* Euro erases losses, commodities firm
* Futures up: S&P 3.2 pts, Dow 28 pts, Nasdaq 9 pts
NEW YORK, Nov 9 (Reuters) - U.S. stock index futures edged higher on Tuesday as the euro erased early losses against the dollar and commodity prices rose, with stocks looking to resume their climb to new two-year highs.
* U.S. crude oil futures hit a fresh two-year top after bullish comments from an industry group, while copper hit its highest since July 2008, helped by falling inventories coupled with supply concerns.
* The U.S. Federal Reserve's attempt to spur the economy by buying $600 billion in Treasury debt has helped commodity prices and led stocks to rally over the last two months. Equities have also developed a close inverse relationship with the dollar.
* Renewed concerns about euro zone economies weighed on the euro, which hit its lowest in more than a week versus the dollar, before recovering to sit flat.
* S&P 500 futures rose 3.2 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures rose 28 points, and Nasdaq 100 futures added 9 points.
* Investors were cautious ahead of this week's G20 summit. China warned the U.S. Fed's latest quantitative easing could inflate asset bubbles elsewhere, keeping pressure on Washington ahead of the meeting.
* Top Fed officials offered differing assessments of the central bank's bond-buying program, unveiled last week, with one warning that the Fed's bond buying might need to be curbed to head off inflation.
* Jack Ma, founder of Alibaba Group, has been approached by a group of private equity investors to gauge his interest in taking part in a bid to buy Yahoo Inc, a source said.
* Economic data on tap for Tuesday includes wholesale inventories for September and IBD consumer confidence.
*In corporate news, Dean Foods Co, Marsh & McLennan Cos Inc and Rockwell Automation Inc are expected to report quarterly results.
* Japan's Nikkei average ended down 0.4 percent Tuesday as investors pocketed profits after the average had jumped more than 6 percent over the previous four sessions, while European shares rose 0.7 percent in morning trade, led by strong gains in the resource-related sector.
* Wall Street retreated from a two-year high on Monday, weighed down by financial stocks and a stronger dollar.