Resource stocks surged on the ASX in Monday trading with some of the majors and the broader market reaching new highs thanks to the record iron ore and copper prices we told you about in yesterday’s Breakfast Brief.
BHP and Rio Tinto hit new highs, while Mineral Resources also reached a new record after iron ore climbed 5.1% over the weekend to $US212.25 a tonne for the benchmark 62% Fe fines product delivered to northern China.
Copper also extended its rally to historical highs of $US10,440 a tonne on the London metal Exchange on supply concerns, while gold was at three-month highs of $US1,840 an ounce, silver rose more than 6% last week and zinc hit three-year highs.
BHP and Rio have significant copper interests in Chile at Escondida, the US with Kennecott and BHP has Olympic Dam in South Australia.
Newcrest has the emerging Red Chris copper and gold project in Western Canada and OZ Minerals has two major expansions at mines in South Australia and a new prospect west of there on the border with WA
BHP has the nearby Oak Dam copper and gold prospect and Rio has the huge low grade Winu copper and gold prospect in the eastern Pilbara
BHP shares closed up 3.1% at $51.65 after earlier touching an all-time high of $51.82.
Rio Tinto shares climbed to an all-time high of $132.94 this morning, and closed up 4.6% at $132.94
Fortescue Metals was up nearly 8% at a more-than two-month high $24.79 but well under the all-time high of $26.40 set earlier this year.
Gold and copper miners like Oz Minerals saw its shares end the day up 4.4% at $26.87 and hit 14 year high of $27 and Newcrest shares jumped 4.4% to end the day at $28.10.
Mineral Resources shares rose to a new high of $49.79 and was last 3.7% up at $49.29.
South32 ended at a two-year high and ended up 2.6% at $3.08 after zinc prices topped $US3,000 a tonne on Friday on the LME which was a three-year high.