Australian miners extend gains, copper stocks shine

Hot Chili

14/04/2022 06:34

** Australian miners  .AXMM  jump up to 1.5%, extending
gains for a second straight session
    ** The sub-index rises as Chinese steel futures
jump IRONORE/ 
    ** Copper prices also firmed on expectations that top metals
consumer China's COVID-19 battle will have minimal impact on
demand  MET/L 
    ** Iron ore behemoths Fortescue  FMG.AX  and BHP Group
 BHP.AX  advance more than 1% each 
    ** Among copper miners, OZ Minerals  OZL.AX  and Hot Chili
 HCH.AX  climb 3.5% and nearly 5%, respectively 
    ** Analysts at Barrenjoey remain positive with China
stimulus and energy transition, which are expected to keep
prices elevated through Q2 
    ** Barrenjoey says underinvestment in fossil fuels (oil, gas
and coal) is being compounded by the Russia-Ukraine conflict;
this can only be positive for short-to-medium-term pricing of
these commodities.
    ** AXMM is up nearly 16% so far this year, as of last close 
    


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