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Which ASX 200 mining share is rocketing 9% today?

Positive commodities trading is pushing ASX 200 mining shares higher today.

Posted by
Bronwyn Allen
Bronwyn has 28 years of experience in journalism, copywriting, and media relations. She began her career as a reporter with News Corporation in Sydney in 1997. She later worked for two real estate corporations in communications and PR roles, then started her own freelance copywriting and publicity business. A keen shares investor, Bronwyn joined the Motley Fool Australia team as a copy editor and writer in June 2021.
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Key points
  • Champion Iron is the second best-performing share on the ASX 200 today, up 9% at its intraday high of $7.46 per share
  • Rising commodities prices, including a 1.25% bump in the iron ore price overnight, are pushing ASX 200 mining shares higher today 
  • Top broker Macquarie has a 12-month target of $8 on the Champion Iron share price 

ASX 200 mining share Champion Iron Ltd (ASX: CIA) is enjoying a day in the sun (unlike the rest of us on this gloomy Wednesday).

The Champion Iron share price is currently $7.37, up 7.6% on yesterday's closing price of $6.85.

Earlier in the session, the ASX 200 mining share ascended to an intraday peak of $7.46, representing a 9% bump.

It is currently the second-best performing share of the entire S&P/ASX 200 Index (ASX: XJO) today.

A drawing of a rocket follows a chart up, indicating share price lift

Image source: Getty Images

Why is this ASX 200 mining share soaring today?

Champion Iron is an ASX mid-cap iron ore share with several mining projects in Canada.

It owns and operates the Bloom Lake open-pit mine, which produces high-grade, low-contaminant iron ore that the company exports globally. Champion also owns the Powderhorne zinc and copper project.

There is no news out of Champion Iron today. It's keeping good company in the green though, with several other ASX 200 mining shares also rising.

The S&P/ASX 200 Materials Index (ASX: XMJ) is the top-performing market sector today, up 1.9%.

The benchmark S&P/ASX 200 Index (ASX: XJO) is up 0.54%.

The sector's strength is one factor pushing up Champion Iron and the big ASX 200 mining shares today, as per below:

  • The BHP Group Ltd (ASX: BHP) share price is $47.18, up 2.6%
  • The Rio Tinto Ltd (ASX: RIO) share price is $122.03, up 2.95%
  • The Fortescue Metals Group Ltd (ASX: FMG) share price is $22.68, up 2.2%.

The Mineral Resources Ltd (ASX: MIN) share price is an outlier, down 2.3% at $77.06 per share.

What's happening with commodities?

The materials sector is rising after a positive session across commodity markets.

In overnight trading, the iron ore price rose by 1.25% to US$121.50 per tonne.

The copper price rose by 0.11% to US$4.04 per pound.

Coal gained 0.2% and is up 6.2% over the month at US$194.15 per tonne.

The silver price is currently trading up 1% to US$25.33 per ounce.

Champion Iron share price snapshot

The Champion Iron share price is only just in the green for 2023 so far, up 0.2%.

It is down 3.2% over the past 12 months.

Top broker Macquarie has a 12-month price target of $8 on the ASX 200 mining share. This implies a potential upside of 8.5%.

Motley Fool contributor Bronwyn Allen has positions in BHP Group, Fortescue Metals Group, and Macquarie Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Macquarie Group. 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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