S&P/ASX 200 surges past 7100 to its highest level in 14 months as iron ore hits record

S&P/ASX 200 surges past 7100 to its highest level in 14 months as iron ore hits record

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S&P/ASX 200 (INDEXASX:XJO) jumped 1.2% to a session high of 7166.1 points by noon as the mining giants soared on record commodity prices. Iron ore futures in Singapore jumped more than 10% to hit a fresh record high of US$226 a tonne on Monday while gold climbed to a three-month high of US$1840 an ounce. Copper has also extended its gains to a record high of US$10,440 per tonne. Strongest economic growth in over 30 years The Reserve Bank has lifted its 2021 calendar year economic growth forecast from 4% to 5.25%, according to a report by Craig James, Chief Economist at CommSec. If realised, economic growth would be the strongest for over 30 years. However, the 2.44% contraction in 2020 was the biggest decline going back to 1959. “Powerful combination” James noted that strong economic growth, lower unemployment, benign inflation and record low interest rates is a powerful combination. Investors must be alert to the risks of boom-like conditions. But investors must always be alert to the opportunities for investments in consumer discretionary, construction, construction materials and information technology. Top gainers Today’s top gainers on the ASX include Argonaut Resources NL (ASX:ARE) (+11.11%), Black Dragon Gold Corp (CDI) (ASX:BDG) (+19.05%), Element 25 Ltd (ASX:E25) (+9.36%), Fe Limited (ASX:FEL) (+9.09%), Greenland Minerals Ltd (ASX:GGG) (+12.66%),  Peninsula Energy Ltd (ASX:PEN) (+15.15%) and Silver Mines Limited (ASX:SVL) (+10.20%). Proactive news headlines: Comet Resources lands drill permit for Santa Teresa Gold Project with 2,000 metres of diamond drilling planned Comet Resources Ltd (ASX:CRL) has received a drilling permit for the Santa Teresa Gold Project in Baja California, Mexico, paving the way for the start of a proposed 2,000-metre diamond drilling program later this quarter. Twenty Seven Co closes rights issue oversubscribed and raises $2.7 million Twenty Seven Co Ltd (ASX:TSC) has closed its partially-underwritten renounceable rights issue strongly oversubscribed, raised around $2.7 million. Kingston Resources intersects further gold and high-grade silver mineralisation at Kulumalia Kingston Resources Ltd (ASX:KSN) (FRA:RZZ) has received encouraging new gold and silver results from an ongoing 8,000-metre resource drilling program at Kulumalia, at the southern end of the main Umuna orebody of its flagship 3.6 million ounce Misima Gold Project in PNG. Matsa Resources defines new gold targets at Devon within Lake Carey Project Matsa Resources Limited (ASX:MAT) (FRA:KB2) samples have revealed extensive gold anomalism with a peak value of 10.95 g/t gold at Devon Prospect within Lake Carey Gold Project in Western Australia. Perpetual Resources signs MoU for high-grade silica sand offtake with supplier to China glass industry Perpetual Resources Ltd (ASX:PEC) has signed a memorandum of understanding (MoU) with a supplier of end product inputs to a range of high-end glass producers in China for the purchase of 400,000 tonnes per annum of high-grade silica sand from the Beharra Project in Western Australia. Brookside Energy passes key milestone with Jewell Well in world-class Anadarko Basin spudded Brookside Energy Ltd (ASX:BRK) (OTCMKTS:RDFEF) has passed a major milestone with Jewell Well in the SWISH Area of Interest (AOI) of Oklahoma's world-class Anadarko Basin successfully spudded on the evening of May 8, 2021, by Latshaw Rig 14 after completion of rig-up and equipment testing. Castillo Copper about to embark on aggressive Mt Oxide exploration amidst strong copper market Castillo Copper Ltd (ASX:CCZ) (LON:CCZ) (FRA:7OR) is set to begin its aggressive 2021 exploration program at Mt Oxide Copper Project in northwest Queensland coinciding with a “massive global transformation” in the copper market. Pantoro deep drilling confirms high-grade gold mineralisation at Scotia within Norseman project Pantoro Limited’s (ASX:PNR) (FRA:RKN) ongoing drilling at Scotia Mining Centre within the Norseman Gold Project has returned several deep high-grade intersections from inside and outside of the inferred mineral resource envelope. Rimfire Pacific follows up Transit intersection of 61 metres at 10 g/t gold with deep diamond hole Rimfire Pacific Mining NL (ASX:RIM) has drilled a diamond hole at the Transit prospect in central NSW to follow up an intersection of 61 metres at 10 g/t gold from 60 metres returned in a reverse circulation (RC) hole.

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