CANADA STOCKS-TSX rallies to highest level since July 2008

Mon Feb 7, 2011 10:48am EST
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* TSX gains 0.46 percent to 13,855.59

* Seven of 10 groups on the rise

* Record copper underpins materials gain (Adds details)

TORONTO, Feb 7 (Reuters) - Toronto's main stock index hit its highest level since July 2008 on Monday morning, backed by higher metal prices, with copper at a record high.

Supply concerns pushed both copper and tin to record levels, while gold held steady after its first weekly rise this year.

Global economic recovery hopes, from manufacturing to employment data, have underpinned commodity prices, helping Toronto's commodity-rich index touch its highest level in 2-1/2 years.

Diversified miner Teck Resources TCKb.TO was one of the strongest gainers on Monday, up 2.2 percent at C$63.12. The materials sector climbed more than 1 percent, backed by gains in Potash Corp (POT.TO: Quote), up 1.88 percent at C$182.53, and First Quantum (FM.TO: Quote), up 3 percent at C$133.00.

"The price of copper is making an all time high and this is certainly driving the market," said Sal Masionis, a stockbroker at Brant Securities.

At 10:30 a.m. (1530 GMT), the Toronto Stock Exchange's S&P/TSX composite index .GSPTSE was up 63.74 points, or 0.46 percent, at 13,855.59. It had risen as high as 13,864.50 points earlier in the session.   Continued...