ASX Edges Up as Miners Rally on Record Copper Prices

Australia's stock market saw a slight increase as large miners benefited from record copper prices. The S&P/ASX 200 rose by 0.2%, with most of the growth coming from the commodities sector.

The resources sub-index, which accounts for over a quarter of the market by value, gained 0.9% after copper hit an all-time high. This sent shares in BHP up 2.7% and Rio Tinto up 1.8%. Fortescue also saw gains.

This strength has a double-edged effect on the market. It supports heavyweight exporters, but it can also keep inflation worries alive, which is a concern for investors who are already bracing for tighter policy. Traders are pricing a 74% chance of a quarter-point Reserve Bank of Australia hike at its September 29 meeting.