London, Feb 4, 2026, 09:30 GMT — Regular session
Antofagasta plc shares on the London Stock Exchange ANTO.L were down 0.1% at 3,866 pence by 0930 GMT on Wednesday, steady after a sharp rise in the previous session. Copper futures were about 0.2% lower.
The Chile-focused miner has become a quick read-through for metal-price swings this week, and for how much risk investors still want in the UK mining trade. A broker downgrade landed on Tuesday, but the tape hasn’t followed a straight line.
Morgan Stanley cut Antofagasta to “underweight” from “equalweight” and trimmed its price target to 3,050 pence from 3,070, arguing the valuation premium had pushed to historical highs and skewed the risk-reward. In the same note, it said it was turning “more cautious on the pure plays” as it sees scope for rotation toward peers with “superior growth optionality” over the next 12–18 months. Halifax Investments
Antofagasta shares rose 6.26% on Tuesday to end at 3,868 pence, according to Investing.com data, shrugging off the downgrade as the broader mining complex caught a bid.
Mining stocks helped offset a broader UK equity pullback on Tuesday as copper and gold rebounded; Rio Tinto ended up 3.4% and Anglo American gained 7.2%, Reuters reported. “Risk appetite just isn’t fully restored after the metals volatility we’ve seen since last week,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Reuters
But the metal tape has been jumpy. LME copper fell 4% on Monday as commodities slid after Kevin Warsh was picked as the next U.S. Fed chair and CME Group raised margin requirements — the cash traders must post to keep futures positions — which can force some investors to cut exposure. “A stronger U.S. dollar is also adding pressure on … including oil and base metals,” said Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia; analysts also flagged sluggish demand ahead of China’s Lunar New Year break, which starts on Feb. 15. Reuters
In London, attention turns to the Bank of England on Thursday, where it is expected to keep its benchmark rate at 3.75%. “The timing of those rate cuts, however, is coming increasingly into question,” Deutsche Bank chief UK economist Sanjay Raja said. Reuters
For Antofagasta, the next company milestone is its full-year 2025 results on Feb. 17, with investors looking for updates on costs, capital spending and shareholder payouts.
