Sector movers: Automobiles drag on stocks, miners track copper higher

Going the other way however were miners, as investors took position in some of the markets most likely to benefit from increased demand from the Asia giant as it reopened the economy.

Three-month LME copper futures hit a $9,450 per metric tonne at one point during the session with analysts at SP Angel citing a spree of buying from end users in China.

The analysts also pointed out how LME copper futures had moved into so-called backwardation, whereby spot prices were above those for futures three months out.

"Backwardation suggests supply tightness, with analysts suggesting a major restocking effort in China in the run up to Lunar New Year this weekend," they said.

"The copper price has also likely been a boosted by short covering, with over $3bn worth of short positions established in Summer 2022. Speculators are likely facing margin calls on several of these positions, requiring them to take long positions."

In the background, sterling made yet another push higher but finished the session well of its highs of 1.2436.

Top performing sectors so far today

Industrial Metals & Mining 8,430.89 +2.56%

Personal Goods 35,199.83 +1.99%

Investment Banking and Brokerage Services 12,236.51 +1.37%

Industrial Transportation 3,727.46 +1.17%

Leisure Goods 23,308.06 +1.08%

Bottom performing sectors so far today

Automobiles & Parts 1,471.63 -5.88%

Beverages 27,909.78 -2.58%

Telecommunications Service Providers 2,316.31 -1.91%

Tobacco 33,676.88 -1.83%

Personal Care, Drug and Grocery Stores 4,160.04 -1.49%