Aussie miners climb as iron ore prices rebound on China monetary stimulus

Allkem

14/06/2023 02:24

** Australia's mining sub-index  .AXMM  rose as much as 2.3%
hitting its highest since May 10
    ** AXMM set for best day since June 2, if current gains hold
    ** Iron ore futures rebounded as market sentiment improved
after the central bank of the world's top steel producer lowered
a short-term lending rate for the first time in 10 months
 IRONORE/ 
    ** Iron ore behemoth BHP  BHP.AX  and Rio Tinto   RIO.AX 
climbs over 2% each 
    ** Lithium miners Allkem  AKE.AX  and IGO  IGO.AX  were
among the top gainers on the sub-index gaining over 4% each    
    ** AXMM led the gains on the benchmark ASX 200  .AXJO  index
which was up 0.4% 
    ** The sub-index has risen 1% this year as of last close 
    


 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))