The local sharemarket posted its best session in more than two years as the RBA’s shock move triggered a sharp fall in bond yields and the Aussie dollar.
P 500 surged 2.6 per cent in its best session since July. The Dow Jones Industrial Average jumped 2.7 per cent, and the Nasdaq Composite gained 2.3 per cent.
Lithium stocks rallied after the Industry Department released its quarterly resources and energy report that forecast spodumene prices will rise from an average $US598 a tonne in 2021 to $US2730 a tonne in 2022, and $US3280 a tonne in 2023. UBS also reiterated its positive outlook on the coal and lithium sectors as supply disruptions are met with growing demand for the commodities.
Whitehaven Coal and New Hope hit record highs despite benchmark Newcastle coal futures diving 8 per cent to $US399 per tonne overnight. US coal prices surged past $US200 for the first time. Whitehaven added 6.6 per cent to $9.74 and New Hope rose 6.4 per cent to $6.70.
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