Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
ASX Materials On Track for Strongest Session Since April 2025 as Miners Recover
Highlights
Introduction
The S&P/ASX 200 Materials Index was trading near 22,748.8, up about 5.53%, on Thursday 5 November 2026. That put the sector on track for its strongest session since April 2025. The rebound came even as LME copper was softer overnight. Iron ore was little changed around US$92.05 a tonne. The contrast between soft copper and a surging local materials complex underlines how gold-linked names and a broader risk rally helped miners reclaim ground after several soft sessions.
Gold Strength Offsets Softer Copper
Precious metals rallied hard overnight. Spot gold rose about 3.4% to around US$4,061 an ounce, reclaiming the US$4,000 mark, while silver, platinum and palladium also gained. That backdrop supported Australian gold producers. Northern Star Resources (ASX: NST) was around AU$25.14, up about 6.5%. Newmont Corporation (ASX: NEM) traded near AU$170.23, up about 10.3%.
Copper's overnight softness had weighed on materials in recent sessions, so Thursday's sector lift despite that headwind was notable. Diversified miners with iron ore exposure still advanced, suggesting equity investors were more focused on the risk-on tone after the US midterm result than on copper alone.
Big Diversified Miners Join the Rebound
BHP Group (ASX: BHP) was around AU$58.17, up about 4.7% from Wednesday's close near AU$55.56. Rio Tinto (ASX: RIO) traded near AU$149.77, also up about 4.7%. Fortescue (ASX: FMG) was about AU$14.83, a gain of roughly 4.5%.
South32 (ASX: S32) advanced about 6.0% to near AU$4.53. Mineral Resources (ASX: MIN) was around AU$46.44, up about 7.1%, and Champion Iron (ASX: CIA) traded near AU$2.02, up about 14.5%.
Iron ore near US$92 a tonne remains well below earlier cycle levels, so the equity rebound looks more like a sentiment reset than a fresh commodity breakout.
Why the Sector Had Room to Bounce
Materials had been under pressure over recent sessions as copper slid. Thursday's move reversed a chunk of that weakness. A Democratic sweep of both houses of the US Congress overnight lifted global risk appetite, and gold's reclaim of US$4,000 added a second support. Those forces outweighed softer copper for ASX-listed miners on the day.
What Investors Should Watch
Conclusion
ASX materials surged about 5.53% on Thursday, on track for its strongest session since April 2025, as gold-linked miners and the big diversified names recovered. BHP, Rio Tinto and Fortescue each rose about 4.5% to 4.7%, even while LME copper was softer overnight and iron ore held near US$92 a tonne. Overnight gold strength above US$4,000 and a firmer global risk tone after the US midterms helped power the rebound.
Note- All data presented is based on information available at the time of writing.
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