Australian Market Hits Record High Amid Copper Price Surge

The Australian stock market closed at a record high on Wednesday, following Wall Street's rally. The S&P/ASX 200 index finished 82 points or 0.9% higher at 9227.8, surpassing its previous record from early March.

Miners and tech stocks led the charge, with BHP rising 3.3% and Rio Tinto increasing by 2.3%. The mining giants benefited from a surge in copper prices to their highest level since mid-May, reaching $US14,000 per tonne in London.

The energy sector was hit hard, however, as oil prices fell for the third consecutive day. Brent crude dropped 5.4% to $US79.25 per barrel, causing Woodside and Santos to decline by 3.6% and 2.2%, respectively.