By James Regan and Akiko Ikeda March 1 (Bloomberg) -- Copper jumped the most in 11 months after an earthquake in Chile cut production in the world’s biggest producer. Stocks rose, oil traded near $80 a barrel. The May-delivery copper contract gained as much as 20.3 cents, or 6.2 percent, to $3.4870 a pound, the largest intraday advance since April. The MSCI Asia Pacific Index added 0.8 percent to 119 and advancing stocks beat decliners by 4 to 1 at 5 p.m. in Tokyo. Standard & Poor’s 500 Index futures were 0.7 percent higher. Europe’s Dow Jones Stoxx 600 increased 0.8 percent to 247.69 at 8 a.m in London. Chile’s 8.8 magnitude earthquake struck Feb. 27, disrupting electricity to its mines a day after the U.S. reported the fastest economic growth in six years. In China, the world’s biggest copper user, Premier Wen Jiabao said the country’s policy makers need to strike a balance between maintaining “stable and relatively fast” growth and inflation. “Risk money is flowing into commodities such as crude oil and nonferrous metals after the earthquake,” said Yoshihiro Ito, a senior strategist at Tokyo-based Okasan Asset Management Co., which oversees about $8.2 billion. Codelco, the world’s largest copper producer, said it will meet supply contracts after power cuts caused by the temblor forced the company and Anglo American Plc to halt operations at some mines. Copper for three-month delivery on the London Metal Exchange surged as much as 5.6 percent to a five-week high of $7,600 a metric ton and Jiangxi Copper Co., China’s biggest maker of the metal, climbed 5.8 percent to HK$16.70 in Hong Kong. U.S. Growth All 10 industry groups in the MSCI Asia Pacific Index advanced after the U.S. said its gross domestic product increased at a 5.9 percent annual rate in the fourth quarter, more than the 5.7 percent originally reported. South Korea today said its exports climbed 31 percent from a year earlier in February, more than the median 25 percent gain forecast in a Bloomberg News survey of economists. Crude oil rose 0.4 percent to $79.98 a barrel in New York after Saudi Arabia, the world’s biggest exporter of the fuel, yesterday agreed to almost double shipments to India to about 770,000 barrels a day, reflecting growing demand in Asia’s third-largest economy. PetroChina Co., the largest oil company by market value, gained 2 percent to HK$8.84. “There is a general feeling that we will see global demand picking up this year,” said Mark Pervan, a senior commodity strategist at Australia and New Zealand Banking Group Ltd. in Melbourne. China, Taiwan China’s Shanghai Composite Index rose 1.2 percent to a five-week high, after Premier Wen on Feb. 27 reiterated plans for a “moderately loose” monetary policy this year. Taiwan’s Taiex index surged 1.9 percent, the most in six months, after the Straits Exchange Foundation said the island will hold a second round of talks with China for a trade agreement in the first half of March. “Investors are expecting more benefits from these negotiations and so are excited by it,” said Stanley Chou, a stocks trader at Mega International Investment Service Corp. in Taipei. Mitsubishi UFJ Financial Group Inc., Japan’s largest bank by market value, climbed 1.6 percent to 456 yen after JPMorgan Chase & Co. boosted its recommendation to “overweight.” Toll Holdings Ltd., Australia’s largest trucking and freight company, surged 6.6 percent to A$7.25 after the nation’s manufacturing expanded the most in two years. Financial markets in South Korea, India and Thailand were closed for holidays. Greek Debt The euro weakened against 12 of the 16 most-used currencies before European Union Monetary Affairs Commissioner Olli Rehn meets today with Greek Prime Minister George Papandreou to discuss the Mediterranean nation’s finances. German lawmakers say euro-area officials are devising a 25 billion euro ($34 billion) rescue plan for Greece, which needs to raise 53 billion euros this year. The yen slipped against higher-yielding currencies including the Australian dollar as investors bet a bailout will spur risk-taking. Benchmark interest rates are 0.1 percent in Japan and 3.75 percent in Australia. A rescue package for Greece “will reduce the drag on the euro,” said Akio Yoshino, chief economist in Tokyo at Societe Generale Asset Management (Japan) Inc. “This will then weaken demand for safe-haven currencies such as the yen.” The yen slid 0.4 percent to 79.97 per Australian dollar, while the euro fell 0.2 percent to $1.3605. The euro has retreated 5.5 percent against the greenback this year. Less Default Risk The cost of protecting Australian and Japanese bonds from default fell to the lowest level in at least four weeks, according to traders of credit-default swaps. The Markit iTraxx Australia index fell 8.5 basis points to 89.5 in Hong Kong, according to Citigroup Inc. That’s the lowest since Jan. 21, CMA DataVision prices in New York show. The Markit iTraxx Japan index lost 4.5 basis points to 140.5 in Tokyo, the lowest level since Jan. 28, Morgan Stanley and CMA prices show. The swap contracts pay the buyer face value in exchange for the underlying securities if a borrower fails meet its debt agreements. A basis point is 0.01 percentage point. To contact the reporters for this story: James Regan in Hong Kong at jregan19@bloomberg.net

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