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FTSE at near six week high despite Anglo American leading miners lower

Discussion in 'Market News' started by Lily, Jun 7, 2016.

  1. Lily

    Lily Forum Member

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    Fall in copper price hits mining shares but oil companies and retailers rise

    Leading shares came off their best levels after a spate of profit taking in mining shares, but still managed to hit a near six week closing high.

    A late fall in copper prices after a buildup of stockpiles saw a turnaround among the miners. Anglo American fell 21.1p to 665.5p despite a Bloomberg report that Glencore, down 4.1p at 140p, and BHP Billiton, 5.9p lower at 879.9p, were interested in bidding for its Australian coal mines, which could fetch $1.5bn.

    A late bout of weakness in mining shares left the FTSE 100 significantly underperforming other European stock benchmarks. A plunge in copper prices is at odds with the oil rally and making traders a little nervous after the big run up mining shares have had in the last week. Copper futures sunk over 3% after the biggest two-day increase in copper stockpiles monitored by the LME since 2004.

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