Argyle mining site in Australia, known for its diamond and copper. (Image via: Mining Technology)

Mining Stocks Boost Australian Shares

The Chinese also played a role in the fortunate event. On Wednesday, due to China’s stimulus plans and great demand in Australian mining products, Australian’s shares surged rapidly.

Because of massive development put forward by the Chinese, they seem to be the key player in the fortunate event for Australian shares.

It is known that the Chinese is the major importer of Australian’s mining raw material, which in turns, creates a great demand from China. For years, China has been importing iron ore, base metal, and coal form Australia. The great demands was due to massive infrastructural development in several Chinese regions

The S&P/ASX 200 index, an index market in Australia, noted a 0.3%, or about 16.1 point, increase to 6,562. This gain is set to continue for as long as 6 days. On the index, all metal got the medal.

By yesterday, copper has been hitting the peak for 2 weeks. Metal grew to 2.3%, a 2 months record. While, gold also felt the surge by 1.8%. 

However of course, US will not stay silent about China’s great demand. Together with Canada, US also invited Australia to join them to help countries from relying to the Chinese, regarding key mineral input.

Source: https://www.reuters.com/article/australia-stocks-midday/australian-shares-rise-buoyed-by-mining-stocks-nz-up-idUSL4N23J0KZ?rpc=401&