FTSE climbs after miners recovery and in-line UK jobs data

Discussion in 'Market News' started by Lily, Sep 14, 2016.

  1. Lily

    Lily Forum Member

    Aug 29, 2015
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    Glencore leads the way as copper prices recover on Chinese growth hopes

    A recovery in the mining sector is helping leading shares to push higher after three days of decline.

    Recent upbeat data from China, with better than expected factory output, bank loan and retail sales figures, has helped lift metal prices including copper. So mining shares make up seven of the top ten risers in the FTSE 100 index with Glencore, up 8.25p at 185.3p leading the way.

    Copper proxy Glencore is top of the FTSE 100 pile this morning thanks to the bottoming out and rebound from $4600 a tonne over of the last month, seeing the price of the red metal challenge September’s highs just shy of $4,700 and a bugbear 2-month trend of falling highs. The latest leg up maintains the 2016 trend of rising lows from the January depths of the global commodity rut, helped yesterday by supportive data from China and in spite of additional US dollar strength that normally serves to hinder.

    A somewhat mixed bag for UK employment data provided a marginal boost for the pound this morning, as the deterioration in average earnings and a rise in claimants were offset by a significant revision to the claimants figure for July. Coming at a time when markets are highly sensitive to UK employment data, today’s data does little to boost or knock the chance of action from the Bank of England tomorrow.

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