Tokyo- Asian stocks rose on Tuesday, led by a rebound in Japanese stocks, while commodities such as crude oil stood tall thanks to a sagging dollar.
U.S. crude oil CLc1 fetched $40.27 a barrel after rising to a three-week high of $40.75 on Monday. Brent crude LCoc1, which popped above $43 a barrel to a four-month peak overnight, traded at $42.76.
The dollar’s recent depreciation has boosted commodity prices and crude was lifted by hopes that oil producers would agree to curb output at a meeting in Doha next Sunday.
A weaker greenback favours non-U.S. buyers by reducing the effective cost of commodities priced in dollars.
Spot gold XAU= touched a three-week high of $1,259.66 an ounce. Spot silver XAG= was down 0.7 percent after surging 3.9 percent overnight and platinum XPT= edged back 0.5 percent following Monday’s 2 percent rise.
Iron ore .IO62-CNI=SI rose nearly five percent overnight to $55.90 a tonne, its highest in three weeks.
The dollar was steady at 107.93 yen JPY=, not too far from a 17-month low of 107.63 struck on Monday. The dollar index .DXY stood at 93.966, hovering near an eight-month trough of 93.748 plumbed overnight. The euro was flat at $1.1409 EUR=.The U.S. currency has been on the back foot since Federal Reserve Chair Janet Yellen last month doused expectations for hikes in U.S. interest rates anytime soon.

Source: Reuters, April 12