BHP rose 4% to $61 after copper gained 4% in a week and US CPI ran cooler. Rio Tinto cut copper costs 40%; Kingsgate restarted Chatree. ASX tech up 1%.
BHP climbed 4% to $61 a share in Sydney trading Wednesday, recovering toward recent record highs in the mid-60s. The move came as copper rose more than 4% over the past week and U.S. inflation data ran cooler than expected.
Chinese GDP missed forecasts, though the local bourse held gains into the afternoon. The ASX 200 stayed green after strong U.S. bank earnings overnight and the softer CPI print eased rate concerns.
Copper's rally has extra support from supply risk. Intense weather in Chile threatened multiple producing mines, pushing speculators to bet on further upside. Rio Tinto also gained on the day. The miner said it cut copper mining costs more than 40%, helped by gold by-product credits.
Outside the big miners, Kingsgate led the market, up over 15% after restarting operations at the Chatree Gold Mine's Plant 1. The company said the plant is now back to its 4 million tonnes per annum nameplate.
Zip Co jumped nearly 10% in afternoon trade, following the strong U.S. bank results. Southern Cross Electrical rose close to 6%. The industrial stock has returned 175% over one year.
Prepared with AlphaScala editorial tooling from the source reporting linked above. Indexable analysis may include a cited Alpha Score value. Publishing checks screen each story before release. Educational coverage, not personalized advice.