The materials sector jumped almost 2% at midday Friday, leading a broad-based rally, as all sectors on the Australian Securities Exchange were trading in the green.
On Wall Street, both the S&P 500 and the Nasdaq Composite indices closed at record highs on Thursday, up 0.5% and 0.7%, respectively.
The S&P/ASX 200 index was up 1.1%.
BHP Group (ASX:BHP), which was up almost 3%, reported copper production of 516,200 tonnes in the fourth quarter of fiscal 2025, up 2% year-over-year and 1% from the prior quarter. Iron ore output was 70.3 million tonnes, up 2% from a year earlier and 14% from the fiscal third quarter.
In fiscal 2025, the company produced 2 million tonnes of copper and 263 million tonnes of iron ore, up 8% and 1%, respectively, from a year earlier.
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