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FTSE 100 seen lower as oil, gold, silver, copper and nickel decline

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The FTSE 100 is seen sharply lower today with financial bookmakers projecting it to post a loss of 1.1% in early trade after rising 0.5% on Monday. US personal income and spending figures showed increases in May, while personal savings also rose.

Silver miner Fresnillo (LON:FRES) led the blue chips with a 5% advance. Base metal miners Antofagasta (LON:ANTO) and Anglo American (LON:AAL) followed, climbing 2.5% and 2.2%. Part-nationalised bank Lloyds (LON:LLOY), tour operator TUI Travel (LON:TT), miners Vedanta Resources (LON:VED) and Rio Tinto (LON:RIO) and Essar Energy (LSE:ESSR) also added just over 2%. InterContinental Hotels (LON:IHG) and oil and gas producer Cairn Energy (LON:CNE) gained almost 2%.

Royal Bank of Scotland (LON:RBS) was at the bottom of the pile with a loss of 2.3%. Bank Standard Chartered (LON:STAN) declined 1.8%, while retailer Tesco (LON:TSCO) and outsourcing group Capita (LON:CPI) dropped 1.2%. Home Retail Group (LON:HOME) and communications group WPP (LON:WPP) were the only other FTSE 100 constituents to lose more than 1%, shedding 1.1%.

US stocks pared gains yesterday to close with small losses. The Dow Jones Industrial Average ended the day just below the opening level. The broader S&P 500 index declined 0.2%, while the technology heavy NASDAQ composite slid 0.1%.

Commodities

Oil prices were in decline. August Brent Crude slid to US$76.35/barrel, while US light, sweet crude retreated to US$76.95/barrel.

Precious metals followed. Gold dropped to US$1,236/oz, while silver and platinum moved down to US$18.57/oz and US$1,548/oz respectively.

Copper and nickel slid to US$3/lb and US$9.05/lb and zinc declined to US$0.80/lb.

The economic data due out today includes US consumer confidence and UK mortgage approvals.

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