* Coking coal rallies 10 pct in China, nickel up over 5 pct
* Gold back below $1,300 as risk appetite revived
* China steel, nickel, tin, coke, egg hit upside limit
* FBI clears Clinton after review of newly uncovered emails
By Manolo Serapio Jr
MANILA, Nov 7 (Reuters) - Coking coal rallied 10 percent and nickel led metals higher on Monday as investors piled back into risky assets after the FBI cleared Hillary Clinton for using a private email server, giving her a last-minute boost ahead of the Nov. 8 election.
The FBI said on Sunday it stood by its earlier finding that no criminal charges were warranted against the Democratic presidential candidate for using a private email server for government work.
Gold suffered from the revival in risk appetite, falling more than 1 percent below $1,300 an ounce, as funds sought more exposure in industrial commodities, including this year’s best bet, coal. Oil recovered from multi-week lows.
“One clear implication from all these is that investors are looking to a more market-friendly event. Risk appetite improves when a President Clinton seems to be a more probable scenario than a President Trump,” said Barnabas Gan, analyst at OCBC Bank in Singapore.
A Reuters/Ipsos tracking poll released on Friday put Clinton just 5 percentage points above Republican rival Donald Trump. But major bookmakers and online exchanges are much more confident about a Clinton victory.
Coking coal futures in China led the rally in Asian commodities, and analysts believe the steelmaking raw material will benefit further from a shortage in supply spurred by Beijing’s push to tackle overcapacity.
The most-traded coking coal for January delivery on the Dalian Commodity Exchange soared 10 percent to hit the exchange-set ceiling of 1,516 yuan ($224) a tonne, a record high.
Coke, made from coking coal and used to make steel, also climbed by its 7 percent limit to hit 2,001.50 yuan per tonne, its loftiest since March 2013.
Chinese steel futures similarly surged by their 6 percent ceiling, and raw material iron ore jumped more than 5 percent at one point.
Even egg futures rose by their 5 percent limit.
Nickel on the London Metal Exchange climbed more than 5 percent to stand above $11,000 a tonne, for the first time since August. In Shanghai, nickel jumped 6 percent to its upside limit of 88,430 yuan a tonne, its strongest since August 2015.
Shanghai tin also went limit up, rising 5 percent to 147,400 yuan per tonne, and LME tin rose 3 percent. LME copper jumped 2 percent to its highest since March.
Both Brent and U.S. crude oil rose more than 1 percent, rebounding from Friday’s multi-week lows.
Gold dropped 1.2 percent to a session low of $1,287.73 an ounce, losing its safe-haven allure after the FBI news lifted a cloud over Clinton’s presidential campaign.
The precious metal could slip further if the U.S. Federal Reserve goes ahead with raising interest rates next month as the market expects, analysts say.
With a Clinton win regarded as market-friendly news, “it does give the Fed additional ammunition for a rate hike,” said OCBC’s Gan. ($1=6.7746 Chinese yuan) (Reporting by Manolo Serapio Jr.; Editing by Clarence Fernandez)