Copper hits record highs as oil approaches US$100 and ASX falls
Gold miners lost money overnight while copper prices set new records, causing Woodside Energy and Capstone to rally despite the broader market decline.
The S&P/ASX 200 index fell approximately 0.3% by midday in Sydney on Wednesday. Brent crude oil is trading near US$100 a barrel amid geopolitical tensions. This price level negatively affected Wall Street, with the Dow Jones Industrial Average dropping around 1.2% and the S&P 500 down 0.6% overnight. Australian gold miners faced losses after gold prices fell 1.5% to roughly US$4,355 an ounce. Woodside Energy Group rose about 2% in trading as fuel costs increased. Capstone Copper Corp climbed nearly 4%, supported by record-breaking copper demand for artificial intelligence infrastructure. BHP also gained around 2.5%. Large cap company Austal entered into a bidding process with Florida investment firm Wildcat.
