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COMMODITIES-Copper at 7-mth low on China default; oil, coffee, soy up

(Reuters is considering dropping the daily commodities wrap after March 10 and publishing the report on a discretionary basis. Please send any comments on this move to Josephine Mason at josephine.masonzthomsonreuters.com) NEW YORK, March 7 (Reuters) - Copper tumbled 4 percent to a seven-month low on Friday while silver and aluminum lost more than 1 percent each after the first bond default by top metals buyer China sparked global growth concerns. Gold gave back virtually all of its 1 percent gain from the previous session after its safe-haven allure was dimmed U.S. crude oil rose 1 percent on talk of fewer oil rail shipments from the booming Bakken shale in North Dakota. The positive U.S. jobs data was another factor that helped support oil, which ended the week flat after gains in seven previous weeks. Arabica coffee and soybeans had long running weekly gains too. Arabica rose 0.7 percent for the session and 9 percent for the week to end with a sixth straight week of gains. It was the market's biggest six-week rally in nearly 20 years.

Soybeans rose 1.4 percent to a six-month high as traders adjusted positions ahead of a monthly U.S. government report that was expected to show tighter U.S. soy stockpiles and smaller South American crops. It was also the fifth straight weekly advance for soybeans. The Thomson Reuters/Core Commodity CRB Index, a closely watched commodity price indicator, settled down 0.1 percent on the day after losses in 10 of the 19 markets it tracked. For the week, the CRB was up 1.6 percent. Aside from copper, silver and aluminum , markets that lost about or more than 1 percent in Friday's session were raw sugar, corn and nickel .

(Editing by Lisa Shumaker)