Commodities gained for the first day in four, led by metals and crude oil on speculation low interest rates to revive global growth will boost raw materials demand. The Standard & Poor’s GSCI Index rose 0.6 percent to 661.75 by 11:55 a.m. in London. The index fell yesterday on deepening concern the European sovereign debt crisis may further slow global economic growth, damping demand for raw materials. “Governments around the world will try to keep interest rates low and loose monetary policies, and that will offer a backdrop that’s beneficial for commodities,” Zhu Bin, head of research at Nanhua Futures Co., said by phone from Hangzhou, China. “As soon as the market is back to a ‘risk-on’ mode, commodities will have a rally so it’s a good time to buy.” Crude oil rose as much as 1.6 percent to $87.42 a barrel in New York on speculation a storm building in the Gulf of Mexico poses a threat to supply in the U.S. amid shrinking crude stockpiles in the world’s biggest consumer. Copper in London climbed 1.2 percent to $9,043 a metric ton amid strike threats at mines in Peru and Indonesia, potentially worsening a projected global shortage. Gold fell as much as 2.6 percent to $1,827.57 an ounce after reaching a record $1,921.15 yesterday. The MSCI All-Country World Index of shares rose 1 percent and the Standard & Poor’s 500 Index futures jumped 0.7 percent. Gold, Grains Gold dropped for a second day as the rebound in stocks trimmed demand by investors seeking to protect their wealth against falling currencies and economic turmoil. Bullion for immediate delivery last traded at $1,844.30 an ounce. Corn and soybean futures rallied on speculation that dry weather in the U.S., the world’s largest exporter, may damage the crops. December-delivery corn gained 1 percent to $7.6325 a bushel on the Chicago Board of Trade. Soybeans for November delivery advanced 0.7 percent to $14.32 a bushel. To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

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