Business
ASX tops 6600 in 1.2% vaccine boost; Miners and banks surge – The Sydney Morning Herald
The S&P/ASX200 was trading above 6600 points for the first time in nine months after it jumped 1.2% on Tuesday. The miners, banks, and energy firms were strong.
The mining and energy company gave a summary of its outlook for several different parts of its business, such as iron ore, oil, and coal.
Chinese demand (for iron ore) is in a plateau phase, which is likely to continue through the middle of the current decade and be followed by a decline, Morgan Stanleys Australian-based analyst Rahul Anand wrote in a note to clients.
After that, the scrap steel ratio is expected to double, leading to declining demand for steels raw ingredients.
Near-term, the…
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