Miners drag commodity-heavy FTSE 100 lower By Reuters

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Miners drag commodity-heavy FTSE 100 lower

Published Oct 03, 2023 08:24 Updated Oct 03, 2023 17:36

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Miners drag commodity-heavy FTSE 100 lower

UK100

+1.01%

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USD/GBP

-0.69%

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Gold

+1.68%

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Copper

+1.79%

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ROO

-0.84%

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By Khushi Singh and Bansari Mayur Kamdar

(Reuters) -Britain's commodity-heavy FTSE 100 fell on Tuesday as miners weakened on soft metal prices, while luxury retailer Burberry hit an 11-month low following a ratings downgrade.

The FTSE 100 closed 0.5% lower, with the mining sector shedding 2.3% as the soaring dollar weighed on metal prices.

Miner Antofagasta (LON:ANTO) fell 3.2% as copper prices hit a four-month low.

"As soon as we start to see some negative economic data news, the dollars gains can retrace quite quickly, but for now it does look like more upside in the dollar," said Giles Coghlan, chief market analyst at HYCM.

The more domestically focused FTSE 250 dipped 1.7%, with Greggs sliding 4.1% after the baker and fast food chain maintained its full-year outlook.

Boohoo fell 2.8% as it slid to a loss after revenue fell 17% in its first-half and said a slower than expected recovery in sales volumes could result in little or no top-line improvement for the full year.

Burberry shed 3.6% after UBS downgraded the fashion retailer to "sell" from "neutral", while the Vistry Group (LON:VTYV) eased 6.1% as Jefferies cut the homebuilder's rating to "hold" from "buy".

Meanwhile, data showed prices in British store chains rose at the slowest pace in a year in September, suggesting that the UK's inflation rate will continue to ease.

Annual shop price inflation cooled to 6.2% last month from 6.9% in August.

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FTSE 100	7,529.35	+75.60	+1.01%
DAX	16,397.52	+182.09	+1.12%
Euro Stoxx 50	4,417.25	+34.78	+0.79%
S&P 500	4,594.63	+26.83	+0.59%
Nikkei 225	33,431.51	-36.89	-0.11%
Dow Jones	36,245.50	+294.61	+0.82%
FTSE 100 Futures	7,543.6	+66.4	+0.89%

Brent Oil	79.56	-1.30	-1.61%
Crude Oil WTI	74.38	-1.58	-2.08%
Gold	2,091.70	+34.50	+1.68%
Silver	25.895	+0.235	+0.92%
Copper	3.9195	+0.0690	+1.79%
London Cocoa	3,504.00	-76.00	-2.12%
London Wheat	183.65	-0.35	-0.19%

U.K. 10Y	4.1780	+0.0370	+0.89%
U.K. 5Y	4.1330	+0.0310	+0.76%
U.K. 2Y	4.5510	+0.0350	+0.78%
Germany 10Y	2.3570	-0.0060	-0.25%
U.S. 10Y	4.209	-0.015	-0.36%
U.S. 5Y	4.141	-0.013	-0.33%
U.S. 2Y	4.551	-0.016	-0.35%

Lloyds Banking	44.49	+1.02	+2.35%
Vodafone Group PLC	71.67	+0.34	+0.48%
Barclays	142.36	+1.32	+0.94%
BT Group	123.65	+0.75	+0.61%
HSBC	604.10	+2.00	+0.33%
BHP Group Ltd	2,474.50	+70.50	+2.93%
Exxon Mobil	102.99	+0.25	+0.24%

Miners drag commodity-heavy FTSE 100 lower

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