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imageNEW YORK: US Treasuries prices rose on Tuesday as a sell-off in stock and commodity markets worldwide stemming from lingering worries about the global economy revived safehaven demand for lower-risk government debt.

The bond market recouped some of Monday's losses linked to competition from higher-yielding corporate bond supply and several top Federal Reserve officials suggesting a rate increase by year-end is on the table.

A 19 percent drop in the share price of Volkswagen weighed on the European stock market after the German carmaker admitted to cheating US vehicles emissions tests.

"The market is assessing the impact for European automakers and the German economy.

That's putting a bid for Treasuries," said Richard Schlanger, portfolio manager at Pioneer Investments USA in Boston.

Renewed appetite for Treasuries should spur bids at the $26 billion auction of new two-year notes at 1 p.m. (1700 GMT), part of this week's $90 billion in fixed-rate government debt sale.

On Monday, companies raised $15.75 billion in the US investment-grade bond market, according to IFR, a unit of Thomson Reuters.

In Tuesday trade, benchmark 10-year Treasuries notes were up 18/32 in price, yielding 2.148 percent, down 7 basis points from Monday's close.

Two-year notes were up 2/32 in price for a yield of 0.686 percent, down 3 basis points from Monday, while the 30-year bond was up 1-17/32 points in price to yield 2.956 percent, down 8 basis points on the day.

The yield premium on the 30-year bond over 5-year Treasuries narrowed to 1.513 percentage points from 1.535 points late on Monday.

Wall Street opened sharply lower with the Standard & Poor's 500 index down 1.1 percent.

Worries about global demand sparked selling in the oil market.

US crude futures were down 2.5 percent at $45.50 a barrel.

Copper prices tumbled 3 percent to two-week lows on Tuesday as jitters about economic growth and demand in top consumer China dominated sentiment.

Copyright Reuters, 2015