ASX 200 mining shares smash multi-year highs as key commodity prices rise

ASX 200 materials led the market sectors last week, rising 4.26%, as several miners set new records or multi-year highs.

The S&P/ASX 200 Index (ASX: XJO) rose 0.91% to close at 8,744.4 points, marking the benchmark’s first weekly gain in four weeks.

The long-term outlook for Australian mining is strong, with 5 key drivers behind a new commodities super cycle now underway.

However, the war in Iran and the global oil shock remains a short-term headwind that is expected to drive miners’ costs higher in 2026.

As the world awaits Iran’s response to the latest peace plan proffered by the US, share markets remain volatile.

Last week, only four of the 11 market sectors finished in the green.

Let’s review.

Higher commodity prices boost ASX 200 mining shares

Several ASX 200 mining shares hit new records or multi-year highs as key commodities lifted over the week.

On Friday, the iron ore price was US$110.95 per tonne, up 3.5% over the week, due to strong buying from mainland China.

Trading Economics analysts said:

Sentiment was further lifted by a continued drawdown in steel inventories, which have now declined for seven consecutive weeks, pointing to potential restocking demand for raw materials.

On the macro front, China’s manufacturing PMI remained in expansion territory, while policymakers in Beijing continued efforts to stabilize the real estate sector, improving the broader economic outlook.

Also last week, the gold price rose 2.2% to US$4,730 per ounce, and silver lifted 6.3% to US$80.61 per ounce.

The copper price increased 3.7% to US$6.25 per pound.

ASX 200 lithium shares had a strong week as lithium prices continued their recovery.

Lithium prices finally bottomed out in mid-2025 after a devastating two-year downward spiral.

Since then, the lithium spodumene price has more than quadrupled to US$2,792 per tonne on Friday.

The lithium carbonate price also reached its highest level since 2023 at US$28,949 per tonne, up 3.5% for the week.

Which ASX mining shares hit new highs last week?

The BHP Group Ltd (ASX: BHP) share price increased 5.48% to close out the week at $57.95.

BHP shares reached a 10-week high of $58.71 on Thursday, their highest level since the stock hit a record $59.39 on 3 March.

BHP is now a whisker away from re-taking its traditional crown as the largest company on the ASX 200.

For now, Commonwealth Bank of Australia (ASX: CBA) remains at the top with just $2.6 billion in market cap separating it from BHP.

The Rio Tinto Ltd (ASX: RIO) share price lifted 3.93% to close at $178.72 after reaching a new all-time high of $180.33 on Friday.

The Mineral Resources Ltd (ASX: MIN) share price rose 4.27% to $69.55, after reaching a two-year high of $71.62 on Friday.

The market’s largest ASX 200 lithium share, PLS Group Ltd (ASX: PLS) rose 1.95% to $6.26 on Friday.

PLS Group shares also set a new record last week at $6.38 apiece.

Other impressive gains among the miners

Fortescue Ltd (ASX: FMG) shares gained 6.3% to finish the week at $21.27.

ASX 200 copper share Sandfire Resources Ltd (ASX: SFR) lifted 7.33% to $18.01.

The Capstone Copper Corp (ASX: CSC) share price gained 4.3% to $12.37.

Nickel and lithium producer IGO Ltd (ASX: IGO) lifted 8.59% to $8.34 per share.

Lynas Rare Earths Ltd (ASX: LYC) shares closed the week 1.57% higher at $19.44 apiece.

What about ASX gold shares?

The gold price was US$4,730 per ounce on Friday, up 2.2% over the week and up 9.1% in the calendar year to date.

The market’s largest ASX 200 gold share, Northern Star Resources Ltd (ASX: NST) edged 0.05% lower to $21.16 last week.

The Evolution Mining Ltd (ASX: EVN) share price lifted 7.4% to $13.05, and Newmont Corporation CDI (ASX: NEM) rose 4.33% to $160.35.

Regis Resources Ltd (ASX: RRL) and Vault Minerals Ltd (ASX: VAU) announced their merger last week.

The Regis Resources share price lost 2.97% to close at $6.85 while Vault Minerals lifted 3.98% to $4.70 per share.

ASX 200 market sector snapshot

Here’s how the 11 market sectors stacked up last week, according to CommSec data.

Over the five trading days:

S&P/ASX 200 market sector	Change last week
Materials (ASX: XMJ)	4.26%
Industrials (ASX: XNJ)	1.02%
Information Technology (ASX: XIJ)	0.79%
Communication (ASX: XTJ)	0.08%
Financials (ASX: XFJ)	(0.19%)
A-REIT (ASX: XPJ)	(0.97%)
Consumer Discretionary (ASX: XDJ)	(2.64%)
Healthcare (ASX: XHJ)	(2.92%)
Consumer Staples (ASX: XSJ)	(3.56%)
Utilities (ASX: XUJ)	(4.46%)
Energy (ASX: XEJ)	(7.62%)

The post ASX 200 mining shares smash multi-year highs as key commodity prices rise appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in BHP Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd. 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.