DAILY TRADING STRATEGY

Tuesday, Oct 17

UK OVERVIEW

U.K.-listed miners revved higher Monday in the wake of inflation data from key metals buyer China, but strength in the pound kept a lid on gains for the broader FTSE 100 benchmark. The FTSE 100 index was up 0.1% at 7,544.99, led by the basic materials group, but utility and consumer goods shares were among declining sectors. Mining stocks were pushed up after China’s producer prices leapt 6.9% in September compared with the same period a year ago, according to the government’s statistics bureau, beating a 6.4% forecast by economists. Metals prices rose following the report, which indicated resilience in the world’s second-largest economy. Copper futures moved up more than 2%, and palladium futures rose more than 1% to trade above $1,000 an ounce. Shares of copper producer Antofagasta PLC bulked up 3.5%, and Anglo American tacked on 2.5%. The pound bought $1.3310 on Monday, compared with $1.3285 late Friday in New York. 

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