Antofagasta PLC (LSE:ANTO) led the FTSE 100 higher on Monday with a 5.3% gain, closely followed by Anglo American PLC (LSE:AAL) up 3.2% and Glencore ahead 3.1%, as mining stocks surged on the back of another sharp move higher in copper prices.
Precious metals producers also added to the momentum, with Endeavour Mining and Fresnillo benefiting from a continued rally in gold and silver.
The rise in these heavyweight stocks lifted the FTSE 350 Mining Index by 3.91%.
The big landmark was passed by copper, which climbed to $13,000 a tonne for the first time, extending last year’s powerful run as supply concerns intensify.
The futures contract rose around 4%, with prices supported by a growing list of mine disruptions. The latest came from Chile, where strike action at the Mantoverde mine added to worries over already tight supplies.
The red metal, central to electrification and the energy transition, rose 42% in 2025, its strongest annual performance in 16 years.
That rally was driven by a series of shocks, including fatal accidents, flooding at major mines and logistical bottlenecks.
More recently, the prospect of US import tariffs has distorted global flows. Traders have rushed shipments into the US, drawing material away from other regions.
Although the US accounts for less than 10% of global copper demand, it now holds roughly half of reported inventories, raising the risk of shortages elsewhere.
Analysts say this combination of supply disruption and trade dislocation is keeping near-term copper markets tight, with forecasts pointing to a global deficit emerging in 2026.