Mining shares led the FTSE 100's risers on Friday as gold and copper prices climbed after weak US employment data. Fresnillo topped the blue-chip index with a 2.4% gain, while traders trimmed bets on a Federal Reserve rate hike this month.
Mining stocks led the FTSE 100 higher on Friday, lifted by rising gold and copper prices after disappointing US jobs figures. Fresnillo, the Mexican silver and gold producer, led the index with a gain of 2.4% to 2,951p.
Miners top the London index
Copper producer Antofagasta rose 1.5% to 3,911.5p, with diversified miner Anglo American close behind at 3,799.5p. Glencore, the FTSE 100 commodities group, climbed 1.3% to 517.5p.
Weak US jobs data resets rate bets
The moves followed figures released on Thursday showing the US economy added just 57,000 jobs in June, well below forecasts of around 110,000 and the fewest in four months. The soft reading prompted traders to scale back expectations that the Federal Reserve, now chaired by Kevin Warsh, would raise interest rates at its meeting later this month.
Gold held above $4,100 an ounce on Friday after climbing more than 2% in the previous session.
Falling oil eases the backdrop
Copper, which is sensitive to expectations for global growth and the strength of the dollar, also advanced as rate-hike bets receded. Lower oil prices added support, easing inflation worries after commercial shipping through the Strait of Hormuz continued to recover amid progress in talks between the US and Iran.
Source: Yahoo Finance UK
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