London, Jan 17, 2026, 08:24 GMT — Markets have closed.
Anglo American (AAL.L) shares dropped 2.4% on Friday, halting a brief rally as metal prices fell and London’s major miners headed into the weekend weaker.
This is crucial now since the stock just surged to a new 52-week high Thursday, and what happens next hinges as much on copper prices as on company news. A weaker signal from China’s demand could quickly shake the sector.
London’s FTSE 100 slipped 0.04% on Friday, dragged down mainly by miners amid worries over falling copper demand in China, the biggest consumer. Glencore dropped 2.5%, while Rio Tinto slid 1.8%, with copper-related stocks among the weakest in the index. 1
Anglo closed at 3,240 pence (£32.40), down roughly 3% from the £33.40 52-week peak it hit just a day before, according to market data. Trading volume came in around 3.6 million shares, below its 50-day average of about 4.9 million. 2
Copper dragged prices lower. Three-month copper on the London Metal Exchange slipped about 1.2% to $12,955 a ton by late Friday morning, after dropping to $12,774.5—a one-week low. Profit-taking accelerated while physical demand in China remained subdued. Marex metals strategist Alastair Munro pointed to efforts by Chinese authorities to rein in a recent retail “frenzy.” Meanwhile, the Yangshan copper premium—a key import benchmark closely watched for demand cues—tumbled 16% to $32 a ton. Shanghai warehouse stocks climbed 18% on the week, reaching 213,515 tons. 3
For Anglo, copper remains the clearest market indicator. Widely used in power and construction, any slowdown in Chinese demand quickly hits prices — and drags down mining stocks.
Monday’s key question: will copper stabilize after its recent dip, or continue falling as investors shed risk? A rebound could boost miners like Antofagasta (ANTO.L), Rio Tinto, and Anglo.
The downside is straightforward. Should China’s demand signals continue to weaken or if regulators clamp down harder on speculative moves, copper prices could drop sharply—and miners tend to follow suit as a group.
Anglo has two key dates ahead: the Q4 2025 production report drops on Feb. 5, followed by full-year results on Feb. 20. Investors will focus on copper output, cost trends, and cash returns when those figures are released. 4
