Australia's mining sector could see more gains next year as trade risks ease and China's economy picks up. That could spur a more durable rotation into the sector, which is closely tied to the global economic outlook.

Council of the City of Sydney

Australian mining stocks, which have underperformed compared to other sectors in recent years, are projected by analysts and investors to experience a continued rally in 2026. This optimism is attributed to a brighter global economic outlook, easing trade risks, and expectations of China's economic recovery.

Market shifts throughout the year have created new opportunities for investors, with a rotation from banking to cyclical sectors such as mining as risk appetite returns. The ongoing trade war has also brought renewed focus to gold miners and rare earths, contributing to a shift in stock market leadership within Australia.

Australian miner rally set to extend in 2026

Komali, mining stocks have been lagging some of the other sectors we've seen in Australia's market in recent years. Maybe that turnaround in 2026? Yeah, I think there's definitely scope for that rally to continue into the next year. At least that's what I'm hearing from a lot of these analysts and investors I'm talking to. What's driving that turnaround? I think it comes down to a couple of things. The first one being a brighter outlook for the global economic growth as a lot of those trade risks that you mentioned sort of start to settle. And the second thing is more expectations of China's recovery. So I think all of these things sets up a good picture for Australian miners in the new year. The tree picture that has emerged this year, how has that affected the stock market leadership? Yeah, I think it's created a lot of new opportunities for investors within Australia's stock market. For the first half of the year, it was really the banking sector that benefited from that haven demand and its exposure to Australia's economy. But as that risk appetite has returned in the second half of the year, we are starting to see a bit more rotation into the cyclical parts of the market, including the miners. And then the other aspect to consider with the trade war is that it's sort of put renewed attention and focus on a lot of gold miners and rare earths, so other opportunities within the sector. So it's really striking up the leadership within the stock market here in Australia.

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