What was the highest Rio Tinto share price ever recorded?

Long-term shareholders of Rio Tinto Limited (ASX: RIO) and the other big ASX 200 mining shares would likely tell you it's a rollercoaster ride. But a really fun one.

Mining is a good place for ASX investors to be because Australia is a resource-rich country. We dig a lot of minerals out of the ground and countries all over the world want to buy from us.

We're home to three of the biggest miners on the planet — namely BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO), and Fortescue Metals Group Limited (ASX: FMG). These are massive, well-established and globally-renowned companies that provide great sleep-at-night comfort for long-term ASX investors.

The rollercoaster effect comes from commodity prices, which rise and fall depending on global demand.

The higher the price for commodities, the higher the profits for our big ASX 200 miners — and their share prices tend to follow suit.

So, it's no surprise that when we look at the history of the Rio Tinto share price, we see two major spikes above the $100 mark. One occurred in 2008 during a peak in China's industrialisation, and the other is occurring right now.

What is the highest ever Rio Tinto share price?

Rio Tinto was founded in 1873 and was listed on the ASX in 1970. Over five decades, it has grown into one of the biggest companies on the ASX with a market capitalisation of $39.69 billion.

According to company data, the highest closing share price Rio Tinto has achieved is $134.40. That was on 4 August last year. The highest price ever traded during a session is $137.33 on 29 July last year.

No points for guessing why.

Commodity boom creates Rio Tinto share price high

Commodity prices have skyrocketed in recent times as major western countries invest in massive infrastructure projects to restart their economies after the pandemic.

Infrastructure requires steel, and to make steel you need iron ore. And we've got the biggest ore reserves in the world. According to S&P Global, Australia was the global leader in iron ore production in 2021.

Magnifying demand for commodities is the move towards decarbonisation. A big range of minerals is now in hot demand as many countries seek to build renewable energy projects and make electric vehicles.

What happened in 2008?

The other big share price spike in Rio Tinto's history happened in 2008. The highest it traded for then was $129.35, according to company data.

Many people would argue that China's industrialisation and insatiable demand for iron ore was the only thing that saved us from recession during the global financial crisis.

Rio Tinto share price snapshot

The Rio Tinto share price is down 16% over the past 12 months but up 6.5% year to date.

The Rio Tinto share price closed today's session down 0.65% to $106.23.