ASX200 hits all-time high of 8,852.30
Lithium stocks rally, lead miners to 10-month high
RBA policy decision due on Tuesday
NZ50 inches higher
Updates to market close
By Nikita Maria Jino
Aug 11 (Reuters) - Australian shares rose to a record close on Monday, with lithium stocks leading index heavyweight miners higher, while investors awaited the local central bank's monetary policy decision on Tuesday for further direction.
The S&P/ASX 200 index .AXJO rose 0.4% to its highest close of 8,844.80. The benchmark gained 0.5% earlier in the day to hit a record high of 8,852.30.
Mining stocks .AXMM climbed to a 10-month peak in their sixth straight session of gains, with BHP BHP.AX and Rio Tinto RIO.AX advancing 1.6% and 1.5% respectively, as iron ore futures rose. IRONORE/
Lithium miners were the top gainers after battery giant Contemporary Amperex Technology Co Ltd $(CATL.UK)$ 300750.SZ said it had suspended production at a major lithium mine in China, which is capable of producing about 3% of the world's total forecast output in 2025.
Pilbara Minerals PLS.AX was the biggest gainer on the main index, surging 19.7%, while Liontown Resources LTR.AX, Mineral Resources MIN.AX and IGO IGO.AX rose between 8.6% and 18.3%.
"Any reduction of lithium supply on a global scale bodes well for our local producers like Pilbara, as there is currently an oversupply of the commodity, placing downward pressure on spot prices," said Grady Wulff, senior market analyst at Bell Direct.
Financials .AXFJ closed slightly higher, with Commonwealth Bank of Australia CBA.AX up 1.1%, ahead of the Reserve Bank of Australia's policy meeting on Tuesday.
The central bank is expected to cut interest rates by 25 basis points, according to a Reuters poll.
Most major banks are scheduled to report their earnings this week, starting with CBA on Wednesday. The country's top lender is expected to report a rise in full-year cash profit, according to estimates.
Consumer discretionary stocks .AXDJ fell 1.6%, eating into the overall gains. Energy stocks .AXEJ edged 0.4% higher.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 ended 0.5% higher at 12,911.86.
(Reporting by Nikita Maria Jino in Bengaluru; Editing by Subhranshu Sahu)
((Nikita.Jino@thomsonreuters.com;))
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