The Rio Tinto Limited (ASX: RIO) share price is finishing the week on a high.
The mining giant’s shares are currently trading at $94.255, a 2.61% gain.
Let’s take a look at why Rio Tinto is having such a good day.
What’s going on?
Rio Tinto produces many metals and minerals, including iron ore, copper, and aluminium.
The iron ore price has lifted 3.05% to US$101.5 per tonne, Trading Economics data shows.
Iron ore prices rose after Chinese city Zhengzhou promised to start rebuilding all stalled housing projects by October 6, Mining.com reported.
Yesterday, an ANZ research report revealed China’s iron ore imports increased 5.44% to 96.2 million tonnes in August.
In a further boost for the Rio Tinto share price, copper futures also jumped by 2.1% to US$3.6 a pound overnight. Copper prices climbed amid concerns about supply.
The aluminium price also lifted 1.86% to US$2276.50 per tonne.
The S&P/ASX 200 Materials Index (ASX: XMJ) is up 3.1% today, while the S&P/ASX 200 Resources Index (ASX: XJR) is 2.88% in the green.
Meanwhile, Rio Tinto is forecasting it will ship 320 to 335 Mt of Pilbara iron ore in 2022 and 3 to 3.1 Mt of aluminium. Additionally, Rio Tinto predicts it will produce 500 to 575 kt of mined copper and 230 to 290 kt of refined copper this calendar year.
Rio Tinto share price snapshot
The Rio Tinto share price has lost 11% in the past year, while it has fallen 6% in the year to date.
In the past month, Rio Tinto shares have shed around 5%.
Rio Tinto has a market capitalisation of nearly $35 billion.
The post Why is the Rio Tinto share price lifting today? appeared first on The Motley Fool Australia.
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More reading
- Down 8% in a month, could Rio Tinto shares be worth digging into?
- Why are ASX 200 mining shares getting blasted on Wednesday?
- Rio Tinto share price lower despite Turquoise Hill agreement
- Own Rio Tinto shares? Here’s why the CEO just met with China Mineral Resources
- Why are ASX 200 mining shares getting hammered on Friday?
Motley Fool contributor Monica O’Shea 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 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 Scott Phillips.
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