Various ASX mining shares have seen their share prices rise this morning, including the BHP Group Ltd
(ASX: BHP) share price rising 1.4%.
Looking at some of the other miners that are doing well, the Rio Tinto Ltd (ASX: RIO) share price is up 1.9%, the Perseus Mining Ltd (ASX: PRU) share price is up 9.6%, the Regis Resources Ltd (ASX: RRL) share price is up 7.5% and the Evolution Mining Ltd (ASX: EVN) share price is up 7.3%.
Commodity prices rise
According to Commsec, overnight the gold (futures) price rose by 1.3% to US$1,961 per ounce and the iron ore (futures) price increased by 1.2% to US$110.61 per tonne after “new loans in China accelerated in June, boosting investor sentiment.”
Whether the latest US inflation data had much to do with this is somewhat unclear, but American CPI inflation increased 0.2% in June, with the annual growth rate dropping to 3%, the lowest since March 2021. However, excluding food and energy prices, inflation was also 0.2%, but registered an annual rise of 4.8%, which was the lowest since October 2021.
The US government bond yields decreased, as did the value of the US dollar.
Fortescue Metals Group Ltd (ASX: FMG) ownership update
ASX mining share Fortescue noted the statement from Executive Chairman Dr Andrew Forrest and Nicola Forrest announced that after 31 years of marriage, they are going to “live apart”. They said that their friendship and commitment to the family “remains strong”.
It was noted in their statement that “there is no impact on the operations, control or direction of Fortescue, Minderoo or Tattarang.”
Dr Forrest remains the Executive Chair of Fortescue, and Chair of Tattarang and the Minderoo Foundation. It was also said that there will be “no change to the control, direction or major shareholding owned by Tattarang and Dr Forrest’s associated entities, and that Dr Andrew Forrest and Nicola Forrest will be transferring their wealth to charity over their lifetimes.”
Final thoughts on the ASX mining shares
Andrew Forrest’s commitment to Fortescue and its green energy
endeavours hasn’t changed – that’s why I’m still a shareholder.
I think the best time to buy miners is when their respective commodity prices are weak, which doesn’t seem to be right now. I’d be patient about buying BHP and Fortescue shares until the iron ore price were to go at least below US$100 per tonne.
