LONDON, Jan 5, 2026, 08:43 GMT — Regular session
Anglo American shares (AAL.L) rose 3.1% to 3,133 pence by 8:15 a.m. GMT, after ending Friday at 3,040 pence. The stock hit an intraday high of 3,143 pence and is up 36% over the past year, LSEG data showed. 1
The early move comes as commodity-linked stocks reopen the year with a sharper pulse. Investors are juggling fresh geopolitical risk with the read-through from metals markets that have started 2026 on firmer footing.
That matters for Anglo because the miner’s shares tend to track swings in raw-material prices and shifts in global growth expectations. The stock is also tethered to deal headlines after the company agreed to combine with Canada’s Teck Resources, a transaction that still needs regulatory clearances.
Gold and other precious metals jumped after the United States captured Venezuelan President Nicolas Maduro over the weekend, driving what traders call “safe-haven” demand — flows into assets seen as more defensive in a shock. Spot gold rose 2.2% to $4,424.17 an ounce, Reuters reported. “Gold and silver are viewed as a solid hedge against uncertainty,” said Tim Waterer, chief market analyst at KCM Trade, adding attention is on U.S. non-farm payrolls data due Friday. 2
In bulk commodities, iron ore futures edged higher as Chinese trading resumed, supported by steelmakers restocking ahead of the Lunar New Year holiday and supply constraints, a Reuters report published by MiningWeekly said. The most-traded May iron ore contract on China’s Dalian Commodity Exchange rose 0.76% to 795.5 yuan ($113.94) a metric ton, while the benchmark February contract on the Singapore Exchange gained 0.29% to $105.65 a ton.
Copper remains the bigger strategic prize in the sector, with demand linked to power grids, construction and electrification. In an October Reuters poll, analysts forecast LME cash copper would average $10,500 per metric ton in 2026, citing mine disruptions and an expected market deficit. 3
Anglo and Teck shareholders approved the companies’ previously announced $53 billion all-stock, nil-premium merger in December, Reuters reported, leaving regulatory approvals as the final hurdle. The tie-up would create Anglo Teck, headquartered in Vancouver with a primary listing in London, and the companies have said they expect $800 million in annual cost savings and efficiency gains by the fourth year after completion.
But Anglo’s bounce is still hostage to the tape in commodities and to deal timing. A cooling in metals prices, or tougher-than-expected regulatory conditions for the Teck transaction, would be a quick test of risk appetite in the shares.
Next up, investors will watch Anglo’s Q4 2025 production report on Feb. 5 and its full-year 2025 results on Feb. 20 for updates on volumes, costs and the company’s near-term outlook. 4
