London, February 3, 2026, 09:44 (GMT) — Regular session
- Antofagasta shares climbed roughly 3%, reaching 3,750 pence in early London trading
- Copper rebounds, boosting miners following a steep selloff in the metal just a day before
- Morgan Stanley downgrades Antofagasta to “underweight” and lowers its target price
Antofagasta plc (ANTO.L) shares climbed roughly 3% Tuesday, pushing the price up to 3,750 pence by 09:44 GMT. The stock closed Monday at 3,640 pence and fluctuated between 3,704 and 3,838 pence earlier in the session. (Investing)
This shift is significant as commodity-linked stocks are reacting to wild swings in metals, interest rates, and the dollar. On Monday, London Metal Exchange copper plunged 4%, sparking some exchanges to hike margin requirements, forcing traders to put up extra cash to maintain futures positions. (Reuters)
London’s FTSE 100 kicked off the day in new intraday territory, led by a bounce in copper and precious metals stocks. Anglo American climbed roughly 3%, with Rio Tinto and Glencore also gaining footing, joined by Antofagasta. (Proactiveinvestors UK)
Broker activity weighed on the sidelines. Morgan Stanley downgraded Antofagasta from “market-weight” to “underweight,” also lowering its price target slightly to 3,050 pence from 3,070, according to a broker roundup. The term “underweight” signals a recommendation to hold less than the benchmark. (MarketScreener)
Copper rebounded Tuesday, climbing 3.65% to $6.04 a pound, according to Trading Economics. Despite the bounce, the metal remains far below last week’s high following a steep two-day selloff. (Trading Economics)
Antofagasta’s profits depend heavily on copper prices. The Chile-based miner operates four active mines that produce copper concentrate and cathodes. It also manages a transport unit catering to the mining sector. (Reuters)
Antofagasta is set to reveal its full-year 2025 results on Feb. 17, according to its investor calendar. (Antofagasta)
Investors usually zero in on production and cost guidance, spending plans, and clues about dividend potential. With metals still volatile, even subtle shifts in tone can shake the stock.
The downside case points again to copper. Analysts speaking to Reuters blame the metal’s fall from record highs on weak demand and growing inventories, with more declines likely. Macquarie’s Alice Fox said prices have “moved way beyond fundamentals.” StoneX’s Natalie Scott-Gray added that “fundamentals certainly do not support copper at current levels.” (Mining Weekly)
Traders will keep an eye on copper to see if it holds steady through mid-February and watch for any broker downgrades spreading through the mining sector. Antofagasta’s full-year results on Feb. 17 remain a key date to watch.
