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 2.3 percent to 614.30 and was at 613.97 as of 10:30 a.m. London time. Copper rose as much as 3 percent to $7,480.25 a metric ton on the London Metal Exchange after touching $6,800 yesterday. New York-traded crude climbed 3.2 percent to $82.80 a barrel.

The European Central Bank is likely to debate next week restarting covered-bond purchases and may discuss interest-rate cuts, according to a euro-region central bank official. U.S. Treasury Secretary Timothy F. Geithner predicted that European governments will step up their response to the crisis.

“Hopes of a bail-out solution for European banks are prompting a change in sentiment across financial markets, helping energy and base metals to rebound from steep losses,” said Carsten Fritsch, an analyst at Commerzbank AG in Frankfurt. “But the situation is still fragile, given persisting economic concerns, so a renewed price fall cannot be ruled out.”

The S&P GSCI Spot Index has lost 2.8 percent this year, erasing a 20 percent gain posted in the first four months, 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 2.8 percent to $1,673.15 an ounce and silver rebounded as much as 7 percent to $32.88 an ounce. December-delivery corn advanced as much as 2 percent to $6.61 a bushel on the Chicago Board of Trade.