The FTSE 100 ended Friday up 1.01%, kicking off the last month of the year on a positive note. Anglo American and Antofagasta leading the FTSE 100 higher after being upgraded to buy by UBS who argued that 2024 was likely to be a better year for copper prices, says CMC Markets UK chief market analyst Michael Hewson in a market comment. Friday's upgrade has also helped lift the rest of the sector as well, with Rio Tinto and Glencore also gaining, Hewson says. The Swiss bank sees improving copper prices, resilient iron and steelmaking-coal prices, and recovering platinum metals and rough diamond prices in 2024-25, all of which Anglo American has significant exposure to, it says. (joseph.hoppe@wsj.com)Contact: London NewsPlus, Dow Jones Newswires; Dow Jones Newswires; paul.larkins@wsj.com(END) Dow Jones Newswires12-01-23 1204ET

Source: Wall Street Journal December 02, 2023 05:05 UTC