The share market is higher thanks to investors being inspired by fresh peaks reached on Wall Street.
Strong jobs data pushed US markets higher on Friday, giving some impetus to Australian stocks when they resumed from a long weekend break on Tuesday.
But soft copper prices were stopping local miners making significant gains, Invast Securities chief market analyst Peter Esho said.
“It’s going to be difficult for the overall Aussie market to continue to track higher,” he said.
“The copper price continues to trend lower, which means it’ll be very difficult for the material stocks to push the market higher and that means the Aussie market’s gains overall are capped.”
He said the Chinese investigation into allegations that several companies used the same copper as collateral for loans to different banks had caused concern.
Among the miners, BHP Billiton rose 19 cents to $36.43, Rio Tinto was up 46 cents at $59.86, and Fortescue Metals gained 9.5 cents to $4.615 at 1200 AEST.
Elsewhere, there was more evidence of local retailers facing earnings pressures, with The Reject Shop and Pacific Brands issuing profit warnings.
The Reject Shop had shed $1.025 to $8.125 and Pacific Brands had dumped 4.25 cents to 51.75 cents.
In the banking sector, National Australia Bank added 26 cents to $33.79, Westpac gained 22 cents to $34.77, ANZ advanced 15 cents to $33.82, and Commonwealth Bank was 65 cents higher at $82.42.
KEY FACTS
* At 1200 AEST on Tuesday, the benchmark S&P/ASX200 index was up 19 points, or 0.35 per cent, at 5,483 points.
* The broader All Ordinaries index was up 17.6 points, or 0.32 per cent, at 5,461.1 points.
* The June share price index futures contract was seven points higher at 5,485 points, with 9,464 contracts traded.
* National turnover was 664 million securities worth $1.15 million.
