Sector movers: Miners track metals prices higher, Antofagasta gains

2nd Apr 2014 16:12

Mining stocks were performing well on Wednesday as metal prices gained across the board.Copper prices were higher on speculation that an 8.2 magnitude earthquake in Chile, the biggest producer of the metal in the world, could negative affect supplies. Tsunami alerts were triggered from Chile to Central America and thousands of people were evacuated from the coastal areas of Chile and neighbouring Peru. Copper for three-month delivery was 1.2% higher at $6,706 per metric tonne this afternoon.Chilean copper miner Antofagasta was trading 2.1% higher after the company confirmed that its operations were unharmed by the earthquake.Gold prices were higher for the first time in six sessions on the Comex in New York after hitting a seven-week low on Tuesday. The yellow metal was up 0.3% at $1,284 per ounce, after hitting $1,277.40 previously, its lowest level since the start of February.Meanwhile, aluminium rose as high as $1,829, its most expensive since late December, after climbing above its 200-day moving average. This follows reports from Alcoa last week which said it would cut production at smelting plants in Brazil due to tough market conditions and increased costs.Other London-listed miners such as Fresnillo, BHP Billiton, Randgold and Kazakhmys were registering a solid performance before the close of trade.Top performing sectors so far todayForestry & Paper 11,557.67 +3.07%Mining 17,008.65 +1.30%Real Estate Investment Trusts 2,713.75 +1.08%Fixed Line Telecommunications 4,468.34 +0.92%Industrial Engineering 10,819.46 +0.90%Bottom performing sectors so far todayElectricity 9,721.54 -0.83%Health Care Equipment & Services 5,232.44 -0.75%Technology Hardware & Equipment 1,246.45 -0.74%Industrial Metals & Mining 1,051.94 -0.60%Beverages 13,667.51 -0.44%BC