FX.co ★ FTSE 100 Slips as Copper-Fueled Rally Pauses

On Thursday, the FTSE 100 experienced a slight decline of approximately 0.1%, settling at 9,680 points, continuing its downward trend for the fourth consecutive day. This slip was influenced by a pause in the rally of industrial mining stocks, which had previously surged on the back of record-high copper prices. Despite this, the anticipation of potential interest rate cuts in the US helped cushion the fall. Glencore saw a 1.5% decrease from its peak over the past ten months, while Antofagasta and Anglo American each experienced a drop of about 0.8%. Rio Tinto's shares fell slightly by 0.2% as the company’s new leadership announced strategies for cost-cutting and boosting productivity. In retail, Frasers Group declined by 0.7% after it reiterated its full-year projections but noted challenges in the retail sector and maintained a cautious outlook for the latter half of the year. Conversely, WPP saw a 1.1% rise following the announcement of its exit from the FTSE index after a 27-year presence, as it will be replaced by real estate investor British Land.