London, Jan 28, 2026, 08:50 GMT — Regular session
- Anglo American gained roughly 2% in early London trading, staying close to a new 52-week peak
- Gold broke past $5,200 an ounce as the dollar weakened, boosting confidence among miners
- Traders are eyeing the upcoming Teck merger regulatory deadlines, along with Anglo’s production update set for Feb. 5
Anglo American (AAL.L) shares rose Wednesday, buoyed by a broad rally in mining stocks amid surging metals prices and growing investor appetite for hard assets.
The shift is significant as commodities have grown volatile once more: gold set a fresh high, while the U.S. dollar slipped ahead of Wednesday’s Federal Reserve policy announcement. This sent funds flowing back into mining stocks linked to global growth and inflation protection. 1
Anglo has directly benefited from that trade this month, with copper remaining its primary earnings driver. The planned tie-up with Teck Resources will push the group further toward the red metal in the long run.
Shares climbed 2.2% to 3,525 pence, up from a previous close of 3,449 pence, and even hit 3,555 pence — the peak of their 52-week range — according to Investing.com data. 2
Kelvin Wong, senior market analyst at OANDA, tied gold’s recent surge to the dollar’s drop, citing fresh debates over U.S. policy and the greenback’s safe-haven status. Ilya Spivak, global macro head at Tastylive, said investors were “getting defensive” ahead of Fed Chair Jerome Powell’s upcoming comments. 1
Miners provided support to the FTSE in London this week, holding the index up despite weakness across other sectors as investors weighed geopolitical tensions alongside the U.S. interest rate outlook. 3
Anglo gained backing from deal-related positioning. On Tuesday, UBS maintained a “buy” rating and raised its price target to 4,000p, saying the Teck transaction might transform Anglo into a miner with a stronger copper focus. 4
The merger awaits regulatory green lights. According to a European Commission filing, the EU’s antitrust verdict is scheduled for Feb. 10, while a distinct review under the bloc’s foreign subsidies framework is set for Feb. 3. 5
The setup works both ways. A hawkish Fed move might boost the dollar, putting pressure on metals. On the flip side, delays in merger approvals could challenge the premium investors have priced into copper-exposed stocks.
Upcoming triggers to watch: the Fed’s verdict this Wednesday, then Anglo’s Q4 2025 production figures on Feb. 5. The company will release its full-year results on Feb. 20. 6
