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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 surprises.
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 stream.
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 $7,700.
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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