The leading S&P/ASX 200 Index (ASX: XJO) resource shares trounced the index in November.

While the ASX 200 struggled during the month, losing 0.9%, the 5 best performing ASX 200 resource shares delivered an average gain of 22.7%.

Let’s take a look at those top 5 performers now.

Which ASX 200 resource share was November’s top performer?

Leading the pack by several lengths was Nickel Mines Ltd (ASX: NIC).

The Nickel Mines share price ended November at $1.42, up a whopping 35% for the month. And this isn’t a junior miner we’re talking about here. The nickel producer has a market cap of some $3.6 billion.

Atop continuing strong demand for nickel, the company got a lift when it reported it was expanding its partnership with Shanghai Decent. The company also spurred investor interest when it reported the first production from its Angel Nickel project was coming in months ahead of schedule.

Coming in at No. 2

The second best ASX 200 resource share in November was Fortescue Metals Group Limited (ASX: FMG). The iron ore giant gained 22% for the month, closing at $17.01 per share.

Fortescue shares look to have rallied after months of decline on the back of falling iron ore prices. With both prices and the outlook for iron ore improving in November, Fortescue was a clear beneficiary.

And a very close third

With a share price gain of 21%, Lynas Rare Earths Ltd (ASX: LYC) comes in as the third-best ASX 200 resource share to own in November, ending the month at $8.87 per share.

As the world’s second-largest producer of rare earths, and the only significant producer outside China, Lynas has been attracting plenty of investor attention as the West moves to break China’s near-monopoly of rare earths production.

Lynas’ resource deposit in Mt Weld, Western Australia, is among the highest grade rare earths mines on the planet.

Investors are keeping a close eye on the lithium space

With the world marching rapidly towards electrification, investors are keeping a close eye on the resources required for the shift, with lithium chief among those.

ASX 200 resource share Pilbara Minerals Ltd (ASX: PLS) continued to benefit from that trend in November, with shares closing the month up 18.2% to $2.60 per share.

Pilbara’s Pilgangoora Lithium-Tantalum Project, located in Western Australia, is one of the largest hard-rock lithium-tantalum deposits in the world.

And the fifth best ASX 200 resource share?

Rounding out our list of top ASX 200 resource share performers in November is Mineral Resources Limited (ASX: MIN).

Mineral Resources closed the month up 17.3% at $45.26 per share. The company is also benefiting from the growing global demand and strong outlook for lithium. Mineral Resources is poised to become the largest lithium spodumene producer in Australia once its Wodgina project in Western Australia is restarted and up to full production.

The Mineral Resources share price received a final lift on 29 November when the company announced it’s entered into a port and rail agreement with Hancock Prospecting Ltd and Roy Hill Holdings Ltd.

The post 5 best ASX 200 resource shares to hold in November appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are topping the volume charts on Thursday
• These were the 5 best performing ASX shares in November
• The Fortescue (ASX:FMG) share price hit by broker downgrade
• These 3 ASX 200 shares are topping the volume charts this Wednesday
• The Fortescue (ASX:FMG) share price jumped 22% in November

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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