Miners Lift ASX Despite Banking Sector Drag

Australia's S&P/ASX 200 index ticked up by 0.2% on Monday, buoyed by gains in copper-linked miners.

The mining sector rose after copper prices increased late last week, driven by a weaker US dollar and signals from China that it is willing to use fiscal support to steady growth.

BHP Group gained 3%, while Rio Tinto added 2%. Gold miners also firmed up with bullion prices. However, energy stocks were relatively flat, with Ampol surging on a sharp increase in interim profits despite softer oil prices for Santos and Woodside.

The banking sector, however, dragged the index down, with financials falling 1.1% as investors waited for Wednesday's July inflation report.