Antofagasta PLC (LSE:ANTO), Fresnillo PLC (LSE:FRES) and Metlen Energy & Metals PLC (LSE:MTLN) were among the strongest risers in the FTSE 100 on Tuesday morning, carried higher by a surge in copper and gold prices driven by tightening supply and robust demand.
Antofagasta, the Chile-focused copper miner, rose 123p to 4,261p, a gain of 2.97%, while Fresnillo, the Mexico-based precious metals producer, added 93p to 3,339.50p, up 2.87%, and Metlen Energy & Metals, the Athens and London-listed energy and metals group, gained 1.24p to 41.73p, up 3.06%.
Copper futures climbed above $6.40 per pound on Monday, reaching their highest levels in more than two weeks, as tightening global supplies and robust demand expectations continued to support the market.
Chile, the world's largest copper producer, reported its weakest April output in 23 years, reinforcing concerns about constrained global supply.
The newly appointed chairman of state-owned miner Codelco also signalled that the company will place greater emphasis on profitability rather than maximising production volumes, a shift that analysts expect to weigh further on available supply.
On the demand side, growing optimism surrounding artificial intelligence expansion and the rapid build-out of data centre infrastructure bolstered the metal's outlook, with rising copper consumption across global power grids amid the ongoing energy transition adding to the bullish narrative.
Gold steadied above $4,500 per troy ounce, supporting Fresnillo, which derives the majority of its revenue from silver and gold production in Mexico.
Gold held firm following a volatile week, as efforts to secure a longer-term ceasefire between the US and Iran showed limited signs of progress, with Washington and Tehran exchanging proposals over a draft accord that would extend the ceasefire and reopen the Strait of Hormuz.
Geopolitical uncertainty has reinforced gold's role as a haven asset throughout 2026, providing a persistent tailwind for precious metals producers.
Antofagasta, which operates entirely in Chile, is among the most direct beneficiaries of copper's price trajectory given its exposure to some of the country's largest copper deposits.