LONDON, Jan 5, 2026, 08:43 GMT — Regular session
Anglo American shares (AAL.L) rose 3.1% to 3,133 pence by 8:15 a.m. GMT, after ending Friday at 3,040 pence. The stock hit an intraday high of 3,143 pence and is up 36% over the past year, LSEG data showed.
The early move comes as commodity-linked stocks reopen the year with a sharper pulse. Investors are juggling fresh geopolitical risk with the read-through from metals markets that have started 2026 on firmer footing.
That matters for Anglo because the miner’s shares tend to track swings in raw-material prices and shifts in global growth expectations. The stock is also tethered to deal headlines after the company agreed to combine with Canada’s Teck Resources, a transaction that still needs regulatory clearances.
Gold and other precious metals jumped after the United States captured Venezuelan President Nicolas Maduro over the weekend, driving what traders call “safe-haven” demand — flows into assets seen as more defensive in a shock. Spot gold rose 2.2% to $4,424.17 an ounce, Reuters reported. “Gold and silver are viewed as a solid hedge against uncertainty,” said Tim Waterer, chief market analyst at KCM Trade, adding attention is on U.S. non-farm payrolls data due Friday. Reuters
In bulk commodities, iron ore futures edged higher as Chinese trading resumed, supported by steelmakers restocking ahead of the Lunar New Year holiday and supply constraints, a Reuters report published by MiningWeekly said. The most-traded May iron ore contract on China’s Dalian Commodity Exchange rose 0.76% to 795.5 yuan ($113.94) a metric ton, while the benchmark February contract on the Singapore Exchange gained 0.29% to $105.65 a ton.
Copper remains the bigger strategic prize in the sector, with demand linked to power grids, construction and electrification. In an October Reuters poll, analysts forecast LME cash copper would average $10,500 per metric ton in 2026, citing mine disruptions and an expected market deficit.
Anglo and Teck shareholders approved the companies’ previously announced $53 billion all-stock, nil-premium merger in December, Reuters reported, leaving regulatory approvals as the final hurdle. The tie-up would create Anglo Teck, headquartered in Vancouver with a primary listing in London, and the companies have said they expect $800 million in annual cost savings and efficiency gains by the fourth year after completion.
But Anglo’s bounce is still hostage to the tape in commodities and to deal timing. A cooling in metals prices, or tougher-than-expected regulatory conditions for the Teck transaction, would be a quick test of risk appetite in the shares.
Next up, investors will watch Anglo’s Q4 2025 production report on Feb. 5 and its full-year 2025 results on Feb. 20 for updates on volumes, costs and the company’s near-term outlook.
