Australian miners set for best week in nearly 2 months as iron ore prices climb

Jupiter Energy

20/05/2022 01:54

** Australian mining stocks  .AXMM  gain up to 2.3%, their
highest since May 9
    ** The sub-index is set for its biggest weekly gain since
April 1, if gains holds
    ** AXMM tracked rise in iron ore futures as Beijing hinted
at further policy support to cope with COVID-19 challenges in
China, the world's top steel producer  IRONORE/ 
    ** Iron ore behemoths Rio Tinto  RIO.AX , BHP  BHP.AX  and
Fortescue  FMG.AX  jump as much as between 1.6% and 2.5%
    ** Chalice Mining  CHN.AX  rises 11% and was among the top
gainers in the sub-index
    ** AXMM was among the top gainers in the benchmark ASX 200
 .AXJO 
    ** AXMM was up 2.4% this year, as of last close, versus a
5.1% decline in the AXJO 
    


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