The ASX 200 has lifted on Thursday after a surge on Wall Street where the S&P 500 set a new record and as BHP rebounded.

The index is up 0.8 per cent after the first 48 minutes of trading.

BHP has bounced back 1.5 per cent after conflicting reports emerged that the Australian miner’s iron ore was being banned from China.

Sky News Business Editor Ross Greenwood said the row over the ban was a “good old fashioned commercial dispute”.

“This has happened in the past. There’s no big drama here,” Greenwood said.

“China wants to get a better deal for the iron ore it’s getting out of BHP. BHP has some of the best quality iron ore in the world.

“China not only needs it but it has to have it and so from that point of view it is a good old fashioned contract dispute.”

Aluminium producer Alcoa

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