What drove the strongest weekly performance for Australian mining stocks since September 2024?

The strongest weekly performance for Australian mining stocks since September 2024 was driven by rallying copper and gold prices, which lifted a sub-gauge of material shares on the S&P/ASX 200 Index by 7.6%—its biggest gain in nearly two years—and supported gains from industry heavyweights including BHP Group and Newmont Corp.

Why are copper and gold prices rising, according to the article?

Copper is headed for a record close due to signs of tighter short-term global supply and growing optimism about demand from data centers and power grids; gold spiked earlier in the week as improving prospects for a deal to reopen the Strait of Hormuz reduced expectations for Federal Reserve rate hikes.

Australian Miners Post Best Week Since 2024 as Copper, Gold Soar

Aug 6, 2026

Australian mining stocks rallied for their best week since 2024, fueled by record copper prices and strong dividends from majors like BHP and Rio Tinto amid supply constraints.

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