London, Jan 30, 2026, 09:08 GMT — Regular session ongoing.
Antofagasta shares dropped sharply in early London trading on Friday, wiping out much of this week’s gains as copper prices swung wildly. By 0855 GMT, the stock was down 5.4% at 3,583 pence.
Timing is crucial. Antofagasta has just released updated figures for output, costs, and spending in 2026—key factors investors watch closely when commodity prices swing rapidly.
Antofagasta gained 2.1% the previous day, finishing at £37.86. That left it just over 2% shy of its 52-week peak reached on Jan. 28, according to MarketWatch data. Trading volume ran roughly twice its 50-day average. 1
On Thursday, the company reported a 9% jump in fourth-quarter copper output from the previous quarter, reaching 177,000 tonnes. However, full-year production dipped 1.6% to 653,700 tonnes. It pegged full-year net cash costs at $1.19 per pound, factoring in by-product credits, and maintained its 2026 copper output forecast between 650,000 and 700,000 tonnes. Capital expenditure is set at $3.4 billion for 2026. CEO Iván Arriagada confirmed that growth projects remain “on track and on budget.” 2
Copper took the spotlight this week. On Thursday, the benchmark three-month copper contract on the London Metal Exchange soared 11%, hitting a record $14,527.50 a tonne before pulling back, according to Reuters. Neil Welsh from Britannia Global Markets attributed the spike to “intense speculative trading” in China. 3
Prices dipped on Friday, with three-month LME copper dropping 2.78% to $13,278.50 a tonne as investors took profits, Reuters reported. Analysts at ING Economics linked the decline to a wider shift toward “risk-off” sentiment. 4
Some traders are attempting to distinguish the recent surge from the underlying trend. A Reuters poll set the 2026 average forecast for LME cash copper at $11,975 a tonne. Meanwhile, Natalie Scott-Gray at StoneX described copper prices above $13,000 a tonne as “unsustainable” over the course of the year. 5
Traders are on edge over how fast this move is unfolding. Dan Smith, managing director at Commodity Market Analytics, told Reuters the volatility can make trading “brutal” once banks pull back. Marex strategist Alastair Munro pointed to the Lunar New Year break in China as a potential trigger for a correction. 6
Antofagasta’s stock isn’t a pure play on copper. A sharper drop in copper and gold prices would put the market’s confidence in the miner’s cost improvements to the test. Plus, any delays in project delivery could squeeze cash flow just as spending ramps up.
Antofagasta announced this week that Andronico Luksic Craig will leave the board, while Andronico Luksic Lederer is slated to join as a non-executive director in March. Chairman Jean-Paul Luksic highlighted that the new appointment brings valuable experience following a “very successful career” within the group. 7
Antofagasta is set to release its full-year 2025 results on Feb. 17. Investors will be looking closely for updates on dividends, 2026 capital expenditure plans, and any revisions to production and cost guidance. 8
