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Highlights

  • ASX 200 hits record high at 8,852.30, driven by gains in lithium stocks.

  • CATL halts production at major Chinese lithium mine, sparking double-digit rallies in Australian lithium miners.

  • Financials edge higher ahead of key bank earnings, with Commonwealth Bank results due Wednesday.

Australian shares climbed to a record high on Monday, with lithium stocks driving gains in heavyweight miners after reports that Chinese battery manufacturer Contemporary Amperex Technology (CATL) had halted production at a key lithium mine.

The benchmark S&P/ASX 200 index (.AXJO) rose 0.2% to 8,827.70 , having earlier touched an all-time high of 8,852.30. The rally came ahead of the Reserve Bank of Australia’s (RBA) monetary policy meeting on Tuesday, with markets largely pricing in a quarter-point interest rate cut, according to a Reuters poll.

Mining Sector Extends Winning Streak
Miners (XMM) advanced 1.5%, heading for their sixth straight session of gains. Index heavyweights BHP (ASX:BHP), Rio Tinto (ASX:RIO), and Fortescue (ASX:FMG) rose between 1.3% and 1.7%.

The rally was led by lithium producers after a report that CATL (300750.SZ) had suspended production for at least three months at its Jianxiawo lithium mine in China’s Jiangxi province — a major contributor to the country’s rapidly expanding lithium supply.

Liontown Resources (ASX:LTR) surged nearly 25%, topping the gainers’ list. Pilbara Minerals (ASX:PLS), IGO (ASX:IGO), Core Lithium (ASX:CXO), and Mineral Resources (ASX:MIN) also posted advances of between 10.5% and 17.4%.

Financials Edge Higher Ahead of Bank Earnings
Financials (XFJ) gained 0.3% as investors positioned for upcoming bank earnings. Commonwealth Bank of Australia (ASX:CBA), the nation’s largest lender, is due to report full-year results on Wednesday. All of the “big four” banks rose between 0.5% and 1.1% during the session.

Energy Sector Posts Modest Gains
Energy stocks (.AXEJ) edged up 0.3% after oil prices steadied on Friday. Woodside Energy (ASX:WDS) and Santos (ASX:STO) each climbed about 0.4%.

New Zealand Market Also Firm
Across the Tasman, New Zealand’s benchmark S&P/NZX 50 index (NZ50) advanced 0.6%, mirroring the upbeat sentiment in the region.