S&P/ASX 200 hits record high as strong demand dynamics push oil price above US$70 per barrel

S&P/ASX 200 (INDEXASX:XJO) has hit another record high earlier today, with the index lifting 0.9% to 7281.8. The Big 4 banks were the largest contributors to the market’s gains as Commonwealth Bank (ASX:CBA) hit a fresh record high of $101.85 this morning. Energy stocks are also continuing to gain, with the sector lifting by 2.84% following a 1.4% rise in brent crude oil price to US$71.25 a barrel. Commodities boom The iron ore price has surged by 12% since last Friday after Chinese policymakers drafted a plan which could help increase steel production in a major steel making hub. Galaxy Resources (ASX:GXY) shares rose after the company upgraded its production goals for the year. The lithium miner expects to produce between 195,000 to 210,000 dry metric tonnes (dmt) of spodumene concentrate (previously 185,000 – 200,000 dmt). Top gainers Today’s top gainers on the ASX include Aldoro Resources Ltd (ASX:ARN)(+8.06%), Arrow Minerals Ltd (ASX:AMD) (+16.67%), Brookside Energy Ltd (ASX:BRK) (+8.70%), Creso Pharma Ltd (ASX:CPH) (+21.43%), FYI Resources Ltd (ASX:FYI) (+8.73%), Queensland Pacific Metals Ltd (ASX:QPM) (+8.57%) and Roots Sustainable Agricultural Techn Ltd (ASX:ROO) (+8.33%). Proactive news headlines: Strategic Elements and Honeywell to assess development of Autonomous Security Vehicle Strategic Elements Ltd (ASX:SOR) is to negotiate a new agreement with global Fortune 100 software-industrial company Honeywell International Inc (NASDAQ:HON) to further develop and commercialise the Autonomous Security Vehicle (ASV). Lithium Australia granted Australian patent for SiLeach® lithium extraction technology Lithium Australia NL (ASX:LIT) (OTCMKTS:LMMFF) (FRA:3MW) has received a standard patent ‘Certificate of Grant’ from IP Australia for its SiLeach® extraction technology for low-energy recovery of lithium from micas - potentially a short-cut in the production of lithium-ion batteries. Miramar Resources chases gold leads with RC and aircore campaign at Gidji Miramar Resources Ltd (ASX:M2R) has kickstarted a reverse circulation (RC) and aircore drilling campaign at the Gidji Gold Project Joint Venture (JV) in WA’s Eastern Goldfields. European Lithium “at forefront of Europe’s battle for white gold”, Spark Plus reports European Lithium Ltd (ASX:EUR) (FRA:PF8) has welcomed a research report by Spark Plus Pte Ltd analyst Cyprus Sia who says the company is leading the charge to be among the first few electric vehicle (EV) battery-grade lithium suppliers within Europe by 2023. Twenty Seven Co's completed auger drilling at Yarbu Gold Project will provide insight into unexplored areas Twenty Seven Co Ltd (ASX:TSC) has completed a 662 hole auger drilling campaign for 987 metres over the entire Yarbu tenement package, providing an unparallel geochemical insight into an underexplored part of the Marda-Diemals Greenstone Belt. Shree Minerals’ new copper occurrences at Edwards Creek coincide with strong copper market Shree Minerals Limited (ASX:SHH) has discovered new copper occurrences during its first site visit to the Edwards Creek Project in the Northern Territory and this comes at a time of very positive copper market fundamentals. Piedmont Lithium adds governance and operational experience to board with two new non-executive directors Piedmont Lithium Inc (ASX:PLL) (NASDAQ:PLL) (OTCMKTS:PDDTF) has added governance and operational experience to the board with the appointment of two new non-executive directors – Claude Demby and Susan Jones. Matador Mining expands landholding in gold-rich region of Newfoundland Matador Mining Ltd (ASX:MZZ) (OTCMKTS:MZZMF) (FRA:MA3) has boosted its landholding across a major Newfoundland gold region following a strategic review.