The S&P/ASX 200 (ASX: XJO) (ASX: XJO) is trading higher on the back of rising commodity prices including oil, iron ore, copper, nickel and aluminium.
New US sanctions against Iran helped the oil price rise to a three year high. Oil companies' share prices are up on the higher oil price and trading off lows seen in March. Companies up include Woodside Petroleum Limited (ASX: WPL), Oil Search Limited (ASX: OSH), and Origin Energy Ltd (ASX: ORG), while Santos Ltd (ASX: STO) was down 1.3% at the time of writing.
Mining companies were stronger, including BHP Billiton Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG).
Newcrest Mining Limited's (ASX: NCM) share price was up 1.6% due to the commencement of production at Cadia, with the expectation of reaching full production rates before the end of the year.