"Yesterday, Antofagasta led a charge by miners on the FTSE 100 to lift the index out of the early morning slump, shooting up about 9% after Freeport-McMoRan set out the production impact from the suspension of its Grasberg Block Cave mine in Indonesia, the world's second largest copper mine. The firm said it would lower third-quarter consolidated sales by approximately 4% for copper and 6% for gold compared to its July estimates."
"This morning, stocks opened a bit lower in London, with broad weakness across European equity markets tracking declines on Wall Street yesterday. The FTSE 100 fell around half a percent to wipe out Wednesday's gains despite some further modest gains for the miners, although Antofagasta is giving back a bit and precious metals miners Fresnillo and Endeavour slipped as gold moved quite a bit lower yesterday."
Antofagasta jumped about 9% after Freeport-McMoRan outlined production impacts from suspending the Grasberg Block Cave mine, prompting lower copper and gold sales estimates for Q3 and negligible Q4 output. Copper prices rose sharply, lifting mining stocks including Anglo American and Glencore, and defence names helped the FTSE 100 close up 0.3% at 9,250. European markets opened weaker and the FTSE later slipped around 0.5% as some miners and precious-metals names retreated. The S&P 500 declined for a second day amid concerns over a potential US government shutdown and reports of agency reduction-in-force preparations.
Read at London Business News | Londonlovesbusiness.com
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