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By Bloomberg

Oil and industrial metals led a rebound in commodities and Russia’s ruble strengthened. Australia’s dollar jumped the most in two months after the central bank stopped calling for the currency to weaken.

West Texas Intermediate crude rose after falling as much as a 4.3 percent to $45.08 a barrel on Monday, pushing the Bloomberg Commodity Index up 0.8 percent at 10:05 a.m. in London. That left the Stoxx Europe 600 Index down 0.2 percent, while futures on the Standard & Poor’s 500 Index were little changed. The ruble led emerging-market currencies higher and the Aussie strengthened against all of its 16 major peers.

“There’s a price range of $45 to $65 for West Texas Intermediate crude that’s needed to make U.S. shale oil profitable,” said Olivier Jakob, managing director at Petromatrix GmbH in Zug, Switzerland. “Prices inevitably rebound as soon as we get near the edge of that range because the market knows any further losses will kill off U.S. supply growth.”

WTI, the U.S. benchmark, climbed 1.3 percent to $45.75 and Brent futures advanced 1.2 percent to $50.12. Oil in London fell to a six-month low on Monday amid speculation Iranian supplies will exacerbate a global surplus as demand from the U.S. to China slows.

Rubber in Tokyo entered a bear market as the slowdown in China, the world’s largest consumer, worsened a global glut. Benchmark futures fell 1.5 percent to settle at 194.5 yen a kilogram on the Tokyo Commodity Exchange, 20 percent below a 16- month high reached June 1.

Precious Metals

Copper climbed 0.5 percent, paring three days of losses. The metal fell to the brink of a bear market Monday, having fallen 19 percent since May 5. Nickel gained 1.2 percent and zinc advanced 1 percent.

Platinum and palladium sank to multiyear lows on increasing production from South Africa and amid a slowdown in China. Platinum dropped as much as 1.7 percent to $945.24 an ounce, the lowest since January 2009. Palladium fell 0.1 percent. Gold gained 0.3 percent to $1.090.59 an ounce, reversing earlier losses.

The MSCI Emerging Markets Index added 0.2 percent and a Bloomberg gauge of 20 exchange rates rebounded from a record low.

The ruble gained 0.8 percent after closing yesterday at the lowest level in almost six months. South Africa’s rand increased 0.4 percent and Turkey’s lira advanced 0.3 percent.

China Stocks

The Shanghai Composite Index rose 3.7 percent, with trading volume 36 percent less than the 30-day average, according to data compiled by Bloomberg. Hong Kong’s Hang Seng China Enterprises Index gained 0.9 percent.

Shares in Shanghai climbed from a three-week low as authorities stepped up measures to stabilize the market. Investors who borrow shares must now wait one day to pay back loans, according to statements from the Shanghai and Shenzhen stock exchanges issued after the close of trading on Monday. The short-selling curbs are the government’s latest measures to prop up share prices and prevent market manipulation after an almost $4 trillion selloff.

The cost of insuring corporate debt climbed for a second day. The Markit iTraxx Europe Index, which tracks credit-default swaps on investment-grade companies, rose one basis point to 64 basis points, according to data compiled by Bloomberg. A measure of financial-company CDS rose for the first time in three days, climbing one basis point to 74 basis points.