Raw materials rally drives up stocks

SHANGHAI: China's stocks rose for the first time in four days as a rally in raw material prices and speculation January lending surged spurred gains by commodity producers and financial companies.

Jiangxi Copper Co, the nation's biggest producer of the metal, gained 2 percent and Industrial Bank Co gained 1.1 percent. Chongqing Gangjiu Co jumped 6.4 percent after the municipality was chosen by the government as one of the nation's five "key" cities. China First Heavy Industries Co dropped on the first day of trading in Shanghai, capping gains on the index.

The Shanghai Composite Index rose 0.5 percent to close at 2948.84, paring its 2010 slump to 10 percent. Stocks have fallen this year on concern the government will raise interest rates and curb lending to cool the economy and avert asset bubbles.