London, Jan 19, 2026, 08:27 GMT — Trading session ongoing
Anglo American slipped 0.1% to 3,238 pence at 0827 GMT, fluctuating between 3,186 and 3,255 pence during the session. The price remains near its 52-week peak of 3,340. Rio Tinto dropped 1.9%, while Glencore slid 2.5%. 1
The market got off to a sluggish start as investors digested fresh trade tensions. U.S. President Donald Trump threatened to impose extra tariffs on eight European countries starting Feb. 1, ramping up to 25% by June 1 if no agreement is struck over Greenland. “Hopes that the tariff situation has calmed down for this year have been dashed for now,” said Holger Schmieding, chief economist at Berenberg. 2
Political noise hits Anglo American hard since its earnings track global growth and the demand for industrial metals like copper. Traders are closely following progress on its planned merger with Canada’s Teck Resources and watching if management shifts its messaging ahead of reporting season.
Miners closed out last week under pressure as copper prices slid and concerns over weakening demand from China, the world’s largest consumer, weighed on the sector in London. 3
Anglo and Teck are pushing for regulatory approval of their merger, currently under the European Union’s streamlined antitrust review, Reuters reports. According to a European Commission filing cited by Reuters, an antitrust ruling is expected by Feb. 10. At the same time, the EU is conducting a separate probe under its Foreign Subsidies Regulation, which looks at whether government support unfairly impacts competition, with a verdict due by Feb. 3. 4
For now, the shares will probably follow the daily fluctuations in copper and iron ore prices, the pound, and new trade news. Even a slight sign of rising costs or weaker volumes could send the stock swinging sharply when volatility hits the tape.
The risk lies in tariff threats becoming reality, weighing on business confidence and slowing industrial activity along with base-metal demand. A steep drop in copper prices or delays in the Teck approvals schedule would challenge how much of the positive outlook is already priced into shares.
Anglo American plans to release its Q4 2025 production figures on Feb. 5 at 0700 GMT, with the full-year 2025 earnings report scheduled for Feb. 20, according to its investor calendar. 5
