Australia’s S&P/ASX 200 Index rose to a record, paced by BHP Billiton Ltd. and Rio Tinto Group, after the cost of metals such as copper and nickel increased.

Woodside Petroleum Ltd. led oil producing stocks lower after crude fell for a third day.

“BHP and the other resource stocks are up after a rebound in commodities prices, with copper, nickel and gold all up,” said Shane Oliver, who helps manage about $83 billion at AMP Capital Investors in Sydney. “The falling oil price is starting to hit some of the Australian energy stocks now.”

The S&P/ASX 200 gained 31.5, or 0.5 percent, to 6,483.00 at the end of trading in Sydney, its second record close in as many days. About one stock rose for each that fell.

BHP, the world’s largest miner, jumped A$1.46, or 3.4 percent, to A$44.6, a record. Rio Tinto, the third-biggest, gained A$1.36, or 1.3 percent, to A$108.04, also a new high. Murchison Metals Ltd., which is planning an iron ore project in Western Australia state, increased 28 cents, or 6.2 percent, to A$4.79.

A measure of six metals traded on the London Metal Exchange, including copper and nickel, reversed two days of losses, gaining 1.7 percent yesterday. Copper gained 2 percent, nickel rose 2.5 percent, and zinc increased 1.6 percent.

Woodside, the nation’s second-biggest oil producer, fell A$1.09, or 2.2 percent, to A$49.10. Roc Oil Co., an Australian company exploring for oil in Angola, lost 3 cents, or 0.9 percent, to A$3.37.

Oil Declines

Crude oil fell for a third day as companies increased output at platforms in the Gulf of Mexico after a storm threat passed.

Oil for November delivery lost 0.8 percent to $80.28 a barrel in after-hours trading on the New York mercantile Exchange.

The S&P/ASX 200′s futures contract for December rose 0.9 percent to 6,559. The broader All Ordinaries Index added 0.5 percent to 6,490.9.

The following shares also gained or declined. Stock symbols are in brackets after the company names.

AWB Ltd. (AWB AU), Australia’s largest wheat exporter, gained 1 cent, or 0.4 percent, to A$2.49, snapping a four-day, 4.2 percent slump. Wheat prices rose, extending a rally that sent prices to a record this month, as importers increased purchases and Australia’s crop prospects dimmed due to drought.

Centralian Minerals Ltd. (CME AU), the Australian gold, silver, copper and diamond explorer, lost 0.4 cent, or 7.1 percent, to 5.2 cents. Centralian said it was not aware of any reason for a 37 percent jump in its share price yesterday, in response to a query by the Australian stock exchange.

Cockatoo Coal Ltd. (COK AU), an Australian producer of the fuel, fell 0.5 cent, or 1.3 percent, to 39.5 cents. The company said it sold A$25 million ($22 million) of shares to Posco Australia, owned by South Korea’s Posco, Asia’s third-largest steelmaker, providing it funds to continue its expansion.

Kagara Zinc Ltd. (KZL AU), which sells its output to Korea Zinc Co., added 3 cents, or 0.5 percent, to A$6.1. The company said it will increase its final dividend for 2007 by 20 percent to 12 cents. Kagara Zinc last year paid 10 cents a share in dividends.

Lynas Corp. Ltd. (LYC AU), an Australian miner of minerals used in iPod music players and liquid crystal displays, jumped 12.5 cents, or 11 percent, to A$1.295, the biggest gain since Aug. 20. Lynas said it signed a third customer contract worth more than $310 million, for minerals to be processed at the company’s Malaysian processing plant.

McGuigan Simeon Wines Ltd. (MGW AU), Australia’s second- largest publicly traded winemaker, dropped 3 cents, or 1.7 percent, to A$1.77. Australian wine producers may be forced to import bulk wine to increase supplies on expectations drought may cut the 2008 grape harvest to half normal levels, the Australian Financial Review reported.

MFS Living and Leisure Group (MPY AU), the Australian fund manager and resort operator, added 1 cent, or 1.2 percent, to 85 cents. MFS offered its 10 percent stake in New Zealand’s Tourism Holdings Ltd. for NZ$2.20 a share, more than 6 percent below what the stock traded at yesterday. MFS failed to take over the campervan operator in July after its bid was rejected by shareholders.

Newcrest Mining Ltd. (NCM AU), Australia’s largest gold miner, declined A$1.11 cents, or 3.9 percent, to A$27.28. Newcrest isn’t seeking to merge with Papua New Guinea’s Lihir Gold Ltd., Chief Executive Officer Ian Smith told the Australian Broadcasting Corp. on Sept. 23.

Progen Pharmaceuticals Ltd. (PGL AU), the Australian developer of oncology medicines, slid 31 cents, or 8.7 percent, to A$3.24. Progen said its PI-88 drug failed to slow down the onset of lung cancer in patients that took part in a clinical study.

Sims Group Ltd. (SGM AU), the world’s biggest recycler of scrap metal, gained 55 cents, or 1.7 percent, to A$33.10. Sims bought Chicago-based Metal Management Inc. for $1.49 billion in stock.

–Bloomberg