London Miners Surge as Copper Prices Hit Two-Week High on Supply Squeeze

Key Facts

1Mining companies Antofagasta, Fresnillo, and Metlen led the FTSE 100 gainers in London.

2Antofagasta shares rose 2.97% to 4,261p, driven by surging copper prices.

3Copper prices reached a two-week high due to supply squeeze and robust demand.

Amid growing concerns over global supply gaps in industrial metals, mining stocks in London saw a significant rally driven by surging copper prices. Leading the FTSE 100 gainers were Antofagasta, Fresnillo, and Metlen, with Antofagasta shares jumping 2.97% to reach 4,261p. According to reports, this momentum was triggered by copper prices hitting a two-week high, fueled by a combination of a supply squeeze and robust demand.

This recovery comes as major miners navigate operational challenges; Rio Tinto recently projected stable copper output despite cost pressures, while Glencore reported a slight dip in Q1 copper production per market data. Compared to last year's performance, UK-listed miners have benefited from improved manufacturing sentiment in China, which has helped base metal prices rebound from lows seen earlier this year.

In terms of market levels, Antofagasta (ANTO.L) maintained strong positioning at the close of June 3, 2026. Investors are now shifting focus to the upcoming U.S. Core PCE Price Index data for its impact on the dollar and dollar-denominated commodities. Additionally, markets are awaiting ECB President Lagarde’s speech on May 28 to gauge the Eurozone's economic outlook, which remains a key driver for future metal demand.