Aussie miners surge on better ore outlook
Hopes rose today that the world's battered mining stocks could enjoy a more prosperous 2009 as shares in several of Australia's biggest players rocketed.
Analysts said the boost to a host of Aussie iron-ore miners came on hopes of improved demand from emerging economies.
Atlas Iron, Murchison Metals and Fortescue Metals jumped in Sydney - Atlas and Murchison by nearly 25% and Fortescue by almost 12% Rio Tinto rose 2.7% while BHP Billiton remained flat.
Sentiment about China's demand for iron ore was buoyed by India's exports in November, which doubled from the previous month as China increased purchases.
The country is spending four trillion yuan (£398 billion) to stimulate its slowing economy.
Commodity prices last year plunged by the most in 50 years as demand for energy, metals and grains slid in the second half because of the recession.
From July to December, the slumping economy drove crude oil, petrol, copper, corn, and wheat down from records in the first half. The Reuters/Jefferies CRB index of 19 raw materials fell 36%, the most since the gauge began in 1956, to 229.54. It rose to a record 473.97 on 3 July.
