MTECHTIPS COMMODITY MARKET NEWS 4

MTECHTIPS:-Gold inches lower with U.S. fiscal cliff, Middle East violence in focus
Gold futures inched lower during European morning hours on Thursday, as renewed tension in the Middle East and mounting fears over the looming fiscal crisis in the U.S. kept investors on edge.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,725.75 a troy ounce during European morning trade, down 0.25% on the day.Prices traded in a tight range between USD1,727.85 a troy ounce, the daily high and a session low of USD1,722.75 a troy ounce.Gold prices were likely to find near-term support at USD1,717.85 a troy ounce, Tuesdays low and resistance at USD1,737.95, the high from November 11.Investors remained concerned over the looming fiscal cliff in the U.S., approximately USD600 billion in automatic tax hikes and spending cuts due to come into effect on January 1. Obama is set to meet with congressional leaders on Friday to discuss the countrys fiscal situation. There are fears the U.S. economy will fall back into a recession, unless a divided Congress and the White House can work out a compromise before the January 1 deadline.Meanwhile, geopolitical tensions in the Middle East increased after Israel assassinated a senior Hamas commander on Wednesday. The U.N. Security Council will hold a closed emergency meeting on Wednesday to discuss Israeli strikes against the Gaza Strip.

MTECHTIPS:-Gold drops as Mideast unrest, soft U.S. data quash demand for risk
Gold prices fell in Asian trading on Thursday after Israeli airstrikes took out a senior Hamas military leader and quashed already ebbing demand for risk, which sent the dollar gaining as a safe-haven play.Gold and the dollar trade inversely, and soft European and U.S. data also stoked demand for the safe-harbor greenback, which came at the yellow metal's expense.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were down 0.28% at USD1,725.25 a troy ounce, up from a session low of USD1,722.85 and down from a high of USD1,726.05 a troy ounce.Gold futures were likely to test support at USD1,717.85 a troy ounce, Tuesday's low, and resistance at USD1,733.85, Wednesday's high.Israel launched a military offensive against Palestinian militants in Gaza earlier that killed a Hamas military leader, which sent oil prices higher on fears that fighting could aggravate tensions across the oil-rich Middle East and threaten supply.Oil later pared back gains as markets refocused their attention on U.S. and European economies after a string of disappointing economic indicators hit the wire on both sides of the Atlantic, which sent the dollar gaining and gold and other commodities falling.In the eurozone earlier, official data revealed that industrial production declined 2.5% in September, well beyond expectations for a more modest 1.9% decline.The numbers sparked fears that the eurozone's preliminary gross domestic product rate for the third quarter will disappoint when released later Thursday.

MTECHTIPS:-Crude oil gains with Mideast violence, U.S. supply data in focus
Crude oil futures were modestly higher during European morning hours on Thursday, as geopolitical tensions in the Middle East increased after Israel assassinated a senior Hamas commander on Wednesday.Gains were limited as traders remained fixated on concerns over Greeces debt woes and the fiscal outlook in the U.S. Oil traders were also focusing on closely-watched weekly supply data on U.S. stockpiles of crude and refined products from the U.S. Energy Information Administration later in the day.On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD86.81 a barrel during European morning trade, up 0.1% on the day.Prices held in a tight trading range between USD86.56 a barrel, the daily low and a session high of USD86.89 a barrel. New York-traded oil prices rose to a one-week high of USD87.04 a barrel on

Wednesday after Israel killed Ahmed al-Jabari, the leader of Hamass military wing in an air strike in Gaza, according to the Israel Defense Forces.

MTECHTIPS:-Copper off the highs after data confirms euro zone in recession
Copper futures came off the highest levels of the session during European morning trade on Thursday, after data showed the euro zones economy contracted in the third quarter, tipping the region into its second recession since the 2008 financial crisis.On the Comex division of the New York Mercantile Exchange, copper futures for December delivery traded at USD3.466 a pound during European morning trade, up 0.35% on the day.Prices rose by as much as 0.6% earlier in the day to hit a session high of USD3.474 a pound. Official data released earlier showed that the euro zones economy shrank 0.1% in the third quarter, following a contraction of 0.2% in the preceding quarter. A technical recession is defined as two straight quarters of contraction.Year-on-year, euro zone gross domestic product fell 0.6% compared to a year earlier after contracting at a rate of 0.5% in the previous quarter. The data came after reports showed that the pace of Germany's economic growth slowed to 0.2% in the third quarter from a 0.3% increase in the previous quarter, while France's economys expanded 0.2%, following contraction of 0.1% in the previous quarter.Data also showed Spain's economy contracted 0.3%, while Italys economy shrank 0.2% in the third quarter.