US STOCKS-Futures point to higher open as commodities gain

* Stocks set to open higher as commodities rise

* GE gains before the bell after upgrade

* Futures up: S&P 11.30 pts, Dow 92 pts, Nasdaq 15.75 pts (Adds details, quote)

NEW YORK, Sept 8 (Reuters) - U.S. stock index futures pointed to a nearly 1 percent gain at the open on Tuesday as rising commodity prices fueled hopes the economy is strengthening, while a brokerage upgrade boosted General Electric. (GE.N)

Kraft Foods Inc (KFT.N) fell 3.9 percent to $27 in premarket trading after its 10.2 billion pound ($16.7 billion) bid for Britain's Cadbury Plc CBRY.L was rejected. Kraft, North America's biggest food group, said it intended to pursue Cadbury. For details, see [ID:nL7524247]

Natural resource shares could see a boost as the price of spot gold XAU= rose above $1,000 an ounce to its highest level since March 2008 on a wave of technical momentum and dollar weakness.

Energy shares could benefit as oil futures CLc1 jumped 2.7 percent to nearly $70 a barrel ahead of an OPEC meeting. [ID:nL8235192]

"Commodities are again becoming a barometer for the market," said Andre Bakhos, president of Princeton Financial Group in Princeton, New Jersey.

"Strong commodities suggest a healthy economy, and therefore stocks will follow."

Shares of General Electric Co gained 4 percent to $14.43 premarket after J.P. Morgan Securities upgraded the stock to "overweight" from "neutral," saying it was one of the last stocks for which a little good news could still go a long way. [ID:nBNG44387]

S&P 500 futures SPc1 rose 11.30 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 DJc1 added 92 points, and Nasdaq 100 NDc1 futures climbed 15.75 points.

Shares of iPod maker Apple Inc (AAPL.O) rose 1.5 percent to $172.89 ahead of the opening after Morgan Stanley raised its price target to $200 from $195. The firm also raised the U.S. systems and PC hardware sector to "attractive" from "in line." [ID:nBNG31681]

Asian markets rose, with China's benchmark Shanghai Composite .SSEC closing 1.7 percent higher after a senior official said China's economy is seeing more signs of economic strength. U.S. markets have taken a cue from Chinese stocks after a recent correction in Shanghai stocks raised concerns a selloff could spill over to Wall Street. [ID:nL8712077]

U.S. stocks closed higher on Friday as investors focused on the bright side of a mixed payrolls report that showed smaller-than-expected job cuts in August, although the unemployment rate hit a 26-year high. U.S. markets were closed on Monday for the U.S. Labor Day holiday.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)