The Ibovespa headed to a two-month high as a rally in metals prices boosted Vale SA, the largest world producer of iron ore. Vale was the best performer on a gauge of raw-materials producers as iron ore extended a two-day advance. Steelmaker Cia. Siderurgica Nacional, known as CSN, climbed to the highest price since November. Stocks related to the commodity sector account for about 20 percent of the Ibovespa’s weighting. Brazil’s stocks joined a global advance in equities on speculation central banks from China to Europe will step up to support growth. Improved prospects for companies that sell abroad, which have been the biggest gainers among 10 industry groups in the past month, are helping to offset concern that Latin America’s biggest economy is heading toward its worst recession in more than a century. “The external scenario is encouraging investors to buy stocks of exporters,” Paulo Henrique Amantea, an analyst at the brokerage Picchioni in Belo Horizonte, Brazil. “The mood in the local market is much more positive today.” The Ibovespa added 2 percent to 43,627.65 at 1:06 p.m. in Sao Paulo, its highest price on a closing basis since Dec. 29. All but eight of the index’s 61 stocks gained. The index traded at 11.2 times estimated earnings, the highest valuation since November. Vale and CSN climbed at least 5 percent. The MSCI Brazil Materials Index added 2.6 percent. Smiles SA, the frequent-flyer unit of air carrier Gol Linhas Aereas Inteligentes, added 4.1 percent after quarterly earnings exceeded estimates. Economists covering Brazil expect an economic contraction of 3.45 percent this year compared to 3.4 percent in the prior survey. It was the sixth consecutive week that the forecast for 2016 gross domestic product was revised downward.