On Wednesday, the S&P/ASX 200 Index (ASX: XJO) was back on form and raced notably higher. The benchmark index rose 0.9% to 7,195.3 points.
Will the market be able to build on this on Thursday? Here are five things to watch:
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ASX 200 expected to rise again
The Australian share market looks set to rise again on Thursday following a solid night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 32 points or 0.45% higher this morning. In late trade in the United States, the Dow Jones is up 0.5%, the S&P 500 has risen 0.85% and the NASDAQ has climbed 1.25%. Investors are betting that Thursday's US inflation reading will be soft.
Lithium shares on watch
ASX 200 lithium shares such as Allkem Ltd (ASX: AKE) and Pilbara Minerals Ltd (ASX: PLS) could have a decent session after their US counterparts charged higher overnight. It appears that US investors were scrambling to buy higher risk lithium shares again on the hopes that inflation is easing. Lithium giants Albemarle, Livent, and SQM are all up over 5% in late trade.
Oil prices charge higher
Energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have another strong day after oil prices charged higher again on Wednesday night. According to Bloomberg, the WTI crude oil price is up 2.8% to US$77.24 a barrel and the Brent crude oil price is up 2.85% to US$82.38 a barrel. Oil prices rose on global economic growth optimism.
Copper at six-month high
Mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Ltd (ASX: RIO) could have a decent session after a range of commodity prices pushed higher. One commodity that they produce that is performing particularly positively right now is copper. It rose beyond US$9,000 a tonne overnight on the LME, which is a six-month high. This has been driven by optimism that China's reopening will underpin increased demand from the world's top consumer.
Gold price rises
ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price rose again overnight. According to CNBC, the spot gold price is up 0.25% to US$1,881.1 an ounce. Gold rose ahead of tonight's key US inflation reading.
