Why the S&P/ASX 200 hit a 3-month high today

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. 

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Motley Fool contributor Rosemary Steinfort owns shares of BHP Billiton Limited. 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 Scott Phillips.

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