London, Feb 1, 2026, 08:55 GMT — Market closed.
- Antofagasta shares ended Friday lower as miners lagged in a broad metals pullback.
- UBS cut its rating to neutral after a sharp rally, pointing to valuation and positioning.
- Investors are looking to Feb. 17 full-year results, with copper volatility still the swing factor.
Antofagasta shares last closed down 3.65% at 3,648 pence on Friday, setting up a nervous open for the London-listed copper miner when trading resumes on Monday.
UBS cut the stock to neutral from buy, saying the re-rating has already done much of the work after a 135% rally over the past year. Analyst Daniel Major said recent copper gains were “driven more by investor positioning … rather than physical tightness,” and pointed to Anglo American and Teck Resources as better value ideas. Proactiveinvestors UK
That matters because the commodity tape turned messy late in the week. Gold, silver and copper slid after hitting record highs, with profit-taking picking up as the dollar firmed following Donald Trump’s announcement that former Fed governor Kevin Warsh would lead the Federal Reserve. Tom Price at Panmure Liberum said “Generalist investors … are taking profits,” and Reuters noted China’s Lunar New Year holiday could bring further selling. Reuters
Broader UK markets held up, but miners didn’t get much help. The FTSE 100 rose 0.5% on Friday, while industrial metal miners fell 2% as commodity prices dropped, Reuters reported. Fiona Cincotta at City Index said the weaker pound supported multinationals “even as commodity prices slumped.” Reuters
On the company side, Antofagasta’s most recent update landed late last week. In its Jan. 29 production report, it said fourth-quarter copper output rose 9% to 177,000 tonnes, while full-year production edged down to 653,700 tonnes. CEO Iván Arriagada said it cut full-year net cash costs to $1.19 per pound (a unit-cost measure after by-product credits) and kept 2026 copper production guidance at 650,000-700,000 tonnes, with big spending linked to growth projects in Chile.
Net cash costs are a mining shorthand: what it costs to produce a pound of copper after credits from by-products such as gold and molybdenum. When copper prices swing, that cost line can decide whether a miner keeps its margin or has to fight for it.
But there is a downside case, and it’s mostly macro. Industrial and Commercial Bank of China said on Sunday precious metals prices have been “highly volatile” recently and urged investors to avoid impulsive trading — a reminder of how quickly crowded trades can unwind across the complex. Reuters
For Antofagasta, the next session will likely hinge on copper’s direction more than fresh company headlines. If the pullback in metals deepens and the dollar stays firm, miners can see another round of de-risking, even with steady production numbers.
The next hard catalyst is the company’s full-year results on Feb. 17, when investors will look for detail on costs, capital spending and timelines on the growth pipeline.
