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Sector movers: Miners pace gains as China reopens borders
(Sharecast News) - Industrial metals miners' shares lent their heft to the upside move in the stock market at the start of the week, amid ongoing optimism around China's push to reopen its economy and against the backdrop of further slippage in the Greenback. "A surge in COVID-19 cases is constraining near-term economic activity in China, but activity should recover through Q1 as case counts subside," said analysts at Berenberg Capital Markets.
Underscoring Beijing's efforts, the Asian giant reopened its borders at the weekend.
Analysts at JP Morgan were also upbeat, telling clients on Monday that while they should start taking profits in European stocks, they were sticking to long positions in commodity-related shares on the back of China's reopening.
Earlier, three-month LME copper futures hit a six-month high towards $8,750 per metric tonne with analysts at SP Angel crediting additional property stimulus for the move.
They also noted that "Inventories for a wide range of commodities from soft including corn and cotton to metals including zinc, aluminium, copper, and nickel are almost all well below the 5-year median average."
By 1700 GMT, the Bloomberg Commodity Index had jumped 1.47% to 109.71, while the US dollar spot index was down by 0.84% at 103.01.
Top performing sectors so far today
Automobiles & Parts 1,527.68 +3.11%
Travel & Leisure 6,881.79 +2.46%
Industrial Metals & Mining 8,123.46 +1.93%
Industrial Transportation 3,731.13 +1.49%
Investment Banking and Brokerage Services 11,829.71 +1.48%
Bottom performing sectors so far today
Aerospace and Defence 5,138.38 -2.14%
Non-life Insurance 3,394.42 -1.61%
Tobacco 35,666.16 -1.43%
Precious Metals and Mining 11,991.40 -1.39%
Gas, Water & Multiutilities 5,823.25 -1.29%
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