Australian shares inch higher with boost from banks and

Australian shares inched higher on Tuesday, recovering some of their losses from the previous session with support from heavyweight banks, while miners rallied on the back of firmer copper prices.

The S&P/ASX 200 index rose 0.2% to 8,653.50 points as of 2327 GMT.

The benchmark closed 0.7% lower on Monday, its steepest slide in more than three weeks.

Mining sub-index advanced 0.4%, boosted by a surge in copper prices, which were lifted by a weaker dollar. The sub-index has gained nearly 35% so far this year, on track for its best performance since 2016.

Rio Tinto and BHP rose 1.1% and 0.4%, respectively, while Fortescue slid 0.4%.

Meanwhile, financials gained as much as 1.2% to touch their highest level in more than a month. Shares of the banking sub-index have risen more than 2% since the US Federal Reserve trimmed borrowing costs last week.

This was in sharp contrast with the local central bank, which held the key cash rate steady while suggesting an end to its easing cycle.

The Commonwealth Bank of Australia advanced 1.6%, while the other big four banks added between 1.1% and 1.9%.

Gold miners edged 0.1% lower as the bullion pared gains on Monday.

Evolution Mining rose 0.6%, while Northern Star Resources fell 0.3%.

Local tech stocks were on track to deepen losses for a seventh session, dropping as much as 2.2% to their over eight-month low.

Xero fell to a nearly two-year low with a slide of 2.6%.

Energy sub-index dipped as much as 0.8%, its lowest in three weeks as oil prices slid. Sector majors Woodside Energy and Santos slipped 0.9% each.

New Zealand’s benchmark S&P/NZX 50 index was flat at 13,405.57 points.‑Reuters