ASX 200 materials shares lead the market sectors last week, lifting 3.77% mainly due to mining stocks — particularly lithium producers.
Pilbara Minerals Ltd (ASX: PLS), IGO Ltd (ASX: IGO), and Liontown Resources Ltd (ASX: LTR) shot the lights out, soaring 30%, 35%, and 44%, respectively, on the back of higher lithium prices due to renewed global demand for batteries.
Energy shares had a third consecutive week of strong gains, rising 1.91%, while the technology sector tumbled heavily, down 9.36%.
The benchmark S&P/ASX 200 Index (ASX: XJO) was weak, falling 1.54% over the five trading days to close at 8,634.5 points.
Only three of the 11 market sectors finished in the green.
Let's review.
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ASX 200 mining shares higher on strengthening commodity values
Strengthened commodity prices boosted ASX 200 mining shares last week, with lithium seemingly experiencing a comeback.
On Friday, the Spodumene Concentrate Index (CIF China) Price was US$1,006 per tonne, up about 7% last week and up 21% over a month.
Analysts at Trading Economics said lithium prices were rising due to improving global demand for batteries and power infrastructure.
Six ASX lithium shares streaked to new 52-week highs on Friday.
The Pilbara Minerals share price ripped 30% to $3.82, IGO shares rose 35% to $6.73, and Liontown stock roared 44% higher to $1.47.
The gold price remained strong, although it continues to trade below last month's record high of above US$4,300 per ounce.
The gold price was trading above US$4,190 per ounce on Friday afternoon and heading for its best week in a month, up 4.7%.
The rise was driven by a softer US dollar and uncertainty given a lack of economic data due to the 43-day US Government shutdown.
The S&P/ASX All Ords Gold Index (ASX: XGD) rose 7.41% last week, vastly outperforming the S&P/ASX All Ords (ASX: XAO), down 1.38%.
The market's largest ASX 200 gold share, Northern Star Resources Ltd (ASX: NST) rose 8.87% to 26.50.
The Evolution Mining Ltd (ASX: EVN) share price leapt 8.54% to $11.57.
Newmont Corporation CDI (ASX: NEM) shares rose 7.89% to $138.10.
The iron ore price was relatively stable last week, slipping 1% to US$104 per tonne on Friday, and up 0.4% over the year to date.
The ASX 200's largest iron ore share, BHP Group Ltd (ASX: BHP) edged 0.23% higher to finish at $42.75 on Friday.
The Fortescue Ltd (ASX: FMG) share price increased 0.75% to $20.23 and Rio Tinto Ltd (ASX: RIO) shares lifted 2.18% to $131.85.
The Mineral Resources Ltd (ASX: MIN) share price ripped 19.22% to $50.74.
South32 Ltd (ASX: S32), which is buy-rated due to its exposure to surging silver, copper, and aluminium prices, rose 3.59% to $3.17.
ASX copper shares went higher as the red metal continued its ascension on the back of stronger demand amid the energy transition.
Copper closed at US$5.06 per pound on Friday, up 2.5% for the week and up 27% in the year to date.
The ASX 200's largest pure-play copper share, Sandfire Resources Ltd (ASX: SFR) rose 3.31% to $16.25.
Capstone Copper Corp (ASX: CSC) shares lifted 2.61% to $13.39 apiece.
ASX 200 market sector snapshot
Here's how the 11 market sectors stacked up last week, according to CommSec data.
Over the five trading days:
| S&P/ASX 200 market sector | Change last week |
| Materials (ASX: XMJ) | 3.77% |
| Energy (ASX: XEJ) | 1.91% |
| Utilities (ASX: XUJ) | 1.16% |
| Industrials (ASX: XNJ) | (0.17%) |
| Consumer Staples (ASX: XSJ) | (0.2%) |
| Healthcare (ASX: XHJ) | (0.24%) |
| Consumer Discretionary (ASX: XDJ) | (1.46%) |
| Communication (ASX: XTJ) | (2.45%) |
| A-REIT (ASX: XPJ) | (2.58%) |
| Financials (ASX: XFJ) | (4.89%) |
| Information Technology (ASX: XIJ) | (9.36%) |
