Miners are seeing some follow-through buying on Tuesday, following a bounce during the previous session, thanks to overnight gains in the price of copper and other base metals such as nickel and zinc.
Nonetheless, while the likes of BHP and Glencore were holding onto their gains, those of Anglo American and Rio Tinto were off their best levels as the price of the red metal turned lower.
As of 1230 BST three-month LME copper futures were down by 1.8% to $5,486.00 per metric tonne.
Providing a lift for Glencore, analysts at Macquarie told clients it was the best-positioned among its peers in terms of its commodity exposure, cost performance and potential for cash returns.
also offered twice the potential profit growth than its peers over the next five years, analysts at the Australian broker said.
Furthermore, Macquarie expected the outfit's commodity basket, especially zinc and copper, to show the strongest price momentum over the next three years.
Precious metals miners were relatively unwanted, sporting just slight gains in late trading as gold futures slipped amid somewhat hawkish Fedpseak and receding geopolitical risk (at least for now).
Front month gold futures on COMEX were losing 0.74% to $1,218.00/oz..
Aerospace stocks were also wanted, with Rolls Royce pacing gains.
Cobham on the other hand was underperforming after Goldman Sachs reiterated a 'sell' recommendation on the shares.
Analysts at the investment bank said that following the company's rights issue it was now more expensive than its sector, on average, on a wide range of valuation multiples.
"On our forecasts, this premium persists over time, as organic growth and return on capital remain lower than the sector out to 2020E. We do not believe this sustained premium is justified."
Top performing sectors so far today
Mining 14,338.59 +1.85%
Aerospace and Defence 5,328.57 +1.64%
Industrial Metals & Mining 2,193.71 +1.44%
Chemicals 13,472.31 +1.23%
Pharmaceuticals & Biotechnology 13,904.73 +1.17%
Bottom performing sectors so far today
Automobiles & Parts 8,251.03 -1.70%
Software & Computer Services 2,102.35 -1.59%
Electricity 8,481.86 -0.87%
Fixed Line Telecommunications 3,517.11 -0.59%
Mobile Telecommunications 4,624.34 -0.20%