COMMODITIES-Gold rebounds 2 percent, oil up on falling stockpiles
* Thomson Reuters/Core Commodity CRB at a 5-week high
* U.S. crude up 1.2 pct after U.S. stockpiles slump
NEW YORK, Dec 4 (Reuters) - Gold rebounded 2 percent on a surge of short-covering after hitting a five-month low while U.S. oil rose for the fourth straight session on an unexpected drop in U.S. stockpiles, lifting the benchmark commodities index to a five-week high.
Copper futures also rose, lifted by mild weakness in the dollar, though slow demand and rising supplies of the industrial metal prevented stronger gains. U.S. soybeans reversed two days of declines and rose 1 percent on chart-based dealings, and corn rose to a two-week high on technical short-covering.
U.S. wheat moved in the opposite direction and dropped on a bigger-than-expected official estimate for Canada's harvest, while cocoa tumbled on profit-taking by speculators, falling further away from Monday's highest level in more than two years.
The 19-commodity Thomson Reuters/Core Commodity CRB index closed up 0.61 percent to finish at 278.0151, just off the session's high of 278.5603, the highest since Oct. 31. Silver futures marked the biggest gains for the day on the CRB, rising about 4 percent while arabica coffee was the weakest performer, closing down 1.6 percent.
U.S. crude rose 1.2 percent to settle at $97.20 a barrel, settling higher for a fourth day in a row after the U.S. government's Energy Information Administration showed domestic crude stocks fell by 5.6 million barrels in the week ended Nov. 29, snapping 10 straight weeks of builds.
Brent crude, the European and global benchmark for oil, finished down 0.7 percent at $111.88 a barrel after initially rising to the highest since Sept. 12 at $113.02.
Gold saw its biggest daily gain since Oct. 22, briefly rising 2.2 percent and breaking above $1,250 an ounce on support from the combination of a lower dollar, gains in U.S. crude and weaker U.S. equity markets.
Spot gold was up 1.7 percent at around $1,244 an ounce. The session low was $1,211.44 an ounce, the weakest level since July. Silver mirrored gold's move and rose 3.35 percent to $19.76 an ounce while palladium rose 1.6 percent to $725 an ounce.
In industrial metals, copper on the London Metal Exchanged ended at $7,095 per tonne, up from $6,960 at the close of Tuesday.
Hogs, the third-worst performer of the day, dropped 1.3 percent on weak cash bids and automatic sell orders.
Prices at 3:38 p.m. EDT (2038 GMT)
LAST/ NET PCT YTD
CLOSE CHG CHG CHG US crude 97.13 1.09 1.1% 5.8% Brent crude 111.64 -0.99 -0.9% 0.5% Natural gas 3.960 -0.016 -0.4% 18.2%
US gold 1247.20 26.40 2.2% -25.6% Gold 1245.24 21.73 1.8% -25.6% US Copper 3.25 0.08 2.6% -11.0% LME Copper 7095.00 135.00 1.9% -10.5% Dollar 80.616 -0.309 -0.4% 5.0% CRB 278.015 1.673 0.6% -5.8%
US corn 425.50 3.50 0.8% -39.1% US soybeans 1329.50 9.75 0.7% -6.3% US wheat 647.25 -6.50 -1.0% -16.8%
US Coffee 108.40 -1.80 -1.6% -24.6% US Cocoa 2769.00 -39.00 -1.4% 23.8% US Sugar 16.68 -0.13 -0.8% -14.5%
US silver 19.830 19.639 1.6% -34.4% US platinum 1376.00 20.20 0.0% -10.6% US palladium 729.25 14.45 2.0% 3.7% (Reporting by Marcy Nicholson; Editing by Marguerita Choy)
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