The S&P/ASX 200 rose 0.2% to close at 8,788 on Friday, recovering earlier losses as gains in top miners, boosted by strong copper prices, offset declines in biotech firm CSL amid concerns over new US pharmaceutical tariffs.
The mining sector gained 1% and posted its strongest weekly gain in a year at 6.7%, supported by copper prices, climbing near six-month highs on supply concerns following Freeport’s force majeure.
Sector majors BHP and Rio Tinto rose 1.3% and 1.2%, respectively, with BHP hitting a three-week high and Rio Tinto reaching its strongest level since February 21.
Both miners are increasingly shifting focus toward copper, a key metal for global decarbonisation and electrification.
On the flip side, biotech giant CSL Ltd dropped 1.9% ahead of new US tariffs, which from October 1 will impose 100% duties on branded and patented pharmaceuticals.
Meanwhile, the ASX index ended the week 0.2% higher, marking its first weekly gain in four weeks.