What Else Is New? Commodity Stocks Rallying On China & Australia (RTP, BHP, ACH, VALE)
Shares of commodity producers are higher today on news that the PMI data for China ,and Australian GDP were better than the market had been anticipating.
The Chinese PMI came in at a reading of 51.7, inline with the 51.8 analysts had been anticipating.
Shares of Aluminum Corp. of China Limited (NYSE: ACH) are higher by 3.18% today, gaining 63 cents to trade at $20.43.
It's traded over 160,000 shares so far.
Shares of Rio Tinto (NYSE: RTP) are jumping this afternoon, gaining more than 6% on the better than expected economic news. Shares are gaining $3.50 to trade at $53.94.
Volume is also very strong today, with RTP having traded over 3 million shares, 500,000 more than usual.
The world's largest miner, BHP Billiton (NYSE: BHP), is better by 4.95% as it trades at $69.79. BHP is gaining $3.29 on volume of 3.1 million shares.
Brazilian mining giant Vale (ADR) (NYSE: VALE) is also higher on stronger than normal volume. Shares of the Brazilian miner are better by $1.57 to trade at $28.32. Volume is particularly strong, having traded over 20 million shares today.
