Miners dominated the FTSE 100 risers’ list as copper surged to fresh highs on deficit fears and a wider base metals rally.
Copper traded up to $12,742 per tonne overnight on the London Metal Exchange. It held near $12,421 per tonne this morning. London Metal Exchange copper is up 39% this year.
US COMEX copper slipped 2.45% today after a near 6% jump yesterday. Futures still command a premium to London Metal Exchange pricing on tariff risk.
That spread has pulled about 400,000 tonnes of copper into COMEX warehouses. Supply risks remain centre stage after major mine disruptions through 2025. Aluminium is up 16% year to date and zinc is up 3%. Lead is up 2.2% year to date on growth hopes.
A weaker dollar adds fuel. The dollar index is down 9.3% year to date.
Gold eased to $4,468 per ounce after touching $4,550. Low liquidity amplified the move. Silver briefly hit $83 per ounce and remains speculative after a 151% rise over 12 months.
In China, lithium carbonate rose to $16,510 per tonne on improving battery demand. Traders are watching a February restart at CATL’s Jianxiawo mine. The mine supplies about 3% of global output.
Fresnillo PLC (LSE:FRES) led the pack with a 2.3% gain as silver nudged above $80 an ounce (briefly), followed by copper giant Antofagasta PLC (LSE:ANTO). Glencore and Anglo American were also in the mix.