Sector movers: Miners drag on stock market

(Sharecast News) - Miners capped gains on the stock market at the start of the week. Iron ore futures in China dropped by almost $10 a ton over the weekend to $107 per ton with analysts at SP Angel noting "muted" steel mill demand in the Asian giant, even as Australian miner Fortescue was set to bring a new project online, flooding an already buoyant market.

July copper futures were off by 0.46% to $3.9680 a pound alongside by association, the same analysts said.

Precious metals prices on the other hand were slightly higher against the backdrop of a dip in the Greenback ahead of key inflation data due out towards the end of the same week.

Nonetheless, looking ahead analysts at Citi were bullish, telling clients in a research note: "We think that the silver bull market has just begun and that prices should rise more than we previously thought, considering that many of the fundamental drivers of the bull market have yet to fully play out (we still see further downside in the dollar, rates, and upside in investor interest in precious metals is likely over the coming months)."

They also raised their 0-3 month forecast for silver prices from $24/oz. to $28/oz. and their 6-12 month target from $28/oz. to $30/oz.

Gold meanwhile was seen reaching $2,300/oz..

Top performing sectors so far today

Personal Goods 36,708.29 +1.16%

Food Producers 6,857.82 +0.99%

Leisure Goods 24,280.78 +0.88%

Construction & Materials 8,144.52 +0.50%

Chemicals 12,002.03 +0.43%

Bottom performing sectors so far today

Automobiles & Parts 1,677.42 -2.33%

Telecommunications Service Providers 2,403.40 -0.96%

Precious Metals and Mining 11,574.51 -0.89%

Real Estate Investment & Services 2,317.18 -0.73%

Industrial Metals & Mining 6,773.56 -0.63%