By Veronica Brown LONDON, Sept 13 (Reuters) - Upbeat economic data fromcommodity consuming giant China boosted key raw materials copper and oil on Monday, while capital protection vehicle gold easedas attitudes towards risk brightened. Oil hit a one-month high at $77.50 a barrel, with dealersalso citing an extended shutdown of a major Canada-U.S. crudepipeline. Copper gained nearly 2 percent to $7,628.50 a tonne. Industrial production in China ramped up and money growthexceeded expectations in August, showing buoyant economic growthdespite government efforts to clamp down on bank lending andproperty speculation. Inflation, though at a 22-month peak, is unlikely to triggeran immediate interest rate hike, analysts said, as higher foodcosts were expected to be transitory after a spell of badweather hit the country in the summer. "The Chinese data was instrumental, especially as the markethad also heard rumours the Chinese were to hike interest rates,"Commerzbank commodities analyst Eugen Weinburg said. "It didn't happen, so for the time being the rally may go onbecause the opportunity cost for holding commodities is quitecheap," he added. Also helping boost Chinese appetite for importedcommodities, the yuan hit 6.7590 against the dollar, its highestsince the landmark July 2005 revaluation. The continued closure of a pipeline connecting Canadianproduction with refineries in the Midwest and the pricing hubfor U.S. benchmark WTI crude, due to a leak, helped drive theoil market to its highest since Aug. 12. Canada's Enbridge said early on Monday that it did not knowwhen its pipeline would restart. "On Enbridge, it clearly shows in the impact on the spreadbetween WTI and Brent ... it's a big shrinking in the spread,"Christophe Barret, oil analyst at Credit Agricole, said. Brent posted a premium of more than $3.50 a barrel to U.S.crude last week, its highest since mid-May, but that had shrunkto $1.20 on Monday. METALS BOOST Base metal markets took their cue entirely from the Chinesedata, which analysts saw as boosting demand prospects andover-shadowing concerns on outlooks in Western economies. "The Chinese have engineered a gentle slowdown, China mightsuffer a bit from weaker export demand but there's enoughdomestic demand to sustain growth at very strong rates," DavidThurtell, analyst at Citigroup, said. Also boosting copper, China's refined copper productioninched down 0.3 percent on the month in August, a secondstraight fall from a June peak as raw materials supplies fell. Gold, seen as insurance against uncertainty elsewhere, waslittle changed in European trade, facing a struggle to gainmomentum as improved risk appetite damped fervour for the metal. Adding to confidence in the investment community was a dealat the weekend on global bank rules that gave lenders more timethan analysts had originally expected to increase their capitalto protect against any future potential credit crunches. Spot gold was quoted at $1,245.55 per ounce, broadly flat onthe day, although prices were still just around $20 away fromJune's record high hit at $1,264.90. "We obviously are at a bit of a crucial point here, when wehave these big moves and we get the rejection (of the high), wedo need to look for support to return fairly quickly in ordernot to see that correction become any deeper," Ole Hansen,senior manager at Saxo Bank, said. In agriculture, U.S. corn futures held near their highest inalmost two years, following strong gains at the end of last weekafter a U.S. government report pointed to tightening U.S.supplies, reflecting the uncertain outlook for crops in theMidwest. Chicago Board of Trade December corn rose 0.5 percent to$4.80-3/4 per bushel, after gaining 1.7 percent on Friday whenit struck $4.79-1/2, the highest for the second month on acontinuation basis since the start of the fourth quarter of2008.

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