* Commodity traders hit as global stocks fall
* Glencore up 8 percent, some other traders hit
* Biotech weighs on Europe shares after Wall St fall
* Platinum touches lowest since 2009 on VW impact
* Commodity currencies hit; yen, Swiss franc sought
By Nigel Stephenson
LONDON, Sept 29 (Reuters) - Shares in commodity trading firms took another tumble on Tuesday, driving global stocks to their lowest in more than two years as pressure built on raw materials prices and emerging markets.
Giant mining and trading firm Glencore GLEN.L , whose shares fell by almost a third on Monday on investor concern over its debt levels, eked out gains of 9 percent in early London trade but only after its Hong Kong-listed shares fell more than 30 percent.
Asian commodity merchant Noble NOBG.SI lost 11 percent, having at one point in the session fallen by 15 percent to levels last seen in October 2008.
European shares opened lower, following a slide to 3 1/2-year lows in Asia caused by concerns a slowdown in China will dent its previously massive demand for commodities.
Emerging equities dropped 1 percent while sovereign dollar bond yield spreads hit 6 1/2-year highs on doubts about the creditworthiness of commodity exporting countries and companies.
Copper lost 0.4 percent after hitting a one-month low below $5,000 a tonne on Monday. It last traded at $4,945, within reach of a 6 1/2-year low below $4,855.
Platinum XPT= fell below $900 an ounce for the first time since 2009 on fears that the emissions scandal embroiling German carmaker Volkswagen (XETRA:VOWG) could hit demand from the auto sector.
Gold XAU= fell 0.4 percent to $1,126.60 an ounce on worries U.S. interest rates could rise later this year.
The pan-European FTSEurofirst 300 index .FTEU3 fell 1 percent, led lower by biotech forms, which helped push the U.S. Nasdaq index .IXIC down 3 percent on Monday.
VW VOWG_p.DE shares fell 1.6 percent.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS slid 2.0 percent, having earlier touched its lowest levels since June 2012. MSCI's all-country index of world shares .MIWD00000PUS lost 0.8 percent, touching its lowest since September 2013.
Tokyo's Nikkei index .N225 fell 4 percent to an eight-month low and turned negative for the year with shares of commodity-linked firms and shippers pummelled.
Commodity and energy shares led Chinese stocks lower. The CSI 300 index .CSI300 of the largest listed companies in Shanghai and Shenzhen fell 2 percent and the Shanghai Composite .SSEC lost 2.1 percent. Hong Kong's Hang Seng .HSI fell 3 percent.
Commodity-linked currencies were hit hard, with the Australian dollar AUD= trading near 6 1/2-year lows before recovering. Instead, investors sought safety in the Japanese yen JPY= and Swiss franc JPY= , which traditionally do well in time of uncertainty.
"Everybody is looking at stock prices for trading clues. Those who usually love to look at interest rate gaps are also watching stocks," said Masatoshi Omata, senior client manager at Resona Bank.
DOLLAR
The U.S. dollar was down 0.2 percent against a basket of major currencies .DXY and down a similar amount at 119.70 yen. The euro was up 0.1 percent at $1.1249.
Some analysts said the latest market turmoil could lead the U.S. Federal Reserve to delay raising interest rates and that this was weighing on the dollar.
"The market thinks the latest bout of risk aversion will drive the Fed to postpone a rate hike," said Niels Christensen, FX strategist at Nordea. "That is weighing on the dollar, while the yen, the franc and the euro are all trading higher."
Since the Fed kept rates on hold on Sept. 17, markets have been puzzling over whether it will hike before the end of 2015.
There were mixed messages from Fed official on Monday and investors will be looking to a speech from Fed Chair Janet Yellen on Wednesday for more clarity.
Brent crude oil LCOc1 , which lost 2.5 percent on Monday, edged up 20 cents a barrel to $47.55 on signs of a tightening U.S. market, although analysts said the outlook remained weak.
($1 = 119.9500 yen)