The BHP Group Ltd (ASX: BHP) share price hit a 52-week high of $39.17 today and it's doing some of the other heavy lifting in leading the S&P/ ASX200 (ASX: XJO) 0.5% higher.
Other heavyweight stocks touching 52-week highs today include Macquarie Group Ltd (ASX: MQG), Transurban Group (ASX: TCL) and Amcor Limited (ASX: AMC).
Although it's still around 8 hours until U.S. markets open futures are also pointing to strong gains for global markets tonight thanks mainly to stronger-than-expected manufacturing data to come out of China this afternoon.
According to CNBC the latest data showed manufacturing in China grew at its fastest pace in 8 months to suggest its trade tariff war with the U.S. is not impacting it as hard as might be expected.
The media is also widely reporting that U.S. / China trade talks are progressing well, as the two countries seek to agree a deal that would remove trade tariffs imposed by each other.
BHP's revenues and profits are closely linked to the growth of China's economy as the level of demand for iron ore as a key steel-making ingredient is a big factor in determining iron ore prices that now sit at US$86.37 (A$121.34) a tonne according to Market Index.
That's closing in on the boom time prices above US$100 tonne of 2011/12 that many thought would never return as China's once-in-a-generation construction super-cycle pared down.
However, it's supply shortages out of Brazil (following a tailings dam disaster that tragically killed more than 300 people) that are sending the iron ore price higher again, combined with renewed strength in China's economy.
Other miners on an upward trajectory include Rio Tinto Limited (ASX: RIO) and Fortescue Metals Group Limited (ASX: FMG).
