Miners struggle on FTSE 100 as metal prices tumble: City Index

Miners struggle on FTSE 100 as metal prices tumble: City Index

Spread betting and CFD trading provider City Index (http://www.cityindex.co.uk/) present daily market updates to keep traders up-to-date with the latest movements in the markets.

Miners trading on the FTSE 100 have this afternoon (April 12th) felt the effects of declining metal prices.

As of 14:27 BST, the premier stock index on the London Stock Exchange was almost one per cent down on yesterday's close, trading on 5,994.05 points.

Anglo American had retreated by 3.68 per cent, a decline of 123 points, while Antofagasta had dropped by 3.64 per cent - or 54 points.

Fellow miner BHP Billiton took a share prices hit of 2.39 per cent - 63 points - and Fresnillo took a 3.49 per cent knock on the stock index.

The bad news for miners did not end there, with Randgold Resources retreating by 90 points - 1.69 per cent.

Reuters reported early this morning that the price of gold had hit a low of $1,451.09 (888) per ounce, a drop of more than one per cent.

Meanwhile, spot silver, palladium and platinum had also all declined in value.

Vedanta Resources took a FTSE 100 hit of 2.06 per cent, while Xstrata had fallen by more than three per cent as of 14:35 BST.

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