London, Jan 7, 2026, 08:15 GMT — Regular session
- Rio Tinto shares slip 0.2% after closing at a record high a day earlier
- Copper’s run above $13,000 and firmer iron ore prices keep big miners on traders’ screens
- Investors look to Rio’s Jan. 21 operations update for volumes, costs and guidance
Rio Tinto (RIO.L) shares edged down 0.22% to 6,280 pence in early London trading on Wednesday, easing from an intraday peak of 6,317 pence as investors locked in gains after the stock set a fresh high in the previous session. The miner closed at 6,291 pence on Tuesday and is up about 33% over the past 12 months, according to market data.
The pullback comes as copper prices remain the key tape for diversified miners after the metal vaulted above $13,000 a metric ton this week on supply fears. “Copper prices need to rise further to persuade miners to generate significant new production,” SP Angel analyst John Meyer said, while Concord Resources research director Duncan Hobbs pointed to a broader “security of supply chains” theme driving metals. Citi analysts estimate refined copper output at 26.9 million tons this year, implying a 308,000-ton deficit, the report said. Reuters
A looming U.S. tariff decision is also distorting the copper market and supporting prices, a Reuters columnist wrote. The price gap between the U.S. CME copper contract and the global benchmark on the London Metal Exchange has encouraged traders to ship metal to the United States, draining stocks from elsewhere — including China’s bonded warehouses, port storage zones where metal sits before clearing customs — while the tariff call has been deferred until June.
Iron ore has added a tailwind. The steelmaking raw material hit a more than five-month high on Tuesday as demand held up in China, with the most-traded May contract on China’s Dalian Commodity Exchange up 0.69% at 801 yuan a ton and Singapore’s benchmark February contract up 0.74% at $106.55 a ton, a Reuters report carried by MINING.COM said.
With no scheduled earnings in the immediate calendar, attention is shifting to Rio’s next data points: its fourth-quarter operations review on Jan. 21 and 2025 annual results on Feb. 19. Investors will be looking for production trends, unit-cost signals and any comments on capital returns, alongside how the group frames demand for iron ore and the copper price spike.
But the trade cuts both ways. A reversal in copper — if supply disruptions ease or tariff fears fade — or a slide in iron ore on softer Chinese steel demand would quickly test the stock’s new highs, particularly after the recent run-up.
