The leading miners and the Australian sharemarket overall were buoyed by record copper prices yesterday as Cyclone Yasi in Queensland prompted worries about copper supply.
After four days of losses, the benchmark S&P/ASX200 index was up 44.4 points, or 0.93 per cent, at 4796.5, while the broader All Ordinaries index
had risen 45.9 points, or 0.95 per cent, at 4897.9 points.
On the ASX 24, the March share price index futures contract was 39 points at 4762, with more than 36,000 contracts traded.
BHP Billiton was up A$1.08, or 2.42 per cent, at A$45.70, and Rio Tinto had risen A$1.71, or 2.03 per cent, at A$85.82.
Those two miners alone were responsible for one-third of the ASX200's rise.
Investors backed materials and energy stocks after the price of copper hit an all-time high of US$9810 a tonne on the London Metal Exchange overnight, EL & C Baillieu Stockbroking director Richard Morrow said. Cyclone Yasi in Queensland had prompted worries about supply.
Strong US economic data, with positive manufacturing and employment data across China, the US, Britain and Germany had also encouraged traders, he said.
Tin has also hit all-time highs, while nickel and aluminium are at two-year highs.
Banking stocks were higher too, with Westpac up 6c to A$23.10, National Australia Bank rising 5c at A$24.64, ANZ up 8c to A$23.75 and Commonwealth Bank steady at A$52.45.
Queensland sugarcane growers said they feared Cyclone Yasi could cause A$500 million or more in damage to crops and farm infrastructure and insurers were hit accordingly.
Insurance Australia Group lost 9c, or 2.41 per cent, at A$3.64, Suncorp fell 15c, or 1.79 per cent, to A$8.21 and QBE shed 29c, or 1.68 per cent, to A$16.94.
Preliminary national turnover was 2.89 billion securities for A$5.46 billion, with 734 stocks up, 449 down and 357 unchanged.
The most traded stock by volume was Newsat Limited, with 159.32 million securities changing hands at a total value of A$1.43 million.
Newsat struck a deal to accommodate satellites on Tuesday and was steady at 0.8c.
- AAP
