TORONTO - The Toronto stock market was sharply higher Monday, supported by the base metals sector as strong Chinese economic data helped push copper prices to a fresh record high.

The S&P/TSX composite index ran up 144.01 points to 13,910.77 in a broad-based advance reflecting investors' rising confidence about the stock market because of recent strong economic data and corporate earnings.

"I look at the market and the mood is positive," said Serge Pepin, director of investments at BMO Investments.

"You're seeing trading volumes picking up. From week to week we're trading above average, if anything, so that's encouraging. Earnings for the most part have been relatively good, surprising on the upside as well. Commodity prices -- there is some volatility but as a whole are relatively good and that's good for the Canadian market."

The TSX Venture Exchange climbed 22.9 points to 2,380.46.

The Canadian dollar was down 0.18 of a cent to 101.16 cents US.

The March copper contract on the New York Mercantile Exchange rose nine cents to a record close of US$4.63 a pound, taking the base metals sector up 1.4 per cent. High demand for the metal used in construction and electrical appliances has sent copper surging almost 40 per cent since the beginning of 2010.

Teck Resources (TSX:TCK.B) gained 82 cents to $58.80 while Equinox Minerals (TSX:EQN) was ahead 22 cents to $6.65.

The strong showing in copper prices came amid data showing that China's exports surged 37.7 per cent in January, which was more than double December's rate, in a sign of rebounding global demand. Import growth jumped 53.5 per cent.

Also, the chief executive of mining giant Rio Tinto Group, Tom Albanese, told Australian television over the weekend that he expects copper prices will continue to head higher amid rising demand and before output from new projects eases a supply shortfall.

The Chinese government will report key inflation on Tuesday. This is closely watched by investors since China has been trying to slow its economy in order to keep inflation under control and investors will scan the data for signs that its central bank will have to again raise interest rates.

The energy sector gained 1.86 per cent even as the March crude contract in New York dropped 77 cents to US$84.81. Crude fell about four per cent last week as fears eased that the political crisis in Egypt could disrupt crude supplies. President Hosni Mubarak resigned Friday, following 18 days of anti-government riots that brought millions of protesters to the streets. Suncor Energy (TSX:SU) was ahead $1.36 to $41.61 and Cenovus Energy (TSX:CVE) climbed 79 cents to $35.50.

Gold stocks also advanced as the April bullion contract on the Nymex gained $4.70 to US$1,365.10 an ounce. Barrick Gold Corp. (TSX:ABX) advanced $1.19 to $48.01 while Goldcorp Inc. (TSX:G) ran up 45 cents to $42.86.

Ventana Gold Corp. (TSX:VEN) has reached an agreement for a sweetened takeover by a company formed by Brazilian resource firm Grupo EBX valued at about $1.4 billion.

Ventana said Monday that the offer amounts to $13.06 per share in cash. In December, Ventana's board had recommended that shareholders reject the previous offer of $12.63 per share because it undervalued the company. Its shares were up 64 cents to $12.92.

Material sector heavyweight Potash Corp. of Saskatchewan ran ahead 93 cents to $62.76. The price reflects a three-for-one stock split announced by the fertilizer giant in late January. Its shares are expected to commence trading on a split basis on the New York Stock Exchange Feb. 25.

The financials sector was ahead 0.83 per cent. TD Bank (TSX:TD) rose 85 cents to $79.32 while Manulife Financial (TSX:MFC) was up 33 cents to $18.25.

The information technology sector was the biggest decliner. Shares in BlackBerry maker Research In Motion (TSX:RIM) fell $1.03 to $64.85 as it announced two additional PlayBook tablets for faster, advanced wireless networks. RIM revealed at an industry conference in Spain that it will launch two additional tablets later this year to support fourth-generation networks suited to video streaming and high amounts of data.

New York markets were generally weak after U.S. President Barack Obama unveiled budget plans that include tax increases for oil, gas and coal producers, investment managers and U.S.-based multinational corporations. The plan would allow Bush-era tax cuts to expire at the end of 2012 for individuals making more than US$200,000 and married couples making more than US$250,000.

The Dow Jones industrial average moved 5.07 points lower to 12,268.19. The Nasdaq composite index rose 7.74 points to 2,817.18 while the S&P 500 index rose 3.17 points to 1,332.32.

In other corporate news, industry Minister Tony Clement is going to review the merger of the operators of the Toronto Stock Exchange and the London Stock Exchange. He said he will consult with the provinces involved with the deal, but he will be ruled by whether the deal is of net benefit to the country. TMX Group shares lost 86 cents to $41.29.

Shares of Nokia Corp. fell 5.66 per cent in New York in the wake of the firm announcing a broad partnership with Microsoft Corp. at the end of last week. J.P. Morgan Cazenove downgraded Nokia to underweight from overweight, saying that "the degree to which the deal (with Microsoft) is beneficial to Nokia is still unclear." The broker also reduced its 2011 earnings-per-share forecast by 33 per cent to 37 European cents a share.

Paladin Energy Ltd. (TSX:PDN), an Australian uranium miner that lists on the TSX, says it lost US$21.3 million in its second quarter compared to a $400,000 profit in the year earlier period. Revenue was US$66.7 million, up from US$62.6 million a year ago on increased uranium sales volumes and its shares gained eight cents to $5.38.