Copper Hits Record as Australian Shares Eye Another Gain

Australian shares are poised to build on Tuesday's advance, with record copper prices and strong US chipmaker performances expected to drive gains in mining and technology stocks. However, weaker oil prices may weigh on energy companies.

The S&P/ASX 200 is set to open around 0.2% higher after a 25.9-point gain on Tuesday. Technology led the previous session with WiseTech Global Ltd rising 2.86%, TechnologyOne Ltd adding 2.67%, and Xero Ltd gaining 1.61%. Global Lithium Resources Ltd surged 49.62% after accepting a $333 million takeover proposal from Titan Australia Mining.

The energy sector, on the other hand, saw Woodside Energy Group Ltd fall 2.37% and Santos Ltd lose 1.39% as oil prices retreated. Copper futures reached a fresh all-time high near US$6.92 a pound, extending their six-session gain to around 8%, while gold recovered from an intraday decline to finish about 0.4% higher.