July 13, 2012 / 9:06 PM / 7 years ago

COMMODITIES-Markets boosted by China's Q2 growth; oil up 3rd day

* No nasty surprise in China's Q2 economic report
    * Brent crude oil ends up 4.3 percent on the week
    * Soybeans gain 3 percent on the week

    By Barani Krishnan
    NEW YORK, July 13 (Reuters) - Most commodity prices rose on
Friday, with oil up a third straight day and copper hitting a
one-week high, on investor relief that the economy China, a
major raw materials consumer, did not slow more than expected in
the second quarter.
    The dollar's slide against the euro also boosted
commodities, making raw materials priced in the greenback more
attractive to holders of the single European currency. 
    U.S. corn and soybean futures extended their strongest
four-week rallies in at least 3-1/2 years as drought parching
the Midwest threatened to further erode crop yields.
    The Thomson Reuters-Jefferies CRB index posted its
second straight weekly rise after a second-quarter tumble.
    The 19-commodity CRB settled up 1.3 percent on the day and
rose 2.4 percent on the week. For the month and quarter so far,
it is up 3.5 percent.
    Those gains have been largely driven by rising U.S. oil
prices in July, with investors buying crude due to worries about
Western sanctions on Iran, the No. 4 oil exporter.
    Oil and other commodities got a boost on Friday as investors
were relieved that GDP data from Beijing contained no nasty
    China said its economy grew 7.6 percent in the second
quarter from a year earlier, its slowest pace in three years
which confirmed expectations of a downward trajectory.
    "The headline GDP print of 7.6 percent was far from
jaw-dropping stuff," said Tim Waterer, senior trader at CMC
Markets, in a report. "However, it was a case of small mercies
for the market, with risk assets able to claw back some ground."
    Wall Street and European stocks rallied after the data,
adding to bullish investor sentiment.
    U.S. crude oil settled up $1.02, or 1.2 percent, at
$87.10 a barrel. For the week, it rose 3.1 percent.
    London's North Sea Brent crude finished up $1.33, or
1.3 percent, at $102.40. It gained 4.3 percent on the week.  
    Brent prices were also supported by news of possible delays
in August loadings of North Sea Forties crude due to output
problems at the Buzzard oil field, which feeds into the Forties
    Copper closed up 2.6 percent in New York and nearly 2
percent higher in London, reacting to the second quarter growth
in China -- the world's largest buyer of metals.
    The most-active U.S. copper futures contract, September
, ended up 8.90 cents at $3.5040 per lb. London's
benchmark three-month copper peaked at $7,725 per tonne,
its priciest since July 5, before ending the day up $145 at
    Gold rallied too as the dollar fell. The spot price of
bullion rose more than 1 percent to above $1,587 an ounce.
    U.S. grains markets rose for a fourth straight week in a
drought-fueled rally, reviving food inflation worries and
rekindling memories of the 2008 food crisis which stirred unrest
in some import-dependent nations.
    Actively traded new-crop December corn in Chicago 
ended up 1 percent on the day and 6.8 percent higher on the
week. New-crop November soybeans rose 1.5 percent for the
session and 3.1 percent from a week ago. September wheat 
climbed 0.1 percent for the day 5.1 percent for the week. 
 Prices at 4:31 p.m. EDT (2030 GMT)      
                             LAST/      NET    PCT     YTD
                             CLOSE      CHG    CHG     CHG
 US crude                    87.10     1.02   1.2%  -11.9%
 Brent crude                102.75     1.68   1.7%   -4.3%
 Natural gas                 2.874    0.000   0.0%   -3.8%
 US gold                   1593.20    26.80   1.7%    1.7%
 Gold                      1588.46    17.97   1.1%    1.6%
 US Copper                  350.40     8.90   2.6%    2.0%
 Dollar                     83.320   -0.339  -0.4%    3.9%
 CRB                       293.960    3.690   1.3%   -3.7%
 US corn                    740.25     8.00   1.1%   14.5%
 US soybeans               1569.50    24.00   1.6%   31.0%
 US wheat                   862.50     2.75   0.3%   32.1%
 US Coffee                  186.10     4.05   2.2%  -18.4%
 US Cocoa                  2216.00    27.00   1.2%    5.1%
 US Sugar                    22.99     0.23   1.0%   -1.0%
 US silver                  27.369    0.208   0.8%   -2.0%
 US platinum               1434.20    22.70   1.6%    2.1%
 US palladium               585.65    10.85   1.9%  -10.7%
 (Editing by David Gregorio)
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