Australian shares edged higher on Wednesday as fears of an iron ore supply shortage bolstered mining stocks, but gains were capped by a profit miss for top lender Commonwealth Bank of Australia.
The S&P/ASX 200 index closed up 0.3 percent or 20.20 points at 6,026.10. The benchmark surged nearly 2 percent Tuesday.
The metals and mining index rose 1.2 percent to a near seven-year high, dominating gains in the benchmark.
Concerns are growing over a possible shortfall in iron ore supplies after Brazil’s Vale SA on Tuesday declared force majeure on some iron ore contracts following a court-ordered halt to a mine responsible for nearly 9 pct of its output.