* Grains, metals, oil up on technical buying, improved outlook
* Gasoline, wheat, cocoa and sugar among the outperformers
* Arabica coffee, cotton lead losses; natgas also down
By Barani Krishnan
NEW YORK, April 8 (Reuters) - Commodities rebounded broadly on Monday for the first time in a week, with grains, metals and oil prices rising on technical buying and hopes for growing demand.
Gold slipped more than half a percent, losing the safe-haven edge that pushed it higher during last week’s rout across commodities.
“We are going to hold here until that next catalyst comes,” Phillip Streible, gold trader and senior commodities broker at RJ O‘Brien in Chicago, said.
The Thomson Reuters-Jefferies CRB index, the commodities bellwether that tracks 19 markets, rose 0.3 percent with more than a dozen of its components settling in the positive territory.
Gasoline, cocoa and sugar were among the biggest gainers, along with wheat. Each rose about 2 percent or more. Soybeans gained about 1 percent, rebounding from a nine-month low.
Arabica coffee fell 3 percent to a near 33-month low reached 3 weeks ago on expectations of an abundant off-year crop in top producing nation Brazil. Cotton fell more than 2 percent, extending Friday’s 2-1/2 week low.
Natural gas slid 1 percent, unwinding some of last week’s strong gains as warm spring weather signaled the end of winter heating demand that had propelled gas prices over the past few months. Gas has been the best performing commodity so far this year, gaining 20 percent in the first quarter.
Soybean futures on the Chicago Board of Trade snapped losses from three straight sessions as the market’s front-month contract, May, closed up 16-1/4 cents at $13.78 a bushel.
Traders said soy was buoyed by technical buying and worries that delays in the South American harvest will further slow delivery of supplies from Argentina and Brazil.
May wheat settled up 13-1/2 cents at $7.12-1/2 a bushel on strong global demand for U.S. supplies as well as concerns about potential damage to the developing crop in the U.S. Plains from forecasts for a turn to colder weather.
May corn ended up 4-1/2 cents at $6.33-1/2 a bushel as wet weather in key growing areas across the U.S. Midwest threatened to delay the start of planting this week in places such as Illinois and Iowa.
“More than anything, it was just short covering,” said Karl Setzer, analyst for MaxYield Cooperative, referring to the broad rally. “We really kind of pounded the grains last week.”
Copper rose after the dollar fell against the euro despite its run-up against other major currencies. A workers’ strike in key copper producing nation Chile also raised concerns over temporary supply constraints.
Three-month copper on the London Metal Exchange closed at $7,450 a tonne, up 0.6 percent from a close of $7,406 on Friday. It hit an 8-month low of $7,331.25 last week and it is down about 9 percent from the beginning of the year.
Oil prices edged higher, lifted by gains in gasoline futures and strong selling of the spread between Brent crude and U.S. crude.
London’s Benchmark Brent crude for May settled up 54 cents at $104.66 a barrel, after reaching a session high of $105.55. Brent hit an eight-month low of $103.62 on Friday.
U.S. crude for May delivery settled up 66 cents at $93.36, peaking at $93.75 after a 4.6 percent week-on-week slide seen on Friday. (Editing by David Gregorio)