AUS
NZ
UK
CA
USA
IND
Highlights
- ASX lifts on softer US tariff stance.
- Copper demand outlook improves.
- Gold Road and Nickel Industries gain.
The Australian share market saw a lift in early trade, following a rebound in US markets sparked by a more tempered stance on tariffs from US President Donald Trump. The S&P/ASX 200 index rose 47.1 points, or 0.59%, reaching 7,984 points by 10:30am AEDT. Over the past five days, the index has climbed 1.57%, although it remains down 2.15% year-to-date.
Trump’s plan reportedly includes tariff "breaks" for certain countries, suggesting a more measured and targeted approach to trade policy. This has provided a boost to investor sentiment globally, as concerns around aggressive trade retaliation ease.
Seven out of the 11 ASX sectors were higher in early trade. Industrials rose by 0.11% and energy inched up by 0.08%, while the materials sector dipped slightly by 0.02%.
Copper prices gained momentum, rising 1% overnight to US$9,956 per tonne (A$15,845). According to analysts, a more strategic tariff framework may help mitigate economic disruptions, supporting global copper demand. In China, the Yangshan copper premium nearly doubled this month, a sign of strong import demand ahead of potential tariff enforcement. Across Southeast Asia, import premiums also surged to their highest levels since April of the previous year.
China's copper market has seen shifting dynamics, with net imports down 11% in January and February, while exports doubled. This tightening supply scenario is likely to place further pressure on domestic inventories.
Meanwhile, Trump's directive to boost US domestic production of critical minerals has influenced commodity markets. Using the Defence Production Act, the plan includes measures to support domestic supply of resources such as uranium, copper, and lithium. Global producers are now assessing how to balance supply and demand amid evolving trade and policy conditions.
On the ASX, Gold Road Resources (ASX:GOR) saw a sharp rise of 8.16% after rejecting a non-binding takeover offer from Gold Fields (JSE:GFI). The $2.27 cash-per-share proposal was dismissed as "highly opportunistic" and undervaluing the company’s future potential.
Nickel Industries (ASX:NIC) also moved higher, gaining 2.38% following a March quarter update that forecasts a 20% year-over-year increase in EBITDA, estimated between US$85 million and US$90 million. The strong performance was led by its Hengjaya Mine in Indonesia, which delivered 2.6 million wet metric tonnes this quarter, more than doubling output compared to the same time last year.
The S&P/ASX 200 remains a key benchmark of Australian equity performance, representing the 200 largest companies by market capitalisation and covering roughly 80% of the total market.
