The rallying iron ore price in the past 24 hours got traders excited today with the ASX closing up more than 1%, pushed higher by iron ore mining stocks.
Pure iron ore miners including BC Iron, Atlas Iron, Mt Gibson and Fortescue were all up today, pulling the S&P/ASX 200 up to close up 1.01% at 5,207.40.
Meanwhile stocks in Tokyo tanked 2.08%, falling below 15,000 for the first time since August and below an important trend line.
On the ASX Mt Gibson closed up 17.98% to 52.5 cents a share, Atlas Iron was up 14.86% to 42.5 cents, and Fortescue also closed up 5.49% to $3.65 and taking its gains to more than 10% this week.
“Iron ore prices shot 4% higher in trading yesterday, after China surprised with growth in both import and export volumes,” CMC Markets chief markets strategist Michael McCarthy said.
The Aussie dollar is also trading at near four year lows which is also making Australian shares cheaper in international terms.
Here’s the chart.