Australian miners were on track for their best close in nearly five years on Friday as positive commodity market sentiment continued to buoy the market.
The ASX 300 Metals & Mining index was up as much as 1 per cent in early trading in Sydney, and was heading towards its best close since March 2013.
The index, which includes iron ore mining giants BHP Billiton and Rio Tinto as well as major gold producers Newcrest and OceanaGold, has added 13 per cent so far this quarter and is up more than 20 per cent in 2017.
Australian bank Westpac said on Thursday it had raised its near-term forecasts for prices across iron ore, metallurgical and thermal coal and oil.
The bank’s analyst noted “a combination of stronger than expected demand and tighter supply conditions has boosted prices in the broad commodity complex”.
Source: FT.com
