The Rio Tinto Limited (ASX: RIO) share price is rocketing higher today despite no news having been released by the iron ore giant.
And it's not alone in its surge. It's joined in the green by many of its S&P/ASX 200 Materials Index (ASX: XMJ) peers as the mining sector leads the market with a 3.43% gain.
The Rio Tinto share price is up 4.58% right now, trading at $107.335. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has lifted 0.01%.
So, what might be bolstering the iron ore giant's share price and those of its peers on Monday? Let's take a look.
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What's driving the Rio Tinto share price higher today?
The Rio Tinto share price is taking off again amid reports China will ease some COVID-19 restrictions.
Today's gain follows the 4.4% leap posted by the stock on Friday amid the latest US inflation figures, finding the nation's consumer price index lifted just 7.7% over the 12 months to 31 October.
News China will relax some of its COVID-19 restrictions broke over the weekend. The slight easing of the country's restrictions will see close contacts quarantining for fewer days while secondary contacts will no longer be recorded, BBC News reports.
Some inbound travellers will also spend less time in quarantine under the changes and airlines will no longer face major consequences if a certain number of passengers test positive for the virus after landing, according to CNN Business.
The move doesn't appear to represent the beginning of the end of Beijing's strict COVID-zero measures. Indeed, restrictions were also tightened in Guangzhou over the weekend, the Associated Press reports, via PBS.
However, it might have been enough to bolster confidence in markets closely tied to China, such as iron ore. Iron ore futures lifted 2.9% to US$90.79 on Friday.
The Rio Tinto share price has gained 5% year to date and 13% over the last 12 months.
Comparatively, the ASX 200 has slumped 4% this year and 4% since this time last year.
