Sector movers: Weak Asian data weighs on mining stocks, copper prices

10th Mar 2014 14:47

Mining stocks were under the weather on Monday as copper prices slumped after disappointing economic data from Asia dampened the outlook for demand.China registered a surprise trade deficit in February and a sharper-than-expected slowdown in consumer price inflation, pushing copper as much as 2.8% lower to $2.9955 a pound, its lowest in over eight months."The sell-off in copper is the clearest sign that traders are concerned about Chinese growth this year, with February trade balance being only the latest in a list of poor data releases. The manufacturing PMIs have been no better for months so we shouldn't be hugely surprised," said Market Analyst Craig Erlam from Alpari.Meanwhile, over in Japan, growth estimates were revised lower for the fourth quarter of 2013 while the country's current account deficit reached a record high.Resource stocks such as Fresnillo and EVRAZ were clocking up heavy falls on Monday afternoon in London, along with sector peers Glencore Xstrata, Anglo American and Polymetal.Top performing sectors so far todayTobacco 37,677.65 +0.73%Pharmaceuticals & Biotechnology 12,574.54 +0.69%Gas, Water & Multiutilities 5,855.14 +0.60%Beverages 13,577.63 +0.57%Oil & Gas Producers 8,048.69 +0.55%Bottom performing sectors so far todayIndustrial Metals & Mining 841.99 -4.39%Mobile Telecommunications 5,137.64 -3.56%Mining 16,222.99 -2.38%Oil Equipment, Services & Distribution 23,877.61 -2.25%Media 6,094.33 -1.17%BC