OREANDA-NEWS. March 24, 2015. Britain's blue-chip share index set a new record high on Monday thanks to a rally in miners on the back of firmer metals prices, outpacing weakness in shares such as Weir Group.

The UK mining index jumped 1.6 percent as copper touched a two-month high, driven by a weakening of the dollar on expectations the United States will delay a rate hike. Global miner BHP Billiton rose 2.6 percent.

Standard Chartered bank was another outperformer, surging 7 percent on positive broker comments.

However, engineering company Weir Group fell 2.3 percent to 1,799 pence after RBC downgraded it to "sector perform" from "top pick", and cut its price target to 1,850 pence from 2,150 pence.

The benchmark FTSE index was up 0.2 percent at 7,033.32 points by 1520 GMT after hitting a new life-time peak of 7,034.62. The index has gained nearly 7 percent this year.

The market has been spurred higher by signals from the U.S. Federal Reserve that an expected rate hike could be later than investors had anticipated, while Bank of England officials have also struck a more dovish tone in recent statements.

"We are nervous of buying into a rally that is less about improved corporate earnings forecasts, and more about delving into the tea leaves of statements from the U.S. Fed," deVere Group international investment strategist, Tom Elliott, said.

Highlighting some of the earnings issues, Deutsche cut cruise-operator Carnival to "hold" from "buy" ahead of results due on March 27. The bank said currency volatility could affect the company's earnings. Its shares fell 1.6 percent.

"We remain positive on (Carnival) as we think the medium term earnings recovery potential remains intact. However, with only 5 percent upside to our 34 pound price target we move our recommendation to hold," Deutsche Bank analysts said in a note.

Standard Chartered was the top FTSE 100 performer and its 7.2 percent rise took gains to more than 20 percent since the middle of March on the back of positive broker comments.

Citi and JP Morgan were the latest to upgrade the Asia-focused bank on Monday, with Citi welcoming the appointment of Bill Winters as the bank's new CEO, saying he can unlock value in a stock that dropped nearly 30 percent in 2014.

Among mid-cap firms, gold miner Centamin surged 15 percent after declaring a higher-than-expected dividend despite a 29 percent fall in full-year core profit.