Copper rises for 16th straight session
U.K. stocks swung between small gains and losses on Thursday, but stayed close to a record high as miners continued to march higher on the back of a rally in commodity prices.
Continue Reading Below
What are markets doing: The FTSE 100 index was marginally higher at 7,622.45, building on a 0.4% gain from Wednesday that was enough for the benchmark to score an all-time closing high.
The pound rose to $1.3452, up from $1.3401 on Wednesday. The pound strength was largely an effect of a broad-based dollar selloff (http://www.marketwatch.com/story/dollar-index-drops-to-multiweek-lows-after-us-bond-yields-tumble-2017-12-28) that came after U.S. Treasury yields tumbled on Wednesday.
What is driving the market: U.K. stocks were mainly lifted by commodities companies that continued higher as copper rose for a 16th straight day and traded close to a four-year high. Oil prices were also in an upbeat mood after U.S. inventory data showed a larger-than-expected drop in stockpiles last week (http://www.marketwatch.com/story/api-report-reveals-bigger-than-expected-drop-in-crude-oil-inventories-2017-12-27).
More broadly, volumes were thin on Thursday with many investors expected to stay on vacation until after the New Year holiday.
Stock movers: Among miners, shares of Anglo American PLC (AAL.LN) rose 1.2%, Antofagasta PLC (ANTO.LN) climbed 0.9% and Rio Tinto PLC (RIO) (RIO) (RIO) gained 0.8%.
(END) Dow Jones Newswires
December 28, 2017 04:24 ET (09:24 GMT)