SHARES in mining heavyweights Glencore, BHP Billiton and Rio Tinto were pushed higher today taking the Stoxx 600 basic resources index rose as much as 4.7% higher – the most intraday since November 2016, said Bloomberg News.
Metals and mining companies had been under pressure from about June amid fears of a trade war between the US and a host of other countries. However, an increase in orders for ferrous and base metals from the London Metal Exchange, and the unveiling of targeted policies aimed at growth by China, has put life back into the sector.
Steel stocks also rose after Outokumpu Oyj reassured investors about US tariffs and EU safeguard measures, while Norsk Hydro ASA climbed as a global shortage of aluminum outweighed second-quarter earnings which missed estimates, said Bloomberg News.
