TORONTO (Bloomberg) - Canadian stocks rose for a fourth day, led by Teck Cominco Ltd. and other materials and energy producers, on higher prices for copper, bullion and oil, and forecasts for further gains in commodity prices.

The Standard & Poor's/TSX Composite Index added 14, or 0.1 percent, to 14,276.19 in Toronto, closing 2.4 percent below its July 19 record. More than half of Canada's exports are commodities such as metals and energy. Gains in the benchmark today were limited as railroad shares fell.

"Demand for raw materials out of Asia is pretty insatiable now," said Rick Hutcheon, who manages about $140 million as chief investment officer at RKH Financial in Toronto. "It may take a while, but I wouldn't be surprised if the market passed its old high by year end."

Teck Cominco, the world's second-biggest zinc miner, added 73 cents to C$50.99. Thompson Creek Metals Co., a molybdenum producer, added C$1.35, or 6.3 percent, to C$22.90. Ivanhoe Mines Ltd., which is developing the Oyu Tolgoi copper and gold deposit in Mongolia, climbed 30 cents to C$14.70, taking a three-day advance to 16 percent.

UBS Investment Bank UBS analysts led by Dan Brebner in London raised their 2008 and 2009 price estimate for gold by 17 percent and 27 percent yesterday. They raised their estimates for lead by 30 percent and 15 percent.

Elsewhere, Goldman Sachs Group analysts led by Jeffrey Currie said in a report that energy and metals may generate "strong" returns because of supply shortages and rising demand from emerging economies. A shortfall in oil inventories will boost prices, while industrial metals will be supported by slower supply growth and lower stockpiles, they wrote.

Gold and silver rose as a decline in the value of the dollar boosted the appeal of the precious metals as alternative investments. Gold is up 17 percent this year.

Goldcorp Inc., Canada's second-largest bullion miner, rose 60 cents to C$30.94. Smaller rival Kinross Gold Corp. added 33 cents to C$15.38.

Yamana Gold Inc., which is buying Meridian Gold Inc. for $3.55 billion in a three-way transaction, climbed 73 cents, or 6.1 percent, to C$12.68. Meridian rose C$1.46 to C$34.99.

Shares of Northern Orion Resources Inc., which is being bought by Meridian and Yamana, climbed 46 cents, or 7.2 percent, to C$6.81.

A gauge of raw-materials shares climbed 0.9 percent, extending a record. The group's advance was limited as Potash Corp. of Saskatchewan Inc., the biggest fertiliser maker by market value, dropped C$1.61 from a record to C$109.39.

A measure of energy companies rose 0.2 percent, erasing an earlier drop as crude oil prices reversed direction and rose 1.3 percent to $81.31 a barrel in New York.

Suncor Energy Inc., the second-largest oil-sands miner, climbed C$2.17, or 2.3 percent, to C$95.17. EnCana Corp., Canada's biggest natural-gas company, added 14 cents to C$61.69.

Cameco Corp., the world's biggest uranium producer, fell C$1.41, or 3.3 percent, to C$41.84. The UBS analysts lowered their 2008 estimate for the nuclear fuel to $95 a pound from $196.25, citing "the sharp correction in uranium pricing over the last few months."

Research In Motion Ltd. rose to a record for a fourth day, adding 93 cents to C$114.58. Merrill Lynch & Co. analysts raised their share-price forecast on the maker of the BlackBerry e-mail phones by 17 percent to C$137.53, saying in a note that the stock's "valuation remains attractive."

Canadian National Railway Co., the country's biggest railroad, dropped 99 cents to C$53.74 and paced a 0.6 percent drop in an index of industrial shares. Smaller rival Canadian Pacific Railway Ltd. fell 85 cents to C$70.95.