Sector movers: Miners and Big Oil pace losses

29th Nov 2016 16:05

(ShareCast News) - Miners were at the bottom of the pile as commodity futures took a breather following recent sharp gains.As of 1651 GMT, copper futures for delivery in March 2017 were falling 2.42% to $2.6060 a pound on COMEX, although during the previous session LME three-month futures had at one point moved above $6,000 per metric tonne.That took some of the steam out of the likes of Anglo American, Antofagasta, BHP Billiton and Rio Tinto.To take note of, in overnight trading Chinese spot iron ore prices slipped from $76.1 per tonne to $75.3, although steel rebar futures continued climbing, rising from $474.2 per tonne to $481.4.Precious metals miners were also lower with gold futures still in a rut. COMEX gold futures for delivery in December were down 0.39% to $1,189.10/oz..Stocks tied to the fortune´s of the price of crude oil also came under pressure after Iran´s Energy Minister said his country was only willing to contemplate a freeze in oil production.Although he may just have been staking out his initial negotiation position, as Saudi Arabia did during the prior session, his comments nevertheless forced some traders to cut back on their long positions heading into the OPEC oil cartel´s ministerial meeting the next day.Strikingly, shares in BT Group were higher despite Ofcom´s ruling that it will have to part ways with its Openreach infrastructure arm due to its failure to satisfy the regulator's competition concern, although it was TalkTalk that benefitted the most among Fixed Line Telecommunications.In parallel, SSP, the operator of food and beverage brands in over 152 airports and 270 train stations, said that full-year revenue rose 5% to £1.9bn at a constant currency basis and 8.6% at actual exchange rates, compared to last year.Top performing sectors so far todayTechnology Hardware & Equipment 986.91 +2.62%Fixed Line Telecommunications 4,035.02 +1.01%Travel & Leisure 8,408.26 +0.84%Household Goods & Home Construction 15,680.05 +0.83%Industrial Transportation 2,985.60 +0.74%Bottom performing sectors so far todayMining 14,659.36 -2.66%Industrial Metals & Mining 2,347.93 -2.46%Oil & Gas Producers 7,357.36 -2.10%Industrial Engineering 9,688.33 -1.55%Oil Equipment, Services & Distribution 14,213.19 -1.33%