CANADA STOCKS-TSX gains as copper surges after Chile quake

Mon Mar 1, 2010 11:08am EST
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* TSX up 53.67 points at 11,683.30

* Miners, energy producers among index gainers

By Claire Sibonney

TORONTO, March 1 (Reuters) - Toronto's main stock market index was higher on Monday morning as mining shares gained on surging copper prices after a massive earthquake in top producer Chile shut in up to a fifth of that country's output.

Miners led the index's gainers with Teck Resources TCKb.TO up 2.4 percent at C$39.63, and First Quantum Minerals (FM.TO: Quote) adding 0.6 percent to C$82.49.

"The easy story was a good rally on copper due to the unfortunate Chile earthquake," said Francis Campeau, a broker at MF Global Canada in Montreal.

He also noted that currency moves in the sterling and euro have also boosted commodity prices.

Gold prices eased in U.S. dollar terms as the euro retreated versus the dollar, but the metal hit record highs in sterling terms as fears the next British election could result in a hung parliament weighed on the British currency. [GOL/]

Toronto's energy producers gained 0.8 percent as oil rose above $80 a barrel. [O/R] EnCana Corp (ECA.TO: Quote) was up 2.7 percent at C$35.43, and Talisman Energy TLM.TO added 1.1 percent to C$19.44.   Continued...