S&P/ASX 200 flat after hitting all-time high as inflation fear lingers

S&P/ASX 200 (INDEXASX:XJO) is trading near the flat line at 7,293 points by about 1 pm after rising to an all-time high of 7,334.9 at 10.45 am. Local shares weakened after the release of China’s producer price index for May which jumped 9% from a year earlier, against expectations in a Reuters poll for an 8.5% increase. This is the sharpest rise in factory prices in 12 years as commodity prices continue to increase. Big miners BHP Group (ASX:BHP), Rio Tinto (ASX:RIO) and Fortescue Metals (ASX:FMG) were all gaining following a 3.7% surge in the iron ore price to US$210.40 a tonne overnight. Buy now, pay later stocks were strong with Afterpay (ASX:APT) rising 3% and rival Zip gaining 0.9%. Top gainers Today’s top gainers on the ASX include Anson Resources Ltd (ASX:ASN) (+7.94%), Comet Resources Limited (ASX:CRL) (+11.11%), Elementos Limited (ASX:ELT) (+9.09%), GTI Resources Ltd (ASX:GTR) (+13.64%), Queensland Pacific Metals Ltd (ASX:QPM) (+12.90%) and OAR Resources Ltd (ASX:OAR) (+7.14%). Proactive news headlines: Great Boulder Resources seeks to grow Blue Poles gold discovery with RC drilling recommencing Great Boulder Resources Ltd (ASX:GBR) has recommenced reverse circulation (RC) drilling at the Blue Poles discovery within its Whiteheads Gold Project in Western Australia. Calima Energy lifts guidance for Canadian operations in line with strong production growth Calima Energy Ltd (ASX:CE1) has revised operational and financial guidance for the remainder of 2021 to reflect higher realised oil & gas prices, increased sales volumes based on production to-date and production results expected from the start of the company’s drilling campaign in Canada. Moho Resources completes Crossroads diamond drilling with further Burracoppin JV gold exploration on horizon Moho Resources Ltd (ASX:MOH) has completed a maiden diamond drilling campaign at Crossroads prospect within the Burracoppin Gold Project joint venture with IGO Ltd (ASX:IGO) (OTCMKTS:IPGDF). Piedmont Lithium enhances US project sustainability with 40% increase in industrial resources Piedmont Lithium Inc (NASDAQ:PLL) (ASX:PLL) (OTCMKTS:PDDTF) has further enhanced the sustainability of its flagship US lithium project in North Carolina with a 40% increase in the resource of the industrial minerals quartz, feldspar and mica. Brookside Energy completes drilling and casing operations on high-impact Jewell Well in Anadarko Basin Brookside Energy Ltd (ASX:BRK) (FSE:8F3) has completed drilling and casing operations at the high-impact Jewell 13-12-1S-3W SXH1 well in the SWISH Area of Interest (AOI) in the world-class Anadarko Basin of Oklahoma, USA. Chalice Mining identifies extensive nickel-copper soil anomalism at northern end of Julimar Complex Chalice Mining Ltd (ASX:CHN) (OTCQB:CGMLF) has received strong results from ongoing regional reconnaissance exploration at the Julimar Nickel-Copper-Platinum Group Element (PGE) Project in Western Australia. GTI Resources to start drilling for uranium in Utah within a month GTI Resources Ltd (ASX:GTR) will start drilling for uranium at its Henry Mountains Uranium & Vanadium Project in Utah as soon as late June following approval from the state. Shree Minerals identifies gold targets at Bruce and prepares to drill Shree Minerals Limited (ASX:SHH) is gearing up for a reverse circulation (RC) drilling campaign at its Bruce Gold Project in the Northern Territory after identifying priority drill targets.