Aussie commodity posts ‘remarkable’ week Australian miners have posted a roaring week of trade as one key export experiences a “remarkable” surge
BHP shares finished at $49.64 on Friday as it hit its new, all-time record high ($49.93) and nears the never-before achieved $50 barrier – finishing the week up 3.35 per cent.
The iron ore spot price finished the week at $124 USD per tonne.
Speculators say the commodity continues to rally due to new market confidence brought on by China’s reopening, which they expect will result in higher demand.
Morgan Stanley said iron ore was on a “remarkable run” in a note to investors.
“This rally appears mostly forward looking on China reopening optimism, as underlying supply-demand fundamentals haven’t significantly tightened up,” the company’s commodities strategist Marius van Straaten said.
