COMMODITIES-Oil, copper rebound as Cyprus says near bailout deal
* Markets rise as Cyprus says hours from new rescue plan * Brent crude up slightly on day, down over 2 pct on week * Copper also inches up on day, slides 1 pct on week * Gold slips for session, but has biggest week in 2 months By Barani Krishnan NEW YORK, March 22 (Reuters) - Oil and copper prices rose while gold and corn fell on Friday as Cyprus' debt drama and worries how that could affect the broader euro zone led to another volatile session in commodities. The euro rose and was headed for its first weekly gain in seven weeks against the dollar on hopes Cyprus will find a solution before Monday to avert a financial meltdown. The weaker dollar made some commodities denominated in the U.S. currency more attractive to holders of the euro. The Thomson Reuters-Jefferies CRB index, a global indicator for commodities, rose 0.2 percent on the day. But for the week, the 19-commodities index was down 0.6 percent, accounting for losses in three of five sessions. In oil, London's benchmark Brent crude settled at $107.66 a barrel, up 19 cents on the day and down $2.16 on the week. U.S. May crude finished at $93.71 a barrel, up $1.26 on the session and 26 cents on the week. The gains in oil came after investors mulled the possibility of a deal to bail out Cyprus. Cyprus was just hours away from a deal to raise billions of euros and unlock a bailout from the European Union that could avert financial meltdown and exit from the euro, the ruling party in the debt-laden Mediterranean state said on Friday. Three-month copper on the London Metal Exchange closed at $7,655 a tonne from $7,580 at the close on Thursday, reversing losses from the previous session, when it fell half a percent. Copper prices fell 1.1 percent this week, in the biggest decline since late February. Prices hit a seven-month trough at $7,486.25 a tonne on Tuesday, and were still down around 4 percent on the year. "We've seen consumer buying not just in China but also Europe and the U.S., but I don't see consumers having need to chase prices really. Inventories are rising everywhere and mine supply is picking up strongly," said Citi analyst David Wilson. "We're getting close to more fundamentally justified prices for a lot of metals. You're going to continue to see copper inventory rise this year." Gold fell as investors took profits a day after the precious metal hit a one-month high. The spot price of gold was down 0.4 percent at $1,607.31 an ounce. For the week though, spot gold gained 1 percent, its biggest weekly gain in two months, with investors seeking refuge in the precious metal for most of the week amid worries over Cyprus. Corn futures slid 1 percent for the day as investors squared positions after fund buying earlier in the week boosted prices. Corn for May delivery on the Chicago Board of Trade settled down 6-3/4 cents at $7.26-1/4 a bushel for the session. For the week, it rose 1.2 percent. Prices at 4:54 p.m. EDT (2054 GMT) LAST/ NET PCT YTD CLOSE CHG CHG CHG US crude 93.88 1.43 1.6% 2.2% Brent crude 107.67 0.20 0.2% -3.1% Natural gas 3.927 -0.008 -0.2% 17.2% US gold 1606.10 -7.70 -0.5% -4.2% Gold 1608.20 -5.89 -0.4% -4.0% US Copper 345.40 3.10 0.9% -5.4% LME Copper 7655.00 72.50 1.0% -3.5% Dollar 82.358 -0.382 -0.5% 7.3% US corn 726.25 -6.75 -0.9% 4.0% US soybeans 1440.50 -8.50 -0.6% 1.5% US wheat 729.75 1.00 0.1% -6.2% US Coffee 135.30 1.55 1.2% -5.9% US Cocoa 2159.00 -7.00 -0.3% -3.4% US Sugar 18.20 -0.01 -0.1% -6.7% US silver 28.698 -0.514 -1.8% -5.1% US platinum 1581.70 1.60 0.1% 2.8% US palladium 761.55 4.70 0.6% 8.3%
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