* Grains, metals, oil up on technical buying, improved
* Gasoline, wheat, cocoa and sugar among the outperformers
* Arabica coffee, cotton lead losses; natgas also down
By Barani Krishnan
NEW YORK, April 8 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
Gold slipped more than half a percent, losing the
safe-haven edge that pushed it higher during last week's rout
"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
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.
BROAD GRAINS RALLY
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, OIL UP TOO
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.
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)