Mr Wen's visit helps shares go radioactive
The sharemarket ignored the negative lead from the US as shares in BHP Billiton surged.
The ASX 200 ended with a bang after rising 50.8 points to close at 5180.5, an all-time high, and beating Friday's record close.
The All Ordinaries closed up 45.9 at 5133.1, also a new high.
Visiting Chinese Premier Wen Jiabao sparked a buying frenzy after signing a uranium supply deal with the Federal Government and indicating iron ore prices should be set by the market, not governments.
His comments fuelled speculation iron ore miners would win a higher price in the current annual negotiations than previously expected, pushing the major miners higher.
Oxiana's uranium spin-off, Toro Energy, rose 23.5c to $1.26 while Paladin Resources, which is commissioning a uranium mine in Namibia later this year, gained 20c to $5.38.
ABN Amro Morgan private client adviser Margaret Morrissey said Mr Wen's comments had triggered the gains.
The deal with China is expected to underpin massive growth in the uranium industry in Australia, which has just three mines.
The rises were also inspired by the narrowing trade deficit, which is close to a four-year low after a long-awaited lift in exports.
Ms Morrissey said the market was seeking quality stocks.
BHP Billiton had finished its share buyback and many investors wanted to buy in, she said.
BHP Billiton rose 90c to $28.90 and Rio Tinto 84c to $79.69.
BHP bought back 96 million shares after increasing the scheme's threshold from $1.5 billion to $2.25 billion due to demand. But weaker oil prices weighed on Woodside, which slipped 13c to $45.35.
United Group, which has won the job of providing property management services to the NSW Police, rose 63c to $13.50.
Woolworths regained ground lost last week, jumping 37c to $19.20 while Coles Myer rose 10c to $10.80.
Telstra rose 5c to $3.79. Ms Morrissey said there had been a lot of institutional buying in the stock, with about 38 million shares traded.
Clinical Cell Culture rose 3c to 17.5c after the Therapeutic Goods Administration recommended its ReCell device be approved for use.
Qantas rose 3c to $3.57. Maintenance workers from the airline have taken the national carrier to the Australian Industrial Relations Commission over a move to service jets overseas.
Allco Equity Partners bowed out of the takeover battle for Wattyl, leaving paint company Barloworld to woo the competition watchdog and shareholders. Wattyl rose 7c to $3.38 and Allco fell 4c to $2.38.
Goldminers were weaker. Newcrest fell 29c to $23.09 and Newmont 18c to $7.37. Lihir Gold rose 1c to $2.68.

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