Glencore PLC (LSE:GLEN), Anglo American PLC (LSE:AAL) and Antofagasta PLC (LSE:ANTO) were among the early risers on the FTSE 100 on Wednesday after copper prices reached their highest level in two weeks, buoyed by a weaker US dollar.
Three-month copper on the London Metal Exchange continued to build on Tuesday's momentum, opening at $4.89 per pound, equivalent to around $10,780.60 per tonne.
In the past week, the copper price has advanced 6.6%. The rally follows a drop in the US dollar to a 15-month low.
A softer dollar tends to lift demand for dollar-priced commodities by making them cheaper for buyers using other currencies.
That’s a welcome shift for industrial metals, which have come under pressure this month amid heightened trade tensions and fears of slowing global growth triggered by President Trump’s tariff regime.
While questions remain over how tariffs will affect demand from major economies, the bounce in copper has offered a reprieve to miners, many of whom are heavily exposed to the red metal through their global operations.
Glencore, Anglo and Antofagasta posted gains of 3.3% to 3.8% in early trading.