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Highlights
- ASX200 lifts amid positive global trade sentiment
- Copper stocks gain on supply uncertainty and price rally
- Lithium and tech shares show strength early in the week
The S&P/ASX200 began the week on a positive note, edging 0.1% higher in early trade following gains in European equities. The local market found support after the European Union and the US agreed to accelerate trade discussions, temporarily easing tariff-related concerns. European stocks bounced back, with the Stoxx Europe 600 Index climbing 1%, led by industrials and automakers.
With the UK and US markets closed for a holiday, investor sentiment was largely influenced by European momentum. Futures contracts for the S&P 500 and the Nasdaq also hinted at a firmer Wall Street open.
Back home, Australian technology shares extended recent gains. WiseTech Global (ASX:WTC) rose 1.8%, while TechnologyOne (ASX:TNE) was up 1.5%, mirroring the uplift in US tech futures.
Meanwhile, copper-related stocks saw strong upward momentum. Sandfire Resources (ASX:SFR) surged 3.7% and Capstone Copper (ASX:CSC) jumped 6.3%, driven by a rise in copper prices to US$9610 per tonne on the London Metal Exchange. The rally followed news that Canadian firm Ivanhoe Mines had withdrawn production guidance for Africa’s largest copper mine, raising concerns about future supply.
In the mining sector, iron ore players showed modest gains. BHP Group (ASX:BHP) added 0.1% and Fortescue Metals Group (ASX:FMG) climbed 0.8%, as recent downward pressure on iron ore prices appeared to ease.
Among other notable movers, Vulcan Energy Resources (ASX:VUL) advanced 4.9% after commencing drilling at its Lionheart lithium project in Schleidberg. This is the fifth well within its Phase One development and reflects ongoing progress in the energy transition space—an area increasingly on the radar for those tracking emerging ASX dividend stocks.
In corporate updates, ALS Limited (ASX:ALQ) traded flat despite growing its annual earnings by 4.7%. A dip in profit due to higher interest expenses and currency headwinds weighed on sentiment. Telstra Group (ASX:TLS) edged down 0.3% after outlining a new five-year roadmap. The telco aims to boost its return on invested capital to 10% by fiscal 2030, up from 8% currently.
Utilities lagged the broader market, with Origin Energy (ASX:ORG) falling 2.2% amid a downgrade to expected earnings from its stakes in Australia Pacific LNG and Octopus Energy.
As investors continue to monitor international trade developments and commodity trends, early signs suggest a cautiously optimistic start to the week for the ASX200, led by the strength in tech, copper, and lithium sectors.
