Losses in Asia, a lack of direction from Wall Street, where traders sat out Thursday's session for Thanksgiving, and falling resources stocks have made for a poor start for the FTSE 100.
London's leading index opened at 5,698 and fell 1.16% to 5,632 by mid morning. Demand for some metals will double over the next 15-20 years and Rio Tinto, already "very well positioned" to take advantage, is spending billions on expansion. The company said in a statement ahead of today's annual investor seminar capital spending will probably be around $13bn in the 18 months to December 2011, including $4bn this year and about $11bn in 2011. Mined copper production for 2010 is expected to be 661,000 tonnes. However, despite this upbeat statement, miners were among the heaviest falle...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
