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3 reasons why mining shares are surging this morning

The first day of our shortened trading week kicked off this morning and the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rocketed 1% higher after our big mining stocks burst out the blocks.

What’s happened?

Here are three reasons why they’re our best performers today

  1. The Australian Dollar this morning touched a 7-month low, increasing the value (in Australian dollars) that our companies receive when they sell their commodities in US dollars
  2. The Iron Ore price is sitting pretty at around US$80 per tonne
  3. The gold and silver prices rose over the Christmas break

Where to from here?

It’s been a great year for our big mining stocks but it’s very rare in recent times to see these stocks perform well two years in a row. For that reason I’m keeping an eye out for other opportunities that might represent better value at the moment.

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Motley Fool contributor Andrew Mudie has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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