At noon AEST on Monday, the benchmark S&P/ASX200 index had made up most of Friday's losses, gaining 49.7 points, or 0.64 per cent, to 7,864.8. The broader All Ordinaries was up 49.9 points, or 0.62 per cent, to 7,132.2.
Seven of the ASX's 11 sectors were up at midday, with telecommunications flat, consumer staples and health care down marginally and property down 0.9 per cent.
The materials sector was the biggest gainer, rising 2.0 per cent, in part thanks to renewed confidence in China's economy.
Beijing on Friday announced interventions to prop up its ailing real estate sector, including scrapping minimum mortgage rates and cutting the minimum down payment ratios for homebuyers.
Copper was trading at over $US5 a pound for the first time following an apparent short squeeze last week, while gold was at an all-time high of $US2,430 an ounce, up $15 from last week.
BHP had risen 2.0 per cent to $45.80, Fortescue added 1.8 per cent to $27.42 and Rio Tinto was up 2.8 per cent to $135.84.
As for goldminers, Evolution had grown 5.6 per cent to $4.075, Newmont added 3.2 per cent to $65.89 and Northern Star was 3.0 per cent higher at $15.13.
The Big Four banks were having a quiet day, with ANZ and NAB flat and Westpac and CBA both up 0.2 per cent.
Elsewhere, Star Entertainment Group had surged 19.4 per cent to a one-month high of 53.75c after the embattled casino operator confirmed it had received multiple tentative takeover offers, including from a consortium that includes the local partner of Hard Rock Hotels and Casinos.
Gentrack Group had soared 21.6 per cent to $8.77 after the technology company, which makes software for utilities and airports, said its half-year revenue was up 21 per cent to $102 million, compared to a year ago.
Nuix was up 24.4 per cent to $2.96 after the fellow software company said it was likely to exceed its target of growing revenue by 10 per cent following a significant multi-year deal win.
Michael Hill International had dropped 18.9 per cent to a more than three-year low of 49.5c after the jeweller said sales for its core brand were still negative to last year in the 45 weeks to May 12.
"Positive sales momentum had been expected through the second half in line with anticipated improvements in consumer sentiment and economic conditions," the company said.
"Unfortunately, this has not materialised, with the second half sales performance broadly in line with the first half, and margin still under pressure."
The Australian dollar was at its highest level since early January against its American counterpart, buying 66.99 US cents.
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