Record-Breaking ASX Rally Driven By Miners And Copper

Australian stocks have set another record high, driven by gains in the mining sector. The S&P/ASX 200 index rose by 0.7%, with major miners like Rio Tinto, Fortescue, and BHP leading the charge.

The rally was fueled by higher copper prices, which hit a three-month high. Iron ore futures also stabilized after a recent decline.

Outside of materials, the picture was more mixed. Oil prices stayed relatively steady due to hopes for a US-Iran deal, but this had a negative impact on Australia's energy sector.

The move is also being influenced by Glencore's planned secondary listing on the ASX in October. This could increase the index's already-heavy mining tilt and make it even more sensitive to swings in industrial metals and commodities.