London, Jan 31, 2026, 08:34 GMT — Market closed
- Anglo American shares closed down 2.6% on Friday as metals retreated from record highs.
- The pullback followed a sharp reversal in gold, silver and copper after the Fed chair pick lifted the dollar.
- Next week brings Anglo’s Q4 production report and a fresh run of merger-related deadlines in Europe.
Anglo American (AAL.L) shares closed down 2.63% at 3,408 pence on Friday, backing away from a 52-week high hit the day before.
The selloff landed as gold, silver and copper tumbled after record runs earlier in the week, with traders booking gains as the dollar firmed on U.S. President Donald Trump’s pick of Kevin Warsh to lead the Federal Reserve. “Generalist investors … are taking profits,” said Panmure Liberum analyst Tom Price. Reuters
In London, the FTSE 100 still ended higher, helped by a weaker pound and a bank rally, even as commodity-linked stocks were hit. “The weaker pound is obviously beneficial for the multinationals,” said Fiona Cincotta, senior market analyst at City Index. Reuters
For Anglo American, the timing is awkward. The stock has traded like a proxy for the metals tape in January, and the tape just turned choppy.
One company-specific pressure point is Chile. Glencore, which co-owns the Collahuasi mine with Anglo American, said lower ore grades and water constraints there were among reasons behind its 2026 copper guidance range.
Next up for Anglo investors is an operational check-in: the miner is due to publish its fourth-quarter 2025 production report on Feb. 5, followed by full-year results on Feb. 20, its investor calendar shows.
Copper remains the key macro lever. A Reuters poll of 31 analysts published on Thursday lifted the median 2026 forecast for LME cash copper to $11,975 a metric ton — the first consensus above $11,000 — while flagging worries around demand.
Deal watchers also have dates on the calendar. A European Commission filing showed the EU’s antitrust decision on Anglo American’s proposed merger with Canada’s Teck Resources is expected by Feb. 10, while a separate decision under the bloc’s foreign subsidies rules is due by Feb. 3.
The risk is that Friday’s metal pullback turns into something uglier. If the dollar keeps rising and physical buying fades, miners that were treated like a one-way bet can fall fast, and production numbers won’t matter much in the first hour.
London trading resumes on Monday. The first tell will be whether copper steadies, then whether Anglo’s Feb. 5 production report gives investors anything solid to hold onto ahead of the Feb. 20 results.
