COMMODITIES-Broad rally lifts futures, some up nearly 2 pct
NEW YORK, Aug 14 (Reuters) - Commodity markets gained across the board on Wednesday as signs of tame inflation boosted precious metals over 1 percent, strong Chinese data lifted industrial metals and fears of supply disruptions sent crude oil to four-month highs. Weather factors rallied agricultural commodities. Forecasts of dry weather in the U.S. Midwest pushed corn futures up 2 percent, and similar outlooks for the Ivory Coast lifted cocoa to its biggest gains in a week. U.S. soybeans rose for a third consecutive day, up almost 1 percent, to test Tuesday's 2-1/2 week high, while corn rebounded from the sharpest drop in six weeks in the previous session as dry weather forecasts threatened yields for developing crops. December cocoa contracts on ICE Futures U.S. finished up $37, or 1.5 percent, at $2,495 a tonne, having jumped about 8 percent on ICE and nearly 6 percent on Liffe this month. Meanwhile, fears of crops lost to frost in Brazil sent arabica coffee nearly 2 percent higher. The 19-commodity Thomson Reuters-Jefferies CRB index rose to its highest level since July 24, gaining 0.7 percent on Wednesday and 3.35 percent since it fell to a one-month bottom on Aug. 7. Three-month copper on the London Metal Exchange rose about 0.6 percent as data showing recovery in the euro zone economy and optimism about the outlook for growth in China, the world's top metals consumer, boosted confidence in industrial material demand. Spot gold rose over 1 percent to $1,334.64 per ounce in late business, as broad gains in the commodities complex and signs of benign inflation lifted bullion after the previous day's decline. Silver outperformed gold, rising 1.82 percent, and was set for its largest six-day rally in nearly two years, as economic hopes boosted prospects for its industrial use. Brent crude prices climbed over $110 a barrel on concerns of supply disruptions in Libya and escalating violence in Egypt. Front-month September Brent, which expires on Thursday, rose 38 cents to settle at $110.20 a barrel, after notching a fresh four-month high of $110.33. The more actively traded October contract gained 34 cents to settle at $108.82. Brent erased early losses after the Egyptian government declared a state of emergency following clashes between riot police and supporters of ousted President Mohamed Mursi in which dozens were killed. "Fresh headlines out of Egypt are the primary concern right now," said Stephen Schork, editor of The Schork Report in Villanova, Pennsylvania. "The situation in Egypt doesn't seem to be getting any better and in fact it seems to be getting worse."
Prices at 3:43 p.m. EDT (1943 GMT)
LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 106.88 0.05 0.1% 16.4% Brent crude 110.26 0.44 0.4% -0.8% Natural gas 3.342 0.057 1.7% -0.3% US gold 1334.00 12.80 1.0% -20.4% Gold 1334.44 13.75 1.0% -20.3% US Copper 3.34 0.02 0.7% -8.6% LME Copper 7318.00 43.00 0.6% -7.7% Dollar 81.708 -0.060 -0.1% 6.4% CRB 290.038 1.961 0.7% -1.7% US corn 464.75 9.50 2.1% -33.4% US soybeans 1368.00 8.25 0.6% -3.6% US wheat 630.50 2.25 0.4% -19.0% US Coffee 122.65 2.05 1.7% -14.7% US Cocoa 2456.00 28.00 1.2% 9.8% US Sugar 17.25 0.00 0.0% -11.6% US silver 21.787 21.574 1.6% -27.9% US platinum 1505.20 5.50 0.0% -2.2% US palladium 740.35 1.45 0.2% 5.3%