London, Jan 29, 2026, 08:05 GMT — Regular session
- Anglo American climbed roughly 4% in early London trading, driven by a sharp rise in copper prices
- Copper surged to new highs, fueling a wider rally across metals
- Attention now turns to Anglo’s Q4 production report, set for release on Feb. 5
Anglo American’s shares jumped 4.1% to 3,618 pence by 0806 GMT on Thursday, boosted by a renewed rally in copper prices.
The sharp rise shines a light on miners’ quick reaction to swings in metal prices. Copper’s surge came fast enough to lift the entire sector, despite ongoing debate over whether the rally is fueled by actual demand or just positioning and macroeconomic concerns.
For Anglo, this is crucial since copper now drives its equity narrative. The firm has ramped up its focus on the metal amid expectations of prolonged supply constraints. Upcoming reports on production and costs will come at a time when benchmark prices remain exceptionally high.
Copper hit a new record on Thursday amid a broad metals rally, fueled by geopolitical tensions and a softer U.S. dollar. The London Metal Exchange’s benchmark three-month copper contract surged 6.32% to $13,913.50 a ton by 0700 GMT, after briefly jumping 7.94% to $14,125, according to Reuters. This came despite weaker demand signals from China, where the Yangshan copper premium — a key indicator for imported copper demand — dropped to $20 a ton, its lowest since July 2024.
Shares in other UK-listed miners climbed in early deals as investors doubled down on the metals rally powering gains across the FTSE’s resources sector.
Supply worries are mounting. On Thursday, Glencore reported an 11% drop in copper output for 2025, citing lower ore grades and water shortages at Chile’s Collahuasi mine, a joint venture with Anglo American, as key factors shaping its forecast.
Anglo’s next key event is approaching. The company is set to release its Q4 2025 production report at 0700 GMT on Feb. 5.
Investors are watching closely for signs that rising copper prices are supported by stable volumes and disciplined cost management, while also seeking insights on operational risks amid recent commodity market swings.
The trade works both ways. Should the dollar strengthen, geopolitical tensions ease, or China’s physical demand remain weak, copper could lose ground fast — and miners often exaggerate those swings. A drop in industrial metals would put Anglo’s recent rally under the microscope, revealing how much is driven by fundamentals versus momentum.
Traders are focused on copper’s next move and whether the rally will broaden across base metals or tighten up once more. Anglo’s next key update arrives with its production report on Feb. 5.
