress tests are due on Friday. In addition, ratings agency Moodys is expected to complete a ratings review on Spain later this week.Over the weekend, Spains economy minister said the country would not rush to seek external financial aid, as pressure mounted on Spain to seek a bailout.Greece also added to concerns, after German magazine Der Spiegel reported over the weekend that the country faces a EUR20 billion budget shortfall, almost twice as much as previously thought.

MTECHTIPS:-Crude oil re-approaches 6-week low in risk-off trade

Crude oil futures fell sharply during European morning hours on Monday, re-approaching last weeks six-week low as market sentiment was hit by global growth concerns as well as uncertainty over whether Spain will request a full scale sovereign bailout.Oil prices have been under heavy selling pressure in recent sessions amid signs that top oil exporter Saudi Arabia was pumping more oil. The countrys output is near the highest level in more than three decades, according to a Persian Gulf official with knowledge.On the New York

Mercantile Exchange, light sweet crude futures for delivery in November traded at USD91.70 a barrel during European morning trade, dropping 1.3%. Earlier in the session prices fell by as much as 1.4% to hit a daily low of USD91.61 a barrel, the weakest level since September 20, when prices tumbled to a six-week low of USD90.96 a barrel.A recent rally spurred by a series of stimulus measures by major central banks around the world in a bid to bolster their economies appears to have faded, with investors shifting their focus back to concerns over the global economy. New York-traded oil prices plunged 6% last week, amid growing concerns over the global economic outlook and the impact on future oil demand prospects.Investors also remained cautious as Madrid is to present its draft budget for next year and announce structural reforms on Thursday, while the results of bank stress tests are due on Friday. In addition, ratings agency Moodys is expected to complete a ratings review on Spain later this week.Over the weekend, Spains economy minister said the country would not rush to seek external financial aid, as pressure mounted on Spain to seek a bailout.