* CRB hits 1-week high on hopes for ECB action
* U.S. crude up nearly 1 pct; soy down on Midwest rains
By Barani Krishnan
NEW YORK, Aug 6 (Reuters) - Oil prices climbed a second
straight day on Monday and most other commodities rose too on
investor hopes the European Central Bank would act on its pledge
to help the euro zone.
Stocks on Wall Street hit three-month highs and the euro
gained against the dollar as borrowing costs in Spain and Italy
fell on hopes the ECB would buy short-dated bonds in Europe's
most battered economies.
The 19-commodity Thomson Reuters-Jefferies CRB index
traded at its highest level in a week, boosted largely by a near
1 percent gain in U.S. crude oil.
But while growing appetite for risk boosted most
commodities, U.S. crop weather sank soybeans, which fell nearly
3 percent and corn, which dropped nearly 1 percent as widespread
weekend showers in the Midwest brought mild relief to parched
crop fields.
Oil prices edged up in choppy trade on investor hopes for
ECB action. The rally in U.S. stocks, the euro's gains on the
dollar and heightened turmoil in Syria also lent support to oil.
U.S. crude settled up 80 cents, or 0.9 percent,
at$92.20 a barrel, after touching a session high at $92.33.
London's benchmark Brent crude ended up 61 cents, or
0.6 percent, at $109.55.
Copper was lifted by the stronger euro and encouraging
comments from top consumer China that boosted expectations of a
recovery in demand.
London's three-month copper ended up $50, or 0.7
percent, at $7,495 a tonne. On Friday, the market jumped 1.6
percent, its biggest one-day gain since July 13, after a
better-than-expected U.S. jobs report.
A seasonally slow period for industrial demand due to summer
holidays in the northern hemisphere has kept copper trading and
volumes in check. Prices have been stuck between $7,200
and$7,800 per tonne since late May.
Drought-cooling rain in the U.S. Midwest sparked
profit-taking in soybeans, although the market still held to
more than 25 percent of its gains over the past two months.
Caution prevailed in Monday's grains trade as traders
positioned themselves for the all-important supply-demand report
due from the U.S. Department of Agriculture on Friday. The USDA
is expected to further reduce its estimates of this year's U.S.
corn and soybean crops in that report.
The most-active November soybeans contract in Chicago
settled down 44-1/2 cents, or 2.7 percent, at $15.84-1/4 a
bushel. The front-month August contract finished down 48-3/4
cents, or 2.9 percent, at $16.07-1/2.
Prices at 4:55 p.m. EDT (2055 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US crude 92.08 0.68 0.7% -6.8%
Brent crude 109.54 0.60 0.6% 2.0%
Natural gas 2.908 0.031 1.1% -2.7%
US gold 1616.20 6.90 0.4% 3.2%
Gold 1610.35 7.35 0.5% 3.0%
US Copper 338.90 2.15 0.6% -1.4%
Dollar 82.267 -0.108 -0.1% 2.6%
CRB 301.750 1.060 0.4% -1.2%
US corn 807.50 -1.25 -0.2% 24.9%
US soybeans 1584.25 -44.50 -2.7% 32.2%
US wheat 911.25 6.25 0.7% 39.6%
US Coffee 175.50 1.70 1.0% -23.1%
US Cocoa 2398.00 0.00 0.0% 13.7%
US Sugar 21.95 -0.17 -0.8% -5.5%
US silver 27.863 0.062 0.2% -0.2%
US platinum 1400.80 -12.50 -0.9% -0.3%
US palladium 579.55 1.35 0.2% -11.7%
(Editing by David Gregorio)
