The iron ore price is now at a 5-month high and +40.3 per cent from its December 11 low.
A resurgent Anglo-American was the "best" performer on the FTSE 100 (+86 per cent) while Glencore has rebounded by +66 per cent).
Other oversold commodities have also experienced significant gains.
The copper price hit $2.26/lb, the gold price hit a 13-month high of abive US$1,260/oz, and US crude oil futures closed up $1.35 or +3.91 per cent at $35.92 for another very large weekly gain of +9.5 per cent.
All of which is upbeat news for the Australian economy.