Antofagasta PLC (LSE:ANTO) shares dropped 7% in early Monday trading, as fears of a global recession sparked by President Trump’s sweeping tariffs rattled commodities markets.
The Chilean-focused miner, the UK’s largest listed copper producer, has been particularly hard hit as investors brace for a slowdown in global demand.
Copper, often seen as a barometer of economic health, had been enjoying a strong run amid rising demand from the green energy transition and infrastructure spending.
But Trump’s tariff announcement, which imposes a minimum 10% levy on all US imports (but is punitive in some cases) has triggered a market-wide sell-off and raised the risk of retaliatory measures, particularly from China, the world’s biggest copper consumer.
For producers like Antofagasta, that spells trouble. Slower global growth could dampen industrial activity, while uncertainty over trade policy may lead buyers to delay investment decisions.
With copper prices already under pressure, the outlook for miners has darkened sharply.
The shares fell 94.5p to 1,322p. In the last five trading days, the stock has lost 22% outpacing the 14% decline of the spot copper price in the same period.