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. (Reuters)
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. (Investing)
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. (Reuters)
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. (Reuters)
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. (Proactiveinvestors UK)
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. (Reuters)
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. (Angloamerican)
