London, Jan 23, 2026, 09:28 GMT — Regular session
- Anglo American shares ticked up roughly 0.2%, reaching 3,350p in early London trading
- Copper prices are shifting again, with talks of a major miner deal taking center stage
- Anglo is set to release its Q4 production report on Feb. 5
Anglo American plc shares inched higher on Friday, hovering near 3,350 pence—up roughly 0.2% from Thursday’s finish. The stock remained confined to the day’s range amid a volatile session that saw resource sector stocks trade in clusters. 1
For traders, the takeaway is clear. Anglo’s stock is once again tracking copper prices closely, and copper itself has been anything but calm lately.
This is crucial now as investors weigh whether the recent copper rally reflects genuine supply constraints—tight inventories, sluggish mine restarts—or merely a fresh wave of speculative money chasing metals. Either way, it’s been moving London’s major miners on a daily basis.
Anglo remains close to its 52-week peak, with the tape often pushing hard when risk appetite kicks in. But that momentum can reverse sharply if the market mood sours. 1
The stock saw a sharp rally midweek, fueled by gains across the mining sector. Anglo surged 4.9% on Wednesday, buoyed by rising copper prices. Rio Tinto also climbed, buoyed by better-than-expected quarterly iron ore and copper output. 2
Copper prices have swung between concerns over short-term tight supplies and uncertainty about demand. The benchmark three-month copper contract on the London Metal Exchange rose 0.4% to $12,796 a metric ton by 1700 GMT on Wednesday, according to Reuters. 3
“Structural tightness continues to underpin prices,” Neil Welsh, head of metals at Britannia Global Markets, said in a note, highlighting how physical supply often drowns out broader macroeconomic noise for periods. 3
Traders closely monitor the gap between spot copper and three-month copper contracts — a gauge of urgency in the market. That premium surged past $100 a ton Tuesday, only to flip into a discount by Wednesday, Reuters reported. It’s a sharp reminder of just how quickly market signals can shift. 3
Freeport-McMoRan reported quarterly profits Thursday that topped estimates, boosted by rising copper and gold prices despite a production setback following a fatal accident at its Grasberg mine. CEO Kathleen Quirk described the incident as “humbling” during an investor call, emphasizing efforts to get operations back on track. 4
A Reuters report highlighted a broader trend: artificial intelligence and defence sectors could boost global copper demand by 50% by 2040, sparking a wave of mergers among miners. It cited Anglo American and Teck Resources closing in on a $53 billion merger, while Rio Tinto is reportedly in early talks to acquire Glencore. 4
Yet Anglo holders riding the recent rally face clear risks: copper prices can slip on the slightest cue, and demand indicators—particularly out of China—can quickly flip a supply crunch story into volatile swings. Large M&A deals add layers of execution and regulatory headaches, even before the market shifts against you.
Investors are set to eye Anglo’s Q4 2025 production report on Feb. 5, looking for clues on output and a first glimpse at 2026 guidance, before the full-year results land on Feb. 20. 5
