London, Jan 28, 2026, 08:28 (GMT) — Regular session.
- Antofagasta shares edge higher in early London trading, boosted by stronger copper prices.
- The copper miner will release Q4 production figures on Thursday, followed by full-year results in February.
- The Fed decision is also key for traders eyeing the next move in the dollar and metals.
Antofagasta (ANTO.L) climbed 1.5% to 3,811 pence in early London trading Wednesday, having closed at 3,756 pence the previous day. Copper futures gained roughly 2% to $5.98 a pound, pushing the stock closer to its 52-week peak of 3,866.48 pence. 1
Shares of copper-linked miners grew more volatile this week as the dollar weakened and traders awaited a U.S. Federal Reserve announcement later today. Karl Schamotta, chief market strategist at Corpay, warned, “No one is willing to catch the falling chainsaw that is the U.S. dollar.” On the other side, Nick Rees, head of macro research at Monex, predicted “the Fed is going to hold rates unchanged.” 2
Antofagasta faces a tricky schedule: its Q4 2025 production report is set for Jan. 29, with the full-year 2025 results following on Feb. 17, per its financial calendar. 3
The stock has had a strong week so far. It surged 5.33% on Monday, reaching 3,775 pence, before easing back 0.5% on Tuesday, according to data from Investing.com. 4
Mining shares have zigzagged recently. “Mining stocks edged lower as recent rallies in metals markets paused,” said Chris Beauchamp, chief market analyst at IG, on Tuesday. Rio Tinto and Antofagasta were among the day’s laggards. 5
Thursday’s production update will draw attention to copper output and costs, along with any clues about 2026 spending plans. Cash cost—the basic expense of producing copper before overhead and financing—often sets the tone for dividend expectations.
A strong report could back the idea that the recent rally still has momentum. A disappointing one might derail that thinking fast, especially given copper prices are already elevated and some metals trades look heavily crowded.
Currency risk remains straightforward. Should the dollar stabilize post-Fed, or if copper slips from its recent gains, the boost for miners listed in London could vanish quickly.
Thursday brings the Q4 production report, with the Fed’s Wednesday decision still looming over the market. Antofagasta will follow up with full-year results on Feb. 17.
