Commodities
FTSE 100 Cautious on Oil Price Gains and Copper Dip
UK stocks are poised for a cautious start as oil prices continue to rise on concerns about shipping disruptions in the Strait of Hormuz. The FTSE 100 futures index is down 0.1%, with oil extended gains for a fourth straight day.
Gold prices, however, remain steady, while copper has slipped after a jump in inventory levels suggested supply is less tight than feared. This development could weigh on mining companies and impact the FTSE 100's performance.
A recent survey showed pay settlements cooling to a 10-month low in the three months to June, indicating that the labor market may be losing momentum. Despite this domestic data, the FTSE 100 is heavily influenced by global commodity prices.