Sector movers: Miners higher on HSBC upgrades

(ShareCast News) - Miners paced gains in the market following multiple upwards target price revisions from analysts at HSBC on LSE-listed copper miners and diversified miners.In the case of the former, the broker's analysts said they had raised their copper price forecast from 2017 onwards by between 13% and 20% and their long-term projection by 13% to $3.0 a pound.The global copper market was now seen "balanced" over the next three to four years, instead of showing a small surplus.More significantly, they said, a market deficit was now looming closer, in 2020 and 2021, which would require a copper price of $3.0 a pound or more in order to incentivise new supply.Following on from the above, HSBC upped its view on shares of Antofagasta to 'hold', raising its target by 64% to 770p.It also quadrupled its target on KAZ while upgrading its recommendation to 'hold'.In parallel, HSBC also revised its target prices higher for the largest of the diversified miners, telling clients it now expected the commodity price decline to be less pronounced that it had previously foreseen.Anglo American's target price was raised from 1,100p to 1,470p, that on BHP from 1,200p to 1,550p and those for Glencore and Rio Tinto from 315p and 3,300p to 440p and 4,000p, respectively.Furthermore, China's decision to reduce its output of coal was now projected to have a lasting impact and a tighter than expected copper market meant new production was now needed in order to balance the market sooner and at higher prices.The broker also lifted its recommendation on shares of Anglo American from a 'hold' to a 'buy'.In overnight trading, iron ore 62% spot prices rose from $77.0 a tonne to $81.8 a tonne, while steel rebar prices were trading higher to $492.7 a tonne versus Friday's closing level of $489.6 a tonne.Top performing sectors so far todayMining 16,732.43 +1.74%Gas, Water & Multiutilities 6,065.14 +0.73%Personal Goods 30,560.84 +0.66%Tobacco 54,213.60 +0.58%Software & Computer Services 1,932.21 +0.44%Bottom performing sectors so far todayLife Insurance 7,795.42 -1.60%Food & Drug Retailers 3,108.10 -1.18%Mobile Telecommunications 4,773.01 -1.01%General Industrials 5,869.85 -0.84%Fixed Line Telecommunications 4,424.43 -0.62%