Mining stocks led the FTSE 100 higher, with Fresnillo PLC (LSE:FRES) out in front on a 5% gain.
The Mexican precious metals producer is enjoying follow-through buying after Tuesday's interim results, which beat expectations on higher volumes and lower-than-forecast operating costs, with gross profits more than doubling year on year.
Gold quoted above $4,060 an ounce is helping, and Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF, FRA:6E2), which operates gold mines across West Africa, rose 3% on the same tailwind.
Antofagasta PLC (LSE:ANTO) was also up 3% as copper held near its highest level in two months on the London Metal Exchange, having pushed towards $14,000 a tonne.
Falling exchange inventories are the immediate driver, against a supply backdrop that has been eroding all year.
The rock burst at Codelco's El Teniente, force majeure at Freeport's Grasberg operation in Indonesia and disruption at Kamoa Kakula in the Democratic Republic of Congo have between them stripped a substantial slice of output from the 2026 balance.
Chilean storms have since forced Codelco to halt surface operations at Andina and suspend ore shipments from El Teniente.
Traders are also watching metal accumulating in United States warehouses ahead of a decision from Donald Trump on copper import tariffs, which is tightening supply everywhere else.
Underneath it sits structural demand from data centre construction and grid investment.
Glencore PLC (LSE:GLEN) completed the picture with a 3% rise on the day it reported half-year results, having already flagged that adjusted earnings before interest and tax from its marketing division would come in at roughly $3.3 billion, more than double the $1.4 billion booked a year earlier.
The trading arm has done the heavy lifting through a first half in which production was mixed, with copper output up 15% but zinc, cobalt and gold all lower.
Full-year guidance was left unchanged. The sector has also drawn money rotating out of energy, after Brent slid towards $80 a barrel on hopes of a deal to reopen the Strait of Hormuz.
