London, Jan 7, 2026, 08:09 GMT — Regular session
- Anglo American shares slip 0.8% in early London trade after a two-day rally
- Copper’s surge above $13,000/ton and U.S. tariff uncertainty keep miners in focus
- Next catalysts: Feb. 5 Q4 production report; Feb. 20 full-year results
Shares of Anglo American plc (AAL.L) fell 0.8% to 3,231 pence by 0809 GMT, cooling after a two-day run. The stock has traded between 3,227 and 3,258 pence so far and sits just below a 52-week high of 3,263 pence. 1
The pullback comes after copper, used widely in power and construction, hit record highs above $13,000 a metric ton earlier this week on supply disruption fears, with Citi estimating a 308,000-ton refined copper deficit this year. SP Angel analyst John Meyer said “Copper prices need to rise further” to bring on new output, while Macquarie’s Alice Fox argued “the fundamentals of the market do not justify current prices.” 2
Traders have also been exploiting a wide gap between U.S. CME and London Metal Exchange prices — an arbitrage that pays when the U.S. contract trades at a big premium — pulling stocks toward the United States, a Reuters column said. The tariff decision has been deferred until June, keeping the market sensitive to shifts in policy and physical supply. 3
Anglo closed up 3.66% on Tuesday at 32.57 pounds, after a 3.36% gain on Monday, outpacing the broader FTSE 100 in both sessions, MarketWatch data showed. Tuesday’s rise pushed the stock to a fresh 52-week high, though trading volume was below its recent average. 4
Investors now turn to Anglo’s fourth-quarter production report due on Feb. 5 and full-year results on Feb. 20 for updates on volumes, costs and 2026 guidance. 5
The company is also seeking final regulatory clearances for its planned all-stock merger with Canada’s Teck Resources, after shareholders approved the deal in December. The timetable remains tied to reviews across multiple jurisdictions. 6
Risks run both ways: if copper retreats after its sharp run-up or the CME premium narrows quickly, miners could give back recent gains. Investors also face execution risk around mine performance and the timing and conditions of merger approvals.
