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Highlights
- The iron ore futures price rose 0.1% to US$133.60 a tonne on Monday as China relaxed COVID-19 curbs.
- The rise in iron ore price seems to have pushed the materials sector higher, which was one of the three sectors trading in the green today.
- The benchmark index ASX 200 was down 0.260% at 7267.600 points at 11:54 AM AEST today.
Iron ore prices witnessed a jump on Monday (May 30) following the news related to easing of COVID-19 restrictions China. On Monday, Iron ore futures in Dalian and Singapore jumped to their highest levels since 23 May this year. The iron ore futures price rose 0.1% to US$133.60 a tonne as China relaxed COVID-19 curbs. This jump in the metal price seems to have pushed the materials sector higher today, which was one of the three sectors trading in green during today's intraday trading session.
The benchmark index ASX 200 was down 0.260% at 7267.600 points at 11:54 AM AEST today, while the S&P/ASX 200 Materials (Sector) XMJ was up 0.303% at 18036.00 points at 12:46 PM AEST.
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Meanwhile, as per CBA's latest commodity price forecast revisions, iron ore prices are expected to fall to US$120 a tonne by September end. At the current price of $136.50 per tonne, iron ore prices have fallen over 32% in the last one year.
In this article, we will look at three ASX-listed stocks which have been in the news lately. These three stocks include- BHP Group Limited (ASX:BHP), Rio Tinto (ASX:RIO), and Mineral Resources Limited (ASX:MIN).
BHP Group Limited (ASX:BHP)
The shares of ASX-listed mining and petroleum company BHP Group Limited were spotted trading 0.601% higher at AU$45.180 per share on ASX at 12:36 PM AEST today. The company produces essential commodities, including iron ore, copper, nickel, metallurgical coal, potash and petroleum. The company has a market capitalisation of AU$227.34 billion.
In the last one year, BHP shares have fallen around 5%, while the stock is up approximately 6% year-to-date (YTD).
Image Source: © Catur| Megapixl.com
Rio Tinto (ASX:RIO)
Rio Tinto shares traded 0.773% higher at AU$114.680 per share on ASX at 12:00 PM AEST today. Rio Tinto is an ASX-listed world’s leading iron ore mining giant, which holds a market capitalisation of AU$42.24 billion. The share price of Rio Tinto has risen 0.96% in the last 12 months, while the stock is up 15.04% YTD. The shares of the iron ore company have fallen 7.31% in the last one year.
Mineral Resources Limited (ASX:MIN)
The shares of Australian mining services company Mineral Resources Limited traded 1.881% higher at AU$63.880 per share on ASX at 1:00 PM AEST today. Mineral Resources Limited has a world-class portfolio of mining operations across several commodities, including iron ore and lithium. The company has a market capitalisation of AU$11.86 billion. Shares of Mineral Resources Limited have gained 40.77% in the last one year, while the stock is up 8.86% YTD.
