London, Feb 2, 2026, 09:24 GMT — Regular session
Shares of Antofagasta plc dipped roughly 5% in early London trade Monday, hitting about 3,465 pence. The copper miner lost 185 pence from its last close, according to a quote from Fidelity.
Commodities plunged further following U.S. President Donald Trump’s nomination of Kevin Warsh as the next Federal Reserve chair, shaking investor confidence. London Metal Exchange copper dropped roughly 3%, with a firmer dollar weighing on a range of commodities, base metals included, noted Vivek Dhar, commodities strategist at Commonwealth Bank of Australia.
Metals took a hit, pulling European shares lower. The basic resources sector fell over 2%, facing its sharpest one-day decline since July. Meanwhile, the STOXX 600 index edged down 0.4% in early trading, Reuters reported.
In London, the FTSE 100 slipped 0.3% by 0830 GMT, with miners taking a hit. Antofagasta dropped, tracking declines in Glencore, Anglo American, and Rio, according to Sharecast. “Mining stocks are likely to feel the heat as metal prices scramble to find a floor,” said Derren Nathan, head of equity research at Hargreaves Lansdown. London South East
Antofagasta faces clear pressure. Copper prices have a direct impact on earnings sentiment and cash flow, causing the stock to move sharply whenever metal markets get turbulent.
Part of the selling seems driven more by forced moves than by fundamentals. When volatility spikes, margin requirements—the cash traders need to back their futures positions—can climb, forcing investors to trim exposure in metals and mining stocks.
Copper’s price swings have been sharp for weeks. It could bounce back quickly if selling pressure eases, the dollar weakens, or buyers step in before China’s mid-February holiday slowdown.
Bulls face the risk that this pullback could deepen. A further steep slide in copper prices would put miners on the back foot, especially as investors begin crunching 2026 costs and spending plans.
Antofagasta is gearing up to release its full-year 2025 results on Feb. 17. Investors will be watching closely for updates on production, costs, capital expenditures, and dividend guidance.
