ASX 200 Hit 14-Month High Amid Soaring Commodity Prices
ASX 200 is trading at a 14-month high as commodity prices remain on an uptrend. To begin with, the recovery of economies and heightened demand from China has pushed iron ore prices to a record high of $226/tonne in the Singapore Exchange. The price represents a surge of over 10%. Subsequently, the share price of Rio Tinto (ASX: RIO) and BHP Group (ASX: BHP) have risen by 4.24% and 2.97% respectively.
Furthermore, the rise of gold price to $1,836.25 has pushed the stocks of gold miners listed on ASX 200 higher. Newcrest Mining Limited (ASX: NCM) has had its share price surge by 2.80% while that of Northern Star Resources (ASX: NST) is up by 3.86%.
Other stocks that have fuelled the Australian index to its current high are those of energy producers. Following the rise in crude oil prices, Santos Limited (ASX: STO) has had its share price rise by 1.21% to…