Sandfire Resources Shares Jump as Copper Rally Puts ASX Miner Back Near Its Highs
Sandfire Resources Ltd shares surged in the latest ASX session, closing at A$19.83, up A$1.48, or 8.07%, at 4:10 p.m. Sydney time on June 12. The move took the copper miner’s market value to about A$9.25 billion and left the stock trading below, but still close to, its 52-week high of A$21.75. The rally mattered because it was bigger than the broader market move and came as investors returned to resources names. The S&P/ASX 200 was up sharply on June 12, while Market Index reported the materials sector rising 3.7% in afternoon trade as miners bounced after recent weakness. Sandfire’s outsized gain shows how quickly sentiment can turn for copper producers when the underlying metal strengthens.