Why BHP Group And Rio Tinto Stock Are Trading Higher

BHP Group Ltd BHP and Rio Tinto plc ADR Common Stock RIO shares are trading higher by 6.09% to $57.81 and 6.49% to $64.79, respectively, Friday afternoon.

Shares of metals companies are trading higher on reports China has eased some COVID restrictions. Restrictions in China have slowed economic activity and weighed on the demand outlook for metals.

What Happened?

China's new top leadership has reaffirmed the "dynamic-zero" COVID-19 policy on Thursday, with officials in Guangzhou urging residents to work from home, reported Reuters.

Additionally in macroeconomic news, New bank lending in China declined more than expected in October, with 615.2 billion yuan ($84.86 billion) of new yuan loans given in October, versus 2.47 trillion yuan in September, reported Reuters...Read More

According to data from Benzinga Pro:

• BHP has a 52-week high of $79.66 and a 52-week low of $46.92
• RIO has a 52-week high of $84.69 and a 52-week low of $50.92