Sector movers: Coppers prices boost industrial miners

30th Aug 2011 15:56

The industrial metals and mining sector was the best performing sector on Tuesday afternoon, helped by rising copper prices.By 15:49, the copper price was 1.29% higher at $416.25, a $5.30 gain on the day, as a pay dispute and strike at the world's third-largest copper mine, the Grasberg mine in Indonesia (owned by Freeport-McMoRan Copper & Gold), caused supply concerns.Economic data from the US was also driving the price higher. Consumer spending rose by 0.8% last month, its fastest rate since February, underpinning demand in the world's largest economy. Canadian miner First Quantum Minerals, Finland-focused Talvivaara Mining and Discovery Metals were among the best performers in the sector.The food and drug retailing sector was the worst performing sector, led lower by blue chip giants Marks & Spencer, Tesco and Sainsbury among the fallers on the FTSE 100.Debenhams, Carpetright and JD Sports Fashion were in the red on the FTSE 250.Top performing sectors so far todayForestry & Paper 5,746.52 +5.23%Industrial Metals & Mining 5,769.51 +4.96%Automobiles & Parts 4,563.90 +4.22%Banks 3,450.80 +4.07%Personal Goods 21,078.77 +4.04%Bottom performing sectors so far todayFood & Drug Retailers 4,261.59 -0.46%Mobile Telecommunications 3,663.87 -0.25%Food Producers & Processors 5,231.57 -0.08%Pharmaceuticals & Biotechnology 9,022.21 -0.04%