2234 GMT [Dow Jones] COMMODITY SUMMARY: LME higher, gold marginally up on safe-haven buying. International economic news coming in a little 'less bad' than previously helps commodity markets. U.S. ISM services index up from 40.1 to 42.9 in January, but this still a level indicating contracting activity. China's PMI up at 45.3 in January from 41.2 in December, but also remains at a level indicating contracting manufacturing activity. LME tin up 2.6%, aluminum up by 2.3%, boosted by China PMI, says Commonwealth Bank of Australia. LME aluminum stocks down 775 tons at 2.838 million. But LME copper stocks resume uptrend after small decrease yesterday. Talk of metals stockpiling by China's State Reserve Bureau and Korea's state procurement arm also gives investors reason to return to the market, says Daniel Smith, metals analyst at Standard Chartered. LME 3-month copper closes up $42 vs PM kerb at $3,415/ton, aluminum up $34.50 at $1,439, lead up $21 at $1,190, zinc up $7 at $1,180, nickel up $95 at $11,700, tin up $250 at $11,250. Spot gold up, bargain hunting after pullback below $900/oz levels. UBS raising its 2009 gold forecast to $1,000 also helps. USD easing from highs gives support. Spot silver up on investment demand, highlighted by inflows into exchange traded products. Spot gold at $904.15, down $1.75 vs NY close, silver at $12.53, down 1 cent, platinum at $964, down $1, palladium at $194, down $1. Nymex March crude futures down 52 cents at $40.29/bbl. (EFB)
