Australian shares climb as investors gear up for miners' production reports

Australian shares reached their highest level in over a week on Monday, buoyed by gains in mining and technology stocks. Investors are focusing on a series of upcoming quarterly production reports from major miners, including Rio Tinto, which is scheduled to release its update on Wednesday. The S&P/ASX 200 index increased by 0.3%, reaching 8,739.80 points as of 23:18 GMT, following a 0.4% gain last week.

The index climbed as high as 0.5% earlier in the session, marking its highest level since October 1. Market participants anticipate a busy reporting season in the resources sector, with Rio Tinto leading the way for Australia's major miners, along with BHP and South32, which are expected to report production results next week. The forthcoming reports are anticipated to provide valuable information about production trends and demand for key commodities such as iron ore and copper, offering insights into the outlook for the resources sector.

Major miners' stocks gained over 2%, setting the stage for their best day since September 18, driven by higher copper prices. Gold stocks also rose by 1.4%, fueled by surging bullion prices. BHP gained 2.5%, while Rio Tinto and Fortescue increased by 1% each. Technology stocks climbed as much as 2.7%, reaching their highest level in over a month, after Wall Street's gains at the end of last week.

WiseTech Global and Xero surged more than 3.5% each. Investors are also closely monitoring the release of minutes from the Reserve Bank of Australia's September policy meeting on Tuesday, which could provide new perspectives on policymakers' assessment of the economy amid rising oil prices and a decline in global bond markets. Financials edged up 0.4%, with the "Big Four" banks trading in positive territory.

However, energy stocks declined by 0.5%, with Santos and Woodside Energy falling by 1% each. New Zealand's benchmark S&P/NZX 50 index rose slightly to 13,768.42 points.