ASX 200 materials led the market sectors last week, rising 4.6% as mining shares began recovering from this month's sell-off.
ASX mining shares have been the worst hit by the war in Iran, with the materials sector losing 15.3% of its value since the conflict began.
Some investors took profits this month after a strong run for ASX 200 mining shares, amid fears that higher diesel prices and potential shortages could hurt earnings and production for 2H FY26.
ASX 200 mining shares have also declined alongside metals prices, with gold down 17%, silver down 22%, lithium carbonate down 8%, and copper down 7% over the month. Iron ore has demonstrated resilience, rising 7% over the period to US$106 per tonne on Friday.
With the US and Iran still negotiating a 15-point plan for peace, it is hoped this war and the ensuing global oil shock will be over soon.
This may have motivated some investors to take up new or enhanced positions in ASX 200 mining shares last week, given the bright long-term outlook for the sector and the opportunity to buy the dip.
Reflecting the miners' fightback last week, the S&P/ASX 300 Metal & Mining Index (ASX: XMM) rose 4.4% while the benchmark S&P/ASX 200 Index (ASX: XJO) gained 1% to finish at 8,516.3 points.
Seven of the 11 market sectors finished in the green last week.
Let's recap.
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ASX 200 mining shares fight back
The BHP Group Ltd (ASX: BHP) share price increased 6.1% to close at $50.37 on Friday.
BHP shares reached a record $59.39 on 3 March before the war prompted investors to take profits.
Despite last week's rebound, the ASX 200's largest mining stock remains 13.8% lower over 30 days.
Rio Tinto Ltd (ASX: RIO) shares lifted 4.3% to $153.23 last week, while Fortescue Ltd (ASX: FMG) gained 6.5% to $20.19.
The Mineral Resources Ltd (ASX: MIN) share price soared 9.7% to $56.69.
South32 Ltd (ASX: S32) shares increased 1.3% to $4.03 per share.
ASX 200 copper share Sandfire Resources Ltd (ASX: SFR) lifted 1.8% to $15.88, while Capstone Copper Corp (ASX: CSC) edged 0.6% lower to $10.14.
ASX 200 lithium shares had a ripsnorter of a week, with PLS Group Ltd (ASX: PLS) rocketing 21.8% to close at $5.15 on Friday.
The Liontown Ltd (ASX: LTR) share price soared 20.9% to $1.77, and Core Lithium Ltd (ASX: CXO) gained 11.9% to 24 cents.
Nickel and lithium producer IGO Ltd (ASX: IGO) lifted 16.5% to $7.93 per share.
Lynas Rare Earths Ltd (ASX: LYC) shares closed the week 2.7% higher at $10.08 apiece.
Bauxite and alumina producer Alcoa Corporation CDI (ASX: AAI) lifted 3.5% to $85.95 per share.
What about ASX gold shares?
The market's largest ASX 200 gold share, Northern Star Resources Ltd (ASX: NST) rose 0.3% to close at $18.55 on Friday.
The Evolution Mining Ltd (ASX: EVN) share price lifted 0.4% to $12.46, and Newmont Corporation CDI (ASX: NEM) rose 3.1% to $146.85.
Among the mid-caps, Vault Minerals Ltd (ASX: VAU) shares lifted 2.1% to $3.96, and Regis Resources Ltd (ASX: RRL) rose 1.1% to $6.26.
Gold and copper miner, Greatland Resources Ltd (ASX: GGP) fell 3.5% to $9.76.
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) | 4.57% |
| Utilities (ASX: XUJ) | 3.36% |
| Consumer Discretionary (ASX: XDJ) | 1.84% |
| Healthcare (ASX: XHJ) | 1.74% |
| Industrials (ASX: XNJ) | 1.13% |
| Energy (ASX: XEJ) | 0.86% |
| Consumer Staples (ASX: XSJ) | 0.24% |
| Communication (ASX: XTJ) | (0.39%) |
| A-REIT (ASX: XPJ) | (0.73%) |
| Financials (ASX: XFJ) | (0.77%) |
| Information Technology (ASX: XIJ) | (4.77%) |
