Toronto (Bloomberg) — Canadian stocks rallied close to a record, as raw-materials producers including Teck Cominco gained amid higher commodity prices and speculation that global economic expansion will boost demand for resources.“Worldwide economic expansion is continuing. That’s good for commodities and the Canadian market,” said Doug Davis, who helps manage about $380 million as president of Davis-Rea Investment in Toronto. “I don’t see anything really bad on the horizon for Canadian stocks.”

The Standard & Poor’s/TSX Composite Index climbed 95.43, or 0.7 percent, to 13,361.23 in Toronto, the highest since February 26. The benchmark is within 0.3 percent of its record close of 13,404.46.

Resources such as metals, fertilisers and energy make up more than half of Canada’s exports and about 12 percent of the nation’s gross domestic product.

Nickel rose 6.5 percent to a record $48,550 a ton in London and copper climbed 4.3 percent to a five-month high of $3.3145 a pound in New York, as falling stockpiles and rising demand in China, the biggest user of the metals, stoked speculation about a supply squeeze. Nickel usage in China may grow 29 percent this year, Macquarie Bank said yesterday in a report.

Shares of Teck Cominco, a miner of copper, zinc and other metals, climbed C$1.97, or 2.4 percent, to C$83.72.

Alcan, the world’s second-largest aluminium producer, added C$1.52 to C$62.02. First Quantum Minerals, a miner of copper in Africa, gained C$1.30 to a record C$77.84.

Potash of Saskatchewan, the biggest maker of the potash fertiliser, advanced C$5.46 to C$190.22.

A gauge of materials companies in the S&P/TSX added 1.8 percent, while a measure of financial shares rose 0.6 percent.

Royal Bank of Canada, the country’s biggest lender, increased 56 cents to C$58.32. Smaller rival Toronto-Dominion Bank gained 51 cents to C$69.39.