But the news also lifted the US dollar, which limited attempts by commodities to rally significantly. And the market might be put under more pressure over the next two months as the spring flush of Australia's new season's wool comes to market. The industry has struggled amid sliding global equity markets and generally poor economic news over the past week. Although Oxiana Resources is entitled to a medal for persistence, it might instead get one for timing - which, after all, is everything when it comes to success. A spate of recent economic numbers shows world growth continues to slow.
Growth is the lifeblood of the demand for commodities.
And coal has been strong. But in the thermal market, especially, ballooning supplies out of China, and to a lesser extent Russia and Indonesia, are putting pressure on Australian producers. It's a hot political issue in the bush and one the Government needs to remedy if it is to win rural votes. Stephen Wyatt and Katharine Murphy report.