This week iron ore price hit an almost eight years record, and Australians shares have started the week on a high.
The benchmark ASX 200 had risen (+0.5pc) to 6,664 points by 1:00 PM AEDT.
In the past five weeks, the market has grown by approx 12 per cent or more, driven by COVID vaccine faith.
Last Friday it closed on a high for the fifth week in a row.
The All Ordinaries was also trading 0.5 per cent higher at 6,901.
Iron ore prices continued to increase (+5.8pc) above $US145 a tonne, encouraged by the big demand of China and supply companies fuelled by failing forecasts by Brazilian miner Vale SA.
Since March 2013, the price for one of Australia’s huge exports is now at its highest level.
CBA analyst Vivek Dhar said the growth was connected to another decline in iron ore port stockpiles of China.
China is the world’s greatest consumer of the commodity, at approximately 70 per cent of demand.
The best-performing stocks of Monday include Australia’s biggest iron ore miners, Fortescue Metals. It is up to 3.5 per cent.
Coal miner Whitehaven is up to (+3.9pc), along with Western Area’s Nickle miner (+4.8pc).
The stock’s highest level since May 2018 is liquor, hardware retailer, and supermarket Metcash is growing around 10 per cent to $3.52.
The wave came as Metcash declared a 43 per cent growth in holding profit expectations for the first six months of 2021. It told shareholders its supermarket division had done exceptionally great due to citizen staying home during the COVID-19 pandemic.
On the other side, IDP international education provider is the worst performer so far.
The international education provider has been hit badly by the loss of international students during COVID-19 pandemic. But its stocks had been growing over in past weeks as COVID-19 restrictions lifted.
On Monday it is now down 4 per cent to $21.59, which still leaves it well above its crash down to near $10 back in March.