Market Wrap / copper charge

The Australian sharemarket posted its strongest session of the year so far, amid a record lead-in from Wall Street and higher commodity prices.The S&P/ASX200 finished the day's trade up 0.56% to 8,808.50 points. 

A fresh record high for gold lifted the materials sector, while copper stocks also rallied as the commodity neared US$13,000 a ton. Sandfire Resources rose 2% while Newmont was up 0.4%.

Heavyweight BHP gained 2.3% amid the rise in copper and also iron ore prices. The mining giant is reportedly not planning a counter-bid for Swiss mining giant Glencore, according to sources.Rare earths stocks remained in focus, as Treasurer Chalmers met with counterparts in Washington to discuss Australia's $1.2 billion Critical Minerals Strategic Reserve. Iluka shot up 6.2%, while Lynas was higher by 1.9% also amid news CEO Amanda Lacaze will step down after 12 years in the role.

Elsewhere, Endeavour Group fell 3% on a disappointing trading update. 

And GQG Partners shed 8.6%, despite posting a rise in funds under management.

Tonight, investors focus on the US CPI data. JPMorgan Chase, BNY Mellon and Delta all issue earnings.