FTSE falls back 2%

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The FTSE 100 index has dumped a little over 2% this morning as mining stocks including BHP Billiton and Anglo American dragged the market into down on falling metal prices.

At 9.39am the FTSE 100 Index had lost 123.10 points, or 2.16%, to 5583.20. Anglo American, the world's second-largest mining company, has declined 4.3% to 1894p while larger rival BHP Billiton has lost 3.7% to 963.5p. Xstrata has also slumped 7.4% to 1789p. Copper has fallen as much as 1.8% to $7,650 in London, leading declines of aluminum, nickel and zinc. Gold is also trading near a six-week low in Asia on speculation the European Central Bank President Jean-Claude Trichet will today raise rates to curb inflation, eroding demand for the precious metal as an alternative to bonds. Ja...

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