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ASX 200 hits 2-week high as miners lead the charge

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The S&P/ASX 200 Index (ASX: XJO) is pushing higher on Monday as miners help drive another rebound for our local share market.

At the time of writing, the benchmark index is up 0.48% to 8,698 points.

The move has taken the ASX 200 to its highest level in around 2 weeks, helped by a strong session across the resources sector.

The ASX 200 is now up 0.78% over the past week and 4.03% over the past year.

It still remains slightly lower in 2026, so investors are not looking at a clean breakout just yet.

But after a choppy month, buyers are returning to several parts of the market.

So, what is driving the ASX 200 higher today?

Miners are doing the heavy lifting

A large part of today’s move is coming from the resources sector.

BHP Group Ltd (ASX: BHP) shares are trading higher as coking coal prices jump following a deadly mine explosion in China. The mining giant is up 1.26% to $60.05.

Reuters reported that Dalian coking coal futures rose nearly 8% after the incident in Shanxi province. Authorities have since launched safety inspections, raising concerns about a tighter coal supply.

Coal stocks are also among the strongest names on the ASX 200. Whitehaven Coal Ltd (ASX: WHC) is up 8.09% to $8.82, while Yancoal Australia Ltd (ASX: YAL) is 6.57% higher at $6.98.

The broader resources sector is also helping. The S&P/ASX 200 Resources Index (ASX: XJR) is up 1.40%, while the S&P/ASX 200 Materials Index (ASX: XMJ) is up 2.04%.

Oil drop helps risk appetite

The ASX 200 is also getting a hand from a calmer mood across global markets.

Brent crude oil has fallen back below US$100 a barrel after hopes grew for a potential deal involving Iran and the Strait of Hormuz.

Brent crude dropped 5.1% to US$98.29 as investors reacted to signs of progress, although US President Donald Trump also said there was no rush to finalise an agreement.

But the drop in oil prices is weighing on energy shares. The S&P/ASX 200 Energy Index (ASX: XEJ) is the weakest area today, with the sector down 2.22%.

Karoon Energy Ltd (ASX: KAR) is down 5.81% to $1.9875, while Woodside Energy Group Ltd (ASX: WDS) is 3.93% lower at $30.84.

Santos Ltd (ASX: STO) is also under pressure, falling 3.40% to $7.96.

Wall Street gives a steadier lead

Wall Street finished higher on Friday before the Memorial Day long weekend in the United States.

The Dow Jones Industrial Average Index (DJX: .DJI) closed 0.6% higher, while the S&P 500 Index (SP: .INX) rose 0.4% and the Nasdaq gained 0.2%.

That gave investors a more positive lead heading into Monday, even with US markets closed for the public holiday.

Trading volumes may be lighter today because of the US holiday and closures in parts of Europe.

The post ASX 200 hits 2-week high as miners lead the charge appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. 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 recommended BHP Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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