London, Feb 4, 2026, 07:55 GMT — Premarket
- Anglo American jumped 7.25% to 3,700 pence on Tuesday, hitting a 52-week high.
- Miners climbed after gold and copper bounced back; Citi raised its rating to buy, setting a £45 target.
- Attention shifts to Anglo’s Q4 production report due Feb. 5, followed by its 2025 results presentation on Feb. 20.
Anglo American plc (AAL.L) enters Wednesday riding a surge after its shares hit a new 52-week peak in the last session. The miner closed Tuesday up 7.25% at 3,700 pence, though trading volume was a bit under its 50-day average. MarketWatch
The gain stood out amid a weak day for London’s broader market, lifted by a metals rally following last week’s sharp swings. “Risk appetite just isn’t fully restored after the metals volatility we’ve seen since last week,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank, as investors braced for the Bank of England decision on Feb. 5. Reuters
Citi Research boosted Anglo American on Monday, upgrading the stock from “neutral” to “buy” and raising its price target to £45. The move reflects the planned merger with Canada’s Teck Resources and a stronger focus on copper. Citi noted the combined company would have about 80% of its earnings tied to copper, assigning a sum-of-the-parts valuation near £50 per share for the merged entity. The bank also highlighted potential synergies around $800 million. Investing.com
Citi analyst Ephrem Ravi called the merger a “catalyst for significant upside,” though he flagged the risk that the deal might not go through, Stockwatch reported. Another Citi expert, Alexander Hacking, projected that operational normalization could boost EBITDA — earnings before interest, tax, depreciation, and amortization — by roughly $1.2 billion. He also noted potential further gains from Collahuasi and Quellaveco over the next five to seven years, according to the report. stockwatch.com
Anglo and Teck struck a deal in September to merge in an all-stock transaction valued at roughly $53 billion. The move bets on rising copper demand driven by power grids, data centres, and electrification efforts. According to the initial announcement, Anglo shareholders will hold 62.4% of the new entity, which will be based in Canada and primarily listed in London. Reuters
Shareholders from both parties gave the green light to the deal in December, with regulatory hurdles and usual conditions still pending. Reuters noted the two miners operate neighbouring copper sites in Chile — Teck’s Quebrada Blanca and Anglo’s Collahuasi. They’ve pitched the merger as a shield against takeover attempts from bigger players like BHP and Glencore. Reuters
Commodities remain the main driver for miners right now. Spot gold pushed back up near $5,100 an ounce on Wednesday, following its largest single-day surge since November 2008. The jump came as safe-haven buying stepped up amid fresh U.S.-Iran tensions. Reuters
Copper’s long-term outlook stays positive, though analysts are wary of jumping on the recent rally. A Reuters poll on Tuesday indicates copper prices could still climb around 20% by 2026 compared to the 2025 average. That said, some caution that January’s speculative surge to record highs might not hold up. Reuters
Anglo is set to release its Q4 2025 production report at 07:00 GMT on Feb. 5, offering a timely update on output and any operational hurdles following the recent share-price surge. angloamerican.com
Investors are also watching for the full-year figures. Anglo has lined up its 2025 results presentation for February 20, with CEO Duncan Wanblad and CFO John Heasley heading the call. angloamerican.com
The rally remains vulnerable. A sudden drop in copper prices or renewed metals volatility could weigh on miners once more. Meanwhile, the Teck deal still faces hurdles on execution and approval, despite bullish research tilting in its favor.
Anglo American shares face their next immediate test with the Feb. 5 production report as the London session opens. Afterward, focus moves to Feb. 20, when the copper and merger story will be measured against the actual figures.
