* CRB sees biggest monthly loss in a year
* Euronext wheat futures top performer in May
* U.S. silver weakest commodity this month
By Marcy Nicholson
NEW YORK, May 31 (Reuters) - Copper, oil and soft commodities rose on Tuesday, with the red metal tapping a four-week peak on growing hopes for a second aid package for Greece and as the U.S. dollar dropped, prompting investors to seek riskier assets.
Oil jumped over $2 a barrel after closure of a pipeline carrying crude from Canada to the United States, but oil still closed May with the biggest monthly decline in a year.
Gold ended lower in a reversal after it hit the highest level in four weeks, and U.S. grains also fell.
The 19-commodity Reuters-Jefferies CRB index closed the day up 1 percent at 350.06. But the global benchmark for commodities ended May with a monthly decline of 5.5 percent, its weakest month in a year and its first monthly loss after eight straight months of gains.
Euronext wheat futures were the top commodity performers in May with monthly gains of 10.5 percent, Liffe white sugar was in second place with monthly gains at 9.3 percent. U.S. silver was the month's biggest loser, falling 21.2 percent in May with spot silver following closely behind at a monthly loss of 19.7 percent.
New York's benchmark front-month crude oil futures rose $2.11 to close at $102.70 barrel, but finished May down 9.9 percent. London's Brent crude rose $1.79 on the day to $116.46 a barrel after hitting an earlier $117.16 intraday peak.
"It's a combination of investors looking for return wherever they can get it to beat inflation and it's a reaction to the U.S. dollar," said Sean McGillivray, vice president and head of asset allocation for Great Pacific Wealth Management in Oregon, said about the commodities that moved higher.
"The risk premium is back. Look at the reversion in the U.S. dollar. That tells me that everybody has shaken off any kind of worry."
The euro hit a three-week high against the U.S. dollar on a belief that Greece may avoid a debt restructuring, attracting investors holding other currencies to dollar-traded commodities.
"You still have really strong fundamentals in crude oil, in agriculture, in metal markets, so people are just putting their money back to work," McGillivray said.
Spot gold pulled back to $1,533.80 an ounce, down from $1,537.95 late on Monday, after hitting the highest since May 4 at $1,540.50.
Copper rose to a four-week high in the commodity-wide rally with the London Metal Exchange benchmark copper closing up $21 at $9,220 a tonne, after hitting its highest since May 4 at $9,278.50 per tonne. The July COMEX copper contract in New York backed away from its own four-week high and closed down 0.85 cent at $4.1775 per lb.
In grain markets, U.S. wheat fell following Russia's weekend announcement that it would lift its near year-long export ban. The futures contract closed down 4.6 percent to close at $7.82-1/4 a bushel. Corn and soybeans followed wheat lower.
U.S. cotton surged to a four-week high as a historic drought continued in Texas while sugar, coffee and cocoa futures marched higher on a lift from the weaker dollar. Prices at 3:59 p.m. EDT (1959 GMT) (Additional reporting by Chris Kelly; Editing by David Gregorio)
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