LONDON, January 5, 2026, 08:33 GMT — Regular session
- Rio Tinto shares rose about 1.8% early in London trade and briefly hit a new 52-week high. 1
- Basic resources stocks led European gains, helped by stronger copper prices, a Reuters report said.
- Iron ore futures in China and Singapore edged higher as steelmakers restocked ahead of the Lunar New Year, Reuters reported. 2
Rio Tinto (RIO.L) shares rose 1.8% to 6,093 pence by 0833 GMT, after touching 6,106.7 pence, a new 52-week high, trading data showed. 1
The move matters because Rio is one of the FTSE 100’s biggest constituents and is widely treated as a read-through for Chinese demand, which drives pricing for iron ore and other industrial metals. The first full trading week of 2026 is opening with metal demand signals back in the spotlight after holiday-thinned trading. 1
European mining stocks were among the early leaders, with the basic resources sector up 2% and miners including Rio, Glencore and Anglo American getting a lift from higher copper prices, a Reuters report said. The FTSE 100 was up 0.35% at the same time. 1
Iron ore futures — contracts that lock in a price for delivery at a later date — edged higher as China’s markets reopened after the New Year break. The most-traded May iron ore contract on the Dalian Commodity Exchange was up 0.76% at 795.5 yuan a metric ton as of 0243 GMT, while the benchmark February contract on the Singapore Exchange rose 0.29% to $105.65 a ton, Reuters reported. 2
Reuters attributed the support to steelmakers restocking ahead of the Lunar New Year holiday in February and tight domestic supply, with some mines limiting output due to environmental measures. Consultancy Mysteel said inventories of five major carbon steel products held by Chinese mills fell 1.1% in the Dec. 26–31 period. 2
Risk appetite also held up despite a weekend geopolitical jolt, helping cyclical shares such as miners keep traction. “Asia’s immediate market reaction has been muted, with investors largely brushing off the weekend’s developments,” said David Chao, global market strategist for Asia-Pacific at Invesco in Singapore.
In London, Rio traded between 6,047 pence and 6,106.7 pence. Traders often frame 6,100 pence as “resistance” — a level where selling can cap gains — and 6,000 pence as “support”, where dip-buying tends to appear. 1
With the stock already near its 52-week peak, investors are likely to focus on whether the next set of company updates reinforce expectations on shipments, unit costs and capital spending. For miners, those metrics can sway dividends and buybacks because they determine how much cash a company can return to shareholders.
But the setup cuts both ways. A reversal in iron ore prices, a surprise tightening of Chinese steel output, or cost pressure in mining and logistics would test the rally and could hit sentiment quickly in a sector that trades on the cycle.
The next catalysts are Rio’s scheduled fourth-quarter operations review on Jan. 21 and its next results on Feb. 19, when investors will look for fresh guidance and any shift in assumptions on demand and pricing. 3
