London, Jan 31, 2026, 08:56 (GMT) — Market closed
Antofagasta shares fell 3.65% on Friday, closing at 3,648 pence (£36.48), pulling back from earlier gains that had pushed the miner to new highs this week. UBS downgraded the stock to “neutral” with a price target of 4,200 pence, while Deutsche Bank maintained its “sell” rating, setting a 2,900-pence target. MarketScreener
The timing is crucial as copper’s volatility has spiked once more, and Antofagasta is behaving like a pure play on those swings. On Thursday, benchmark three-month copper on the London Metal Exchange peaked at a record $14,527.50 a tonne before retreating most of those gains. The price moves were fueled by speculative activity in China alongside broader shifts in risk appetite.
By Friday, sentiment took a turn. Copper fell 1.1% to $13,465 a tonne as traders cashed in gains and the dollar gained ground following Donald Trump’s pick of Kevin Warsh to head the Federal Reserve, the report noted.
UBS emphasized that in its downgrade. Analyst Daniel Major noted that recent copper gains remain “vulnerable to short-term consolidation,” pointing out that positioning has played a bigger role than physical supply tightness, though he maintained a positive medium-term outlook. Proactiveinvestors NA
Antofagasta, the Chilean copper miner, reported a 9.4% jump in fourth-quarter copper output to 177,000 tonnes, though full-year production slipped 1.6% to 653,700 tonnes. For 2026, it forecast copper output between 650,000 and 700,000 tonnes, with net cash costs—after by-product credits—ranging from $1.15 to $1.35 per pound, and capital expenditure hitting $3.4 billion. CEO Iván Arriagada described the copper outlook as “compelling,” highlighting progress on the Centinela and Los Pelambres projects slated for completion in 2027. Antofagasta
The stock had been heading in the opposite direction until Thursday, when shares soared over 10% to break past 4,080p, setting a fresh all-time high. This came as copper prices rallied and the company’s latest production update reinforced the view that “costs are under control.” Proactiveinvestors UK
Antofagasta wasn’t the only miner to drop as metals prices cooled. Anglo American, Glencore, and Rio Tinto each lost over 2% on Friday, showing just how fast miners are reacting to shifts in the metals market.
Traders are looking past the day-to-day volatility to see how supply patterns recalibrate after last year’s disruptions. According to Reuters, China’s refined copper exports surged in 2025, driving net imports to their lowest level since 2017. This change is linked to tariffs and premiums that redirected metal flows toward the U.S. market.
Operationally, the market got a jolt this week when the London Metal Exchange had to pause trading on Friday. A glitch on its electronic platform, LMEselect, caused a one-hour delay before trading could resume.
Antofagasta faces a bigger threat next week: a sharper copper pullback after its recent record surge. Goldman Sachs warns a steeper decline might hit in Q2, with policy risks—like a potential new U.S. tariff on refined copper—lurking in the background.
London trading kicks off Monday, and all eyes will be on whether the stock continues to shed the gains it made in January or steadies alongside copper prices. The next major catalyst arrives with the full-year 2025 results on Feb. 17. Investors will be focused on updates around costs, capex, and how projects are progressing—that’s expected to drive the share price movement.
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