Commodities rose for a second day, the best run this month, as copper rebounded from a 14-month low and oil rose on speculation that European policy makers will intensify efforts to contain the region’s debt crisis. The Standard & Poor’s GSCI Spot Index gained as much as 1.9 percent to 611.81 and was at 611.65 by 7:36 a.m. in London. Copper climbed as much as 2.6 percent to $7,455 per metric ton on the London Metal Exchange after touching $6,800 yesterday. New York-traded crude gained 2.5 percent to $82.24 per barrel. The European Central Bank is likely to debate next week restarting covered-bond purchases and may discuss interest-rate cuts, a euro-region central bank official said. U.S. Treasury Secretary Timothy F. Geithner predicted that European governments will step up their response to the crisis. “Price levels of commodities are very low and attractive,” Tetsu Emori, who helps manage $400 million at Astmax Co., said today by phone from Tokyo. “I haven’t changed my view that commodities will go higher into 2012 because of demand growth from emerging markets including China.” The S&P GSCI Spot Index has lost 3.2 percent this year, reversing an earlier gain, on speculation that slower economic growth will ease shortages in everything from copper to corn. Refined-copper imports by China, the largest user, gained for a third month in August, rising 21 percent from July, the General Administration of Customs said Sept. 21. “The selloff is probably not over,” Tobias Merath, head of global commodity research at Credit Suisse AG in Zurich, said in an e-mailed report. “Indicators of funding stress are still showing growing and not easing pressures.” Spot gold gained as much as 1.9 percent to $1,657.63 an ounce and silver rebounded as much as 3.4 percent to $31.7925 an ounce. December-delivery corn advanced as much as 1.5 percent to $6.575 per bushel on the Chicago Board of Trade. To contact the reporter on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

Source