The Australian sharemarket snapped three consecutive sessions of decline on Thursday, lifted by strength in major mining and consumer stocks as copper prices surged to a 14-month high.
The S&P/ASX 200 Index rose 22.20 points, or 0.3%, to finish at 8,969.8, with six of the 11 sectors closing in positive territory.
Materials led the gains as copper miners rallied strongly following the metal’s overnight rise to its highest level in more than a year.
Capstone Mining jumped 7.6%, Ero Copper advanced 7.2%, and Sandfire Resources climbed 5.3%.
Mining giants BHP and Rio Tinto also supported the broader market, rising 2.9% and 1.6%, respectively, while Fortescue gained 1.4%.
Consumer staples contributed to the gains, with Metcash up 1.6%, GrainCorp advancing 1.5%, and both Woolworths and Coles adding 0.6%.
However, gold miners were mixed as investors took profits after a series of record highs for the precious metal.
The sell-off accelerated after reports of a Gaza ceasefire plan boosted global risk sentiment.
Newmont fell 0.5%, Northern Star dropped 0.7%, while Evolution Mining added 0.8%.
In corporate news, Elders slipped 1% after the agribusiness issued a mixed trading update.
Shares in Mexican-themed fast food chain Guzman y Gomez fell 2.3% following choppy post-update trading.
Lynas Rare Earths surged 5.3% to a 14-year high after signing a partnership with U.S. manufacturer Noveon Magnetics to supply rare earth magnets for the U.S. Department of Defence and commercial clients.
On the bond markets, 10-year and 2-year rates were up 0.3% and 0.1% to 4.354% and 3.519%, respectively.
