Copper Gains Drive Up Miners, Gold Hits Record

Equities

On Monday, the FTSE 100 index saw an uplift, closing 0.4% higher, buoyed by strength in mining shares as copper prices soared to new highs. Mining giants Rio Tinto, Glencore, and Anglo American enjoyed gains between 1.9% and 4.2%, reflecting the buoyant commodity market. Additionally, the midcap FTSE 250 index also recorded a gain, ending the day up by 0.7%.

Entain, a prominent player in the betting and gaming sector, saw its share price rise by 5.2% following reports over the weekend that private equity firms, including Apollo, were showing interest in the company. Easyjet also saw its shares up 3.3% after UBS upgraded its price target on the airline, signalling confidence in the company's outlook.

Across the pond in the United States, the stock market presented a mixed picture at the close of Monday's trading session. The Dow Jones Industrial Average marginally dropped by 0.03%, while the S&P 500 also saw a slight decrease of 0.04%. Contrarily, the Nasdaq Composite edged higher by 0.03%. Tesla, however, stood out with a significant share price increase of 4.9% after CEO Elon Musk announced the unveiling of the company's self-driving Robotaxi is to come in August.

Additionally, cryptocurrency-related stocks like Coinbase Global and MicroStrategy saw standout gains of 6.7% and 5.1%, respectively, tracking the upward movement in bitcoin prices.

Forex & Commodities

The US dollar fell on Monday, with attention firmly on the impending US inflation data expected later in the week, while the yen hovered close to its 34-year lows, prompting speculation on potential intervention by Japanese authorities. The euro appreciated by 0.2% against the dollar, trading at $1.089, and the British pound also saw a modest gain, up by 0.2% to $1.2660.

Gold prices reached a new all-time high, touching $2,353.79 per ounce, driven by central bank purchases and geopolitical tensions. This continued gold's upward trajectory, marking its seventh consecutive session of gains. Spot silver and platinum also posted significant increases, with silver reaching a near three-year high.

Oil prices turned higher amid fading hopes for a ceasefire in Gaza, which could potentially disrupt supplies from the Middle East. Brent crude futures saw a slight increase to $90.52 a barrel, and US West Texas Intermediate crude was up to $86.53.