Mining major BHP (ASX: BHP) is at a multi-year high, rising within a whisker of its pre-GFC 2007 and 2011 boom-time peaks, hitting A$41.71 in Australian trade earlier today.
The iron ore price is above US$115 per tonne for 62% fines according to MySteel on supply constraints, while gold is holding above $1,400 an ounce on the spot market.
Metals and mining stocks closed about 1% higher in Toronto yesterday.
Northern Dynasty Minerals (TSX: NDM) was a standout, gaining almost 28% as the US Environmental Protection Agency said it would reconsider a 2014 decision that had blocked development of the copper-gold project in Alaska.
Elsewhere among the majors, Newmont Goldcorp (NYSE: NEM) rose about 0.9% in New York and Rio Tinto closed more than 1% higher in London yesterday.
Copper major Freeport-McMoRan (NYSE: FCX) gained 1.3%.