Mining shares were mostly higher on Monday after a strong finish for iron, coal and gold prices late last week.
The ASX 300 Metals & Mining index was up 1.3 per cent in Sydney. Iron giants Fortescue Metals Group and BHP Billiton added 1.7 per cent and 1.6 per cent, respectively. Gold miners saw softer gains, with Newcrest Mining and OceanaGold each adding 0.5 per cent. The broader S&P/ASX 200 index was 0.6 per cent higher.
ANZ analysts noted positive sentiment for base metals “as a batch of data continues to paint a positive picture of economic growth around the world. Growth in industrial production rose in China, while the PMIs in Europe were exceptionally strong. And in the US, manufacturing production rose for the third straight month.”
In early trading in Asia on Monday, gold was down 0.2 per cent at $1,253 an ounce.
The picture was not as rosy for oil producers. After a choppy week for oil prices last week, the S&P/ASX 200 Energy index was 0.4 per cent lower on Monday. Brent crude, the international marker, was up 0.1 per cent at $62.27 per barrel.
Source: FT.com
