London, February 2, 2026, 07:57 GMT — Premarket
- Rio Tinto enters the week as commodity prices slip, leaving miners braced for a choppy start
- A potential deal with Glencore faces a Feb. 5 deadline, fueling ongoing takeover speculation
- A new Form 8.3 filing under UK takeover rules revealed stakes in Rio Tinto and Glencore
Rio Tinto shares drew attention before Monday’s London open, following a steep drop in commodities that hammered industrial metals—one of the miner’s main drivers.
This is significant now because the stock usually follows iron ore and copper—and copper triggered the overnight drop. A slump in metals can rapidly drag down major index players like BHP Group and Anglo American, both widely held by international investors.
Deal discussions are under a tight clock. Rio Tinto must confirm by Feb. 5 if it plans to bid for Glencore, casting a takeover shadow over any stock moves ahead of the first trade.
Copper dropped nearly 5% during Asian trading as risk assets broadly sold off, following a Reuters report that Kevin Warsh will replace Jerome Powell as Federal Reserve chair in May. Vivek Dhar of Commonwealth Bank of Australia described Warsh as “being viewed as more hawkish.” Meanwhile, Tony Sycamore at IG Group noted signs of easing Middle East tensions, saying “the oil market was signalling that tensions with Iran were easing.” (Reuters)
Rio Tinto closed Friday at 6,738 pence (£67.38), slipping 1.62% on the session but holding onto a roughly 12% gain since the start of the year. (Londonstockexchange)
Rio Tinto has until 5 p.m. London time on Feb. 5 to declare either a firm intention to bid for Glencore or to confirm it will not make an offer, according to UK takeover rules. The company noted in a statement that this deadline can be extended if the Takeover Panel agrees. (Rio Tinto)
Regulatory filings are on the rise. A Feb. 2 Form 8.3 from Mitsubishi UFJ Financial Group revealed stakes in Rio Tinto shares and flagged similar disclosures concerning Glencore. Form 8.3, used during UK takeover periods, requires investors holding 1% or more in relevant securities to report. (Halifax Investments)
Rio Tinto is stepping up its focus on aluminium away from takeover chatter. Last week, it struck a deal with Aluminum Corporation of China Limited (Chalco) to acquire a 68.6% stake in Companhia Brasileira de Alumínio (CBA) for 4.69 billion reais ($903.61 million), buying out Votorantim’s holding. “I like it, it’s a very bullish signal,” said Baden Moore of CLSA. (Reuters)
Rio Tinto’s Jérôme Pécresse described the deal as “aligned with our strategy to deliver value for shareholders by extending our low-carbon, renewable-powered aluminium footprint,” according to a company release. (Rio Tinto)
After the Feb. 5 deadline, all eyes turn to results. Rio Tinto plans to release its 2025 annual results on Feb. 19. The company’s investor site lists a presentation led by Simon Trott and Peter Cunningham. (Rio Tinto)
The setup is messy. Should the metals selloff worsen or takeover chatter die down sharply after Feb. 5, Rio Tinto might have trouble attracting buyers, even if the wider market holds steady.
Traders will keep an eye on metal prices and miner sentiment come Monday, then focus on whether Rio Tinto decides to extend, speed up, or drop the Glencore saga ahead of Thursday’s deadline. Full-year results follow in two weeks.
