The FTSE 100 fell by 5 points to 10,767 on Friday, marking its fifth consecutive session in the red. The decline was primarily driven by weakness in the mining sector, which has seen an approximate 8% drop since Wednesday, according to market data. Miners such as Antofagasta, Glencore, and Fresnillo led the fallers, with Antofagasta down 3.5% at 3,625p, Glencore off 2.2% at 548.3p, and Fresnillo down 2.1% at 2,810.5p.
Mining Sector Struggles
The sell-off in mining shares followed a pullback in metal prices that had previously supported the sector's rally. Spot gold was down 0.5% at $4,326.75 an ounce, struggling to maintain momentum after twice failing to break above $4,500. Meanwhile, copper futures fell below $6.55 a pound, a one-week low, as demand from China weakened. Traders are also awaiting a White House decision on tariffs for refined copper, which analysts have identified as a significant market catalyst.
Broader Market Context
Despite the decline in the FTSE 100, the mood was steadier in other markets, bolstered by cooler-than-expected inflation figures in the U.S. that eased concerns about further interest rate hikes by the Federal Reserve. This backdrop has led to a more cautious risk appetite among investors in London. Aviva reported a 24% increase in group operating profit for the first half of 2026, which received positive responses from brokers, but this was not enough to offset the broader market weakness.
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The decline in mining stocks is likely to weigh on the FTSE 100, particularly affecting sectors tied to commodity prices. Investors are closely monitoring inflation data and Federal Reserve signals, which could influence market sentiment and trading strategies. Watch for next week's U.S. retail earnings from Target and Walmart, which may provide further insights into consumer spending trends.
Based on reporting by: proactiveinvestors.co.uk