COMMODITIES-Strong US manufacturing boosts oil, copper, others

* Strong U.S. manufacturing data drives most markets higher
* Oil has biggest gain in 2 weeks, copper edges up
* Cocoa outperforms, natgas extends Monday rally

By Barani Krishnan
NEW YORK, May 1 (Reuters) - U.S. oil futures notched their
biggest gain in two weeks on Tuesday, and copper and other
commodities rose too, after the strongest U.S. manufacturing
data in 10 months boosted the outlook for raw materials demand
in the world's largest economy.
Cocoa jumped to five-week highs and natural gas extended the
previous session's rally to boost the Thomson Reuters-Jefferies
CRB index for the second day in a row. The index of 19
commodities rose nearly 0.7 percent after rising almost 1
percent on M ond ay.
Oil rallied after the Institute for Supply Management (ISM)
reported the U.S. manufacturing sector expanded last month at a
faster pace than expected, easing worries about the U.S. economy
after disappointing job growth numbers in April.
With markets in many European and Asian nations closed for
the May Day holiday, investors focused on the U.S. manufacturing
data. Stocks on Wall Street also jumped.
U.S. crude oil's benchmark front-month contract shot
above the 50-day moving average at $105.21 a barrel -- a level
that been a major resistance for the market over the past two
weeks. The contract closed at $106.16, up 1.2 percent, for its
biggest gain since April 17.
"The ISM data pushed crude up and strong equities are
helping, and when crude moved above the 50-day moving average
that triggered some technical buying," said Gene McGillian,
analyst at Tradition Energy in Stamford, Connecticut.

Data showing China's official purchasing managers' index
(PMI) rose to a 13-month high in April also helped oil offset
early losses related to worries about the euro zone.
London's Brent crude settled at $119.66 a barrel,
its first positive close in three days.
Copper's benchmark three-month futures contract in London
rose $40 to close at $8,440 a tonne, after setting a
near one-month peak at $8,496.75.
Cocoa futures recovered more than they lost in the previous
session, vaulting to their highest since the end of March.
New York-traded cocoa for July delivery closed up
$100, or 4.5 percent, at $2,319 per tonne, its highest
settlement since March 28. It closed down 3.3 percent on Monday.
"It's a mixture of some spec short-covering, some new longs
as we rejected the lows of yesterday," said Drew Geraghty, a
commodity broker at ICAP North America in New Jersey. "I think
this is technical short-covering."
Sugar neared a one-year bottom, bucking the broader trend on
the commodities complex.
U.S. raw sugar futures for July finished down 0.8
percent at 20.95 cents per lb -- its lowest levels since May 11,
2011 -- as the harvest of Brazil's main center-south cane area
and soft consumer demand combined to deflate the sweetener.

Orange juice, another niche market, plumbed 19-month lows
. Soybean, corn and wheat backed away from last week's
powerful rally as players took profit.
Prices at 5:11 p.m. EDT (2111 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG
US crude 106.00 1.13 1.1% 7.3%
Brent crude 119.72 0.25 0.2% 11.5%
Natural gas 2.371 0.086 3.8% -20.7%

US gold 1666.80 -1.80 -0.1% 6.4%
Gold 1661.95 -2.13 -0.1% 6.3%
US Copper 384.00 0.65 0.2% 11.8%

Dollar 78.814 0.038 0.1% -1.7%
CRB 307.950 2.000 0.7% 0.9%

US corn 659.75 -0.50 -0.1% 2.0%
US soybeans 1497.75 -5.25 -0.4% 25.0%
US wheat 633.75 -14.00 -2.2% -2.9%

US Coffee 182.85 4.90 2.8% -19.9%
US Cocoa 2359.00 96.00 4.2% 11.9%
US Sugar 21.17 0.00 0.0% -8.9%

US silver 30.877 -0.082 -0.3% 10.6%
US platinum 1572.30 0.40 0.0% 11.9%
US palladium 681.05 -1.30 -0.2% 3.8%

(Editing by David Gregorio)