Sector movers: Industrial miners gain on copper prices, ArcelorMittal

7th Feb 2014 15:20

Industrial metals and mining stocks were among the best performers in London on Friday as metals prices more or less rose across the board. Copper, in particular, was up 0.5% at $3,245 a pound, heading for its biggest weekly gain (+1.5%) since late-December. Analysts said the gains were as a result of speculation that demand will increase in China as markets re-open after the week-long Lunar New Year holiday.Sentiment was also helped by comments from the world's largest steelmaker, ArcelorMittal, which guided to higher profits in 2014.Chief Executive Lakshmi Mittal said he was "cautiously optimistic" about this year after the firm cut losses in the final quarter of 2013.FTSE 250-listed miners Kenmare Resources, Vedanta Resources and EVRAZ were putting in decent gains this afternoon.One stock that bucked the trend was AIM-listed Tri-star Resources, which fell after saying it has identified an extension and potential new targets at its Bald Hill deposit in New Brunswick, Canada.Top performing sectors so far todayIndustrial Metals & Mining 1,085.95 +2.20%Forestry & Paper 10,345.89 +1.53%Construction & Materials 4,551.99 +1.40%Health Care Equipment & Services 5,091.92 +1.35%Automobiles & Parts 9,443.45 +1.25%Bottom performing sectors so far todayMobile Telecommunications 5,180.35 -0.49%Food & Drug Retailers 4,265.60 -0.33%Oil & Gas Producers 7,851.29 -0.30%Technology Hardware & Equipment 1,093.21 -0.22%Insurance (non-life) 1,864.19 -0.16%BC