THE major miners and the Australian share market overall were buoyed by record copper prices today though Cyclone Yasi prompted worries about supply.
After four days of losses, at 1615, the benchmark S&P/ASX200 index was up 44.4 points, or 0.93 per cent, at 4796.5, while the broader All Ordinaries index had risen 45.9 points, or 0.95 per cent, at 4897.9 points.
On the ASX 24, the March share price index futures contract was 39 points at 4762, with more than 36,000 contracts traded.
BHP Billiton was up $1.08, or 2.42 per cent at $45.70, and Rio Tinto had risen $1.71, or 2.03 per cent, at $85.82.
Those two miners alone were responsible for one-third of the ASX200's rise.
Investors backed materials and energy stocks after the price of copper hit an all-time high of $US9,810 tonne on the London Metal Exchange overnight, EL & C Baillieu Stockbroking director Richard Morrow said.
Cyclone Yasi in Queensland has prompted worries about supply.
Strong US economic data, along with positive manufacturing and employment data across China, the US, the UK and Germany had also encouraged traders, he said.
"It is all about commodities and demand for raw materials, with America slowly grinding back into good health,'' Mr Morrow said.
"A shortage of supply is pushing the price of commodity producers higher.
"Copper is used in everything and the reason it is so important is that basically it is a bellweather for the entire industrial demand for raw material base metals.
"Shares have languished in those mining companies during January but have really come out of the blocks today.''
Tin has also hit all-time highs, while nickel and aluminium are at two-year highs.
Banking stocks were higher too, with Westpac up six cents to $23.10, National Australia Bank rising five cents at $24.64, ANZ climbed eight cents to $23.75 and Commonwealth Bank steady at $52.45.
Queensland sugarcane growers said they feared Cyclone Yasi could cause $500 million or more in damage to crops and farm infrastructure and insurers were hit accordingly.
Insurance Australia Group Ltd lost nine cents, or 2.41 per cent, at $3.64, Suncorp fell 15 cents, or 1.79 per cent, to $8.21 and QBE shed 29 cents, or 1.68 per cent to $16.94.
Preliminary national turnover was 2.89 billion securities for $5.46 billion, with 734 stocks up, 449 down and 357 unchanged.
The most traded stock by volume was Newsat Limited, with 159.32 million securities changing hands at a total value of $1.43.
Newsat struck a deal to accommodate satellites yesterday and was steady at 0.8 cent.
