London, Feb 2, 2026, 08:55 GMT — Regular session
- Anglo American shares dropped roughly 3.5% in early trading, weighed down by a metals selloff that pressured mining stocks.
- Metals-linked stocks came under pressure, hit by a stronger dollar and forced selling following increased futures margins.
- Investors are eyeing Anglo’s production report on Feb 5, followed by the full-year results due Feb 20.
Shares of Anglo American dropped roughly 3.5% Monday morning, slipping to 3,288 pence from a prior close of 3,408 pence. Over the last 52 weeks, the stock’s trading range has been between 1,641.5 and 3,662 pence.
Commodities took another hit after Kevin Warsh was tapped to lead the Federal Reserve once Jerome Powell steps down, according to market data. Spot gold dropped around 5%, silver fell over 7%, and London Metal Exchange copper slipped 3%, pressured by a stronger dollar and fading risk appetite. “Markets selling off precious metals along with U.S. equities suggests investors see Warsh as more hawkish,” said Vivek Dhar at Commonwealth Bank of Australia. Reuters
Mining giants weighed heavily on the FTSE 100, which dipped around 0.4% by 0820 GMT. Antofagasta dropped roughly 4.7%, Glencore slid about 3.3%, and Fresnillo tumbled near 6.5%. Investing.com data highlighted widespread selling throughout the sector.
Some of the selling pressure stemmed from mechanics. After last week’s sharp drop, CME Group raised margin requirements on precious metal futures. Margins—the cash traders must post to hold leveraged futures—rose, prompting forced liquidations. “Forced liquidations and margin increases had a cascading effect,” said Tim Waterer at KCM Trade. Ilya Spivak of Tastylive noted that Asia and Europe were still catching up with Friday’s U.S.-led move. Reuters
Anglo American’s focus now shifts from market moves to output and outlook. The miner plans to release its Q4 2025 production figures on Feb 5, with full-year results set for Feb 20, per its investor calendar.
The miner’s earnings lean heavily on copper and bulk commodities, meaning a steep move in industrial metal prices quickly impacts sentiment around cash flow and dividends. On Monday, it felt more like a macro play—miners standing in for metals—than a judgment on any single company.
That said, broad macro sell-offs can quickly narrow into company-specific issues if a quarterly report disappoints or costs come in higher than expected. Investors will zero in on any revisions to output forecasts, unit cost trends, and the company’s stance on dividends.
The script could flip fast. Should the dollar hold steady and liquidation pressure ease once margin changes take effect, miners might stage a rebound. Yet, if metals continue their slide and appetite for risk remains weak, the decline could deepen.
Anglo American’s production report drops on Feb 5, setting the stage for the Feb 20 earnings release. That results day should clarify dividend expectations and the outlook for 2026.
