A subdued start to the final trading week of the year saw UK blue-chips open slightly lower, with the FTSE 100 slipping 5 points to 9,866.08.
Europe’s Stoxx 600 index is up 0.1%, touching a new all-time high. Germany’s Dax and France’s CAC 40 have each added around 0.1%, while Spain’s Ibex is flat and Italy’s FTSE MIB is down 0.17%.
Mining stocks were among the early leaders as precious metals prices remained elevated following a powerful late-year rally. Fresnillo, which has significant exposure to both silver and gold, topped the FTSE 100 in early dealings.
The broader backdrop for the sector remains supportive. Although gold eased by around 1.3% to $4,472 an ounce on Monday morning, it is still on course for its strongest annual performance since 1979, up more than 70% over the year.
Silver briefly broke above $80 an ounce for the first time before retreating on profit-taking, while platinum and palladium also touched record highs. Tesla boss Elon Musk warned that persistently high silver prices could pose challenges for manufacturers, underlining the wider economic implications of the surge.
Copper has also enjoyed a powerful year, rising by more than a third and trading close to the record $13,000-a-tonne level, as demand for the red metal continues to strengthen.
Analysts say falling interest rate expectations, heightened geopolitical risks and supply constraints have driven the rally, but caution that volatility is likely to remain elevated.
