Australian mining stocks hit one-month high as iron ore prices rebound

Vulcan Energy Resources

16/05/2024 05:24

** Aussie mining stocks  .AXMM  rise as much as 1.3% to
their highest level since April 16
    ** Iron ore futures prices rebounded as news of Chinese
authorities considering government purchases of unsold homes
lifted sentiment and demand outlook  IRONORE/ 
    ** London copper also touched a more-than-2-year high on
Wednesday, helped by weaker U.S. dollar and bullish demand
outlook  MET/L 
    ** Sector giant BHP Group  BHP.AX  climbs as much as 1.4% to
its highest in three weeks
    ** Rio Tinto  RIO.AX  and Fortescue  FMG.AX  jump as much as
1.2% and 1.5%, respectively
    ** Chalice Mining  CHN.AX  and lithium explorer Vulcan
Energy  VUL.AX  rise as much as 8.5% and 7.4%, respectively, and
are among the top pct gainers on the sub-index
    ** AXMM down 7.2% this year, as of last close vs a 2.2% gain
in the benchmark ASX 200 index  .AXJO 

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))