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Jan 16 (Reuters) - Australian shares rebounded on Monday, with materials accounting for nealy half the gains, after a rise in commodity prices boosted mining stocks.
The S&P/ASX 200 index .AXJO rose 0.5 percent, or 27.28 points to 5,748.4 at the close of trade as global miner BHP Billiton (LON:BLT) BHP.AX hit a 17-month high.
The mining index .AXMM rose as much as 1.8 percent to its highest in more than two years after iron ore futures in China soared as much as 8 percent to a three-year high on Monday, powered by strong gains in steel prices. IRONORE/
Fortescue Metals FMG.AX advanced as much as 3.7 percent to touch a one-month high while Rio Tinto (LON:RIO) RIO.AX ended 1.8 percent firmer.
Copper prices rose, extending gains from last week on the back of strong economic data from the United States and China. MET/L Copper miner OZ Minerals OZL.AX soared as much as 3.3 percent to hit a 4-1/2 year high.
DUET Group DUE.AX rose 5.4 percent to finish at a more than eight year-high after it agreed to recommend an increased $5.51 billion bid from a consortium led by Cheung Kong Infrastructure Holdings 1038.HK Zealand's benchmark S&P/NZX 50 index .NZ50 firmed 0.4 percent, or 27.97 points, to finish the session at a three-month high of 7,074.94.
Utilities and materials drove many of the gains. A2 Milk Company Ltd ATM.NZ was the top percentage gainer, jumping 3.6 percent.