Australian miners at 1-week high on strong commodity prices

Rio Tinto

06/05/2026 06:06

** Australian mining sub-index .AXMM rises as much as 2.2% to its highest level since April 28

** The sub-index has gained 1.5% on the week so far

** Copper prices in London gained on hopes that Middle East tension will ease and limit economic fallout, with growing optimism over AI-driven investment and longer-term demand for metal MET/L

** Iron ore futures also climbed as demand for steelmaking feedstock in China is expected to pick up in summer as construction activities rebound and blast furnaces resume production IRONORE/

** Mining majors BHP BHP.AX, Rio Tinto RIO.AX and Fortescue FMG.AX climbed between 2.1% and 3.1%

** AXMM up 11.7% YTD, including the session's moves

 (Reporting by Anjali Singh in Bengaluru)

 ((anjali.singh2@thomsonreuters.com;))