London, January 6, 2026, 08:04 GMT — Regular session
- Anglo American up about 1.7% in early trade, briefly touching a new 52-week high.
- Copper’s move to fresh records is lifting miners on supply and “critical minerals” themes.
- Next catalysts: Feb. 5 production report and Feb. 20 full-year results.
Anglo American plc shares rose in early London trade on Tuesday as copper extended its run to record highs, lifting mining stocks. The stock was up 1.7% at 3,196 pence by 0804 GMT after briefly touching 3,213 pence, a new 52-week high. Google
The early move matters because copper is driving the tape for diversified miners. When copper rallies, investors tend to reprice the sector quickly on expectations for cash flow and dividends.
It also lands as markets start the year with a sharper focus on supply security and “critical minerals”, the industrial inputs tied to power grids and electrification. Anglo American’s earnings sensitivity to copper means the metal’s price action is doing more of the talking than company-specific headlines in the opening minutes of trade.
The stock entered Tuesday on a strong footing after rising 3.36% on Monday to close at £31.42, outperforming a 0.54% rise in the FTSE 100, MarketWatch data showed. MarketWatch
Copper prices pushed above $13,000 a metric ton on Monday amid fears of shortages, with mine disruptions and labour action reinforcing the supply squeeze. “Copper prices need to rise further to persuade miners to generate significant new production,” SP Angel analyst John Meyer said; Citi estimates for 2026 point to a 308,000-ton deficit in refined copper — a deficit meaning demand exceeds supply. Reuters
Macro risks are close behind. Traders are watching Friday’s U.S. jobs report for clues on rate expectations and the dollar, which can influence dollar-priced commodities such as copper. Reuters
On the chart, 3,213 pence is the immediate hurdle after Tuesday’s early spike. Support sits around Monday’s close near 3,142 pence — “support” being a level where buying has tended to show up in recent sessions.
The next scheduled company read-through is close. Anglo American is due to publish its fourth-quarter production report on Feb. 5 and full-year 2025 results on Feb. 20, according to its investor calendar, with investors likely to focus on copper output and cost trends. angloamerican.com
Deal dynamics remain part of the longer backdrop. Anglo American and Teck Resources shareholders approved a $53 billion all-stock merger in December — paid for with shares rather than cash — and the companies are still seeking regulatory clearances for the combination. Reuters
The main risk is a pullback in copper if inventories keep swelling after heavy shipments into the United States ahead of potential tariffs. Macquarie analysis cited by Reuters has pointed to a sizeable global surplus last year, arguing the inventory build leaves prices vulnerable if the supply shock narrative fades. Investing.com Canada
