Australian miners climb as iron ore futures extend rally

MGX Resources

01/12/2021 04:54

** Australian miners  .AXMM  climb as much as 1.1%, hitting
their highest level since Nov 25
    ** Benchmark Chinese iron ore futures extended their rally,
rising 2.4%, fuelled by recent restocking demand at steel firms
 IRONORE/  
    ** Copper, aluminium, zinc and nickel prices rose as
investors shook off some concerns about the new Omicron
coronavirus variant that has rattled market sentiment in recent
days  MET/L 
    ** AXMM posts third straight session in the black and is the
top gainer in ASX 200
    ** Sector heavyweights BHP Group  BHP.AX , Rio Tinto
 RIO.AX  and Fortescue Metals  FMG.AX  climb between 1.8% and
2.8%
    ** Iron ore producer Mount Gibson Iron  MGX.AX  and
diversified miner South32  S32.AX  are the top gainers in the
sub-index, advancing 4.8% and 4.1​%, respectively
    ** AXMM down 2.1% this year, as of last close, compared with
a 10.2% increase in the ASX 200 index    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))