By Alexander Ragir
Jan. 16 (Bloomberg) --Brazil’s Bovespa stock-index futures gained, indicating the index may rise for a second day, as metals prices jumped and Petroleo Brasileiro SA said it has 11.2 billion barrels of oil and natural gas reserves.
Petroleo Brasileiro jumped 7.3 in Germany after Itau Corretora said the state-controlled oil company’s announcement of proven reserves of oil and the natural-gas equivalent is “good news.” Cia. Vale do Rio Doce, the world’s biggest iron ore miner, advanced 6.2 percent in Germany as metals prices surged.
Bovespa index futures advanced 1.6 percent to 40,150 at 7:32 a.m. New York time.
“In our view, ‘when cash is no longer king’ and the market goes back to fundamentals, reserves are what really matter,” wrote Itau analyst Paulo Kovarsky in a note to clients.
The Bloomberg Base Metals 3-Month Price Commodity Index gained 2.8 percent to 116.39.
To contact the reporter on this story: Alexander Ragir in Rio de Janeiro at aragir@bloomberg.net
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