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The Markets
by Proactive
Proactive UK has moved.
Growth stocks coverage continues on proactiveinvestors.com
Go to Proactive UK
The Markets
by Proactive
Proactive UK has moved.
Growth stocks coverage continues on .com
Go to Proactive UK
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The Markets
by Proactive
Proactive UK has moved.
Growth stocks coverage continues on .com
Go to Proactive UK

Mining

Antofagasta PLC ANTO View profile

Miners lead Footsie fallers as gold and copper rally stalls

Mining shares dominated the FTSE 100 fallers board on Friday, extending a retreat that has taken roughly 8% off the sector since Wednesday lunchtime.

Antofagasta PLC (LSE:ANTO) led the decliners, down 3.5% at 3,625p, followed by Glencore PLC (LSE:GLEN), off 2.2% at 548.3p, and Fresnillo PLC (LSE:FRES), down 2.1% at 2,810.5p.

Anglo American PLC (LSE:AAL) fell 2.1% to 3,831.5p, while Endeavour Mining lost 2% to 4,027.5p.

The sell-off followed a pullback in the metal prices that powered the sector's rally through the first half of the month.

Spot gold was down 0.5% at $4,326.75 an ounce and on course for a weekly loss as investors took profits.

Bullion has twice failed to break above $4,500, and Thursday's session closed 1.3% lower after the metal touched a two-month high.

Money markets now price the probability of a Federal Reserve rate rise in September at about 40%, after softer producer price data and an increase in weekly jobless claims.

Copper has also eased after setting a record on the Comex exchange earlier in the week.

Futures fell below $6.55 a pound on Thursday, a one-week low, as elevated prices deterred buyers in China and the premium paid for imported metal in the country slipped.

Traders are awaiting a delayed White House decision on tariffs for refined copper, which strategists have identified as the biggest single catalyst facing the market.

The falls follow an exceptionally strong start to the month for the sector.

The world's 50 largest listed miners added $206 billion in combined market value over the first seven trading sessions of August, of which $108 billion came from gold and silver producers.

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