July 9 (Bloomberg) -- Commodities advanced for a fourth day, heading for the biggest weekly gain since April as investors' concerns about the global economic slowdown subsided. The S&P GSCI Total Return Index of 24 raw materials rose 0.4 percent as of 12:23 p.m. London time. That would be a 3.9 percent increase for the week, the biggest gain since the week ended April 2. The MSCI Index of global equities jumped as much as 0.3 percent, also the fourth advance in a row. Central banks in South Korea, Malaysia, Taiwan and India raised rates in the past 15 days, signaling Europe's debt crisis won't derail economic growth. European Central Bank President Jean-Claude Trichet said yesterday that the recovery is gaining momentum and the International Monetary Fund raised its estimate for global growth this year. "We believe demand for commodities in general will be growing in the period of six months to one year," Walter De Wet, head of commodities research at Standard Bank Plc in London, said today by phone. This week's gains in prices are also a technical rebound, he said, after the S&P GSCI Index dropped 6 percent last week, the most in eight weeks. Copper, which moves in line with manufacturing, gained as much as 1.9 percent at $6,740 a metric ton on the London Metal Exchange and was recently at $6,728 a ton. It's up 5 percent this week. Stockpiles of copper tracked by commodity exchanges in London, Shanghai and New York have fallen 6 percent this year to the lowest level since Dec. 11, according to data compiled by Bloomberg. Stock Draws "Base metals have benefited from improved risk sentiment over the past week, gradually trending higher, also helped by persistent stock draws," Andrey Kryuchenkov, an analyst at VTB Capital in London, said in an e-mail today. The U.S. Dollar Index, a six-currency gauge of the greenback's strength, slipped as much as 0.2 percent and headed for the fifth weekly decline. A weaker dollar makes commodities priced in the currency cheaper for holders of other monies. Crude oil for August delivery rose as much as 51 cents, or 0.7 percent, to $75.95 a barrel on the New York Mercantile Exchange and recently traded at $75.67. That would be a 4.9 percent gain for the week, the most since May. Oil climbed after a U.S. government report yesterday showed stockpiles dropped 4.96 million barrels last week, the most since September. "Oil is moving extremely closely with equity markets," Maziar Amiri, an energy trader at E&T Energie Handelsgesellschaft mbH, said from Vienna. "The fall in inventories was also positive for the market." Recent economic data from the U.S. and China, the world's top users of oil and industrial metals, indicated a slower outlook. The U.S. Labor Department reported last week that employment dropped by 125,000 workers in June, the first decline this year. China's manufacturing growth weakened for a second month in June and a raw-material inventory index contracted, a purchasing managers' survey released by the Federation of Logistics & Purchasing showed July 1. The report indicated a "sharp" decline in orders for industries including oil and metal processing. There remains "some risk" that the equity market could falter, possibly pulling down prices in industrial commodities including metals and energy, Michael Lewis, head of commodities research at Deutsche Bank AG in London, said today by phone. "We're still cautious," Lewis said. "A moderating credit growth in China still maintains a bearish tone for base metals." Gold for immediate delivery added 22 cents to $1,198.32 an ounce. Prices are down 1.1 percent this week. White, or refined, sugar for October delivery advanced $5.90, or 1.1 percent, to $528.90 a ton on Liffe in London. A close at that price would mean a weekly gain of 7.5 percent, the most since the week ended June 11. Raw sugar for October delivery rose 1.4 percent to 17.33 cents a pound on ICE Futures U.S. in New York. --With assistance from Rachel Graham, Nicholas Larkin, Anna Stablum and M. Shankar in London. Editors: Claudia Carpenter, John Deane

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