Copper has surged to a new high, driven by financial investors anticipating a supply shortage, with futures on the London Metal Exchange reaching $US10,848 a ton, reflecting a more than 25% increase since the year began, amid concerns of a tightening ore supply potentially leading to a global shortfall in refined metal.
At 11:30am, the S&P/ASX 200 is 0.54 per cent higher at 7,856.80.
The SPI futures are pointing to a rise of 54 points.
Best and worst performers
The best-performing sector is Materials, up 1.79 per cent. The worst-performing sector is REITs, down 0.96 per cent.
The best-performing large cap is Evolution Mining (ASX:EVN), trading 5.44 per cent higher at $4.07. It is followed by shares in Newmont Corporation (ASX:NEM) and Whitehaven Coal (ASX:WHC).
The worst-performing large cap is Mercury NZ (ASX:MCY), trading 2.67 per cent lower at $5.84. It is followed by shares in Cochlear (ASX:COH) and Meridian Energy (ASX:MEZ).
Commodities and the dollar
Gold is trading at US$2434.40 an ounce.
Iron ore is 0.9 per cent higher at US$118.00 a tonne.
Iron ore futures are pointing to a 1.41 per cent rise.
One Australian dollar is buying 67.00 US cents.
