London, March 11, 2026, 13:07 GMT
Shares of Anglo American slid 2.1% to 3,253 pence by 1248 GMT on Wednesday, erasing a chunk of Tuesday’s rebound. A new broker downgrade and renewed fears about the Middle East war weighed on mining names. Rio Tinto and Antofagasta both slipped as well, with the FTSE 100 having lost 0.6% earlier. 1
Anglo’s pivot is significant: by shedding diamonds, coal, and nickel, the company has upped its reliance on copper and iron ore. That’s left its shares increasingly tied to how traders feel about industrial metals. Sensitivity to those market swings has intensified, with the miner now pursuing a merger with Teck Resources to ramp up copper operations. 2
On Monday, JPMorgan downgraded Anglo to “underweight” from neutral, lowering its target price to 2,800p from 3,780p. That rating signals the broker expects Anglo’s shares to underperform the sector. Analyst Dominic O’Kane wrote that the bank still views industrial-metals prices as “benign in our view,” and now projects “another >10% downside risk” for European mining and steel stocks. JPMorgan’s new base case puts copper at $9,500 per metric ton for 2026-27, with iron ore seen at $90. 3
The call came right on the heels of a sharp two-day move. Anglo dropped 3.22% Monday to £31.27, only to rally 6.56% Tuesday and close at £33.32. Oil prices tumbled nearly 11%, while London shares marked their biggest single-day gain in close to a year. IG’s Axel Rudolph pointed to “renewed optimism” after oil’s decline, saying it helped lift global indexes. 4
According to a Tuesday filing, non-executive director Anne Wade picked up 525 shares of Anglo at £30.50 apiece on March 9, bringing the total transaction to roughly £16,000. Anglo, meanwhile, noted that the stock’s ex-dividend date in London is set for Thursday—anyone buying after that misses out on the final payout. 5
The backdrop remains choppy. Last month, Anglo reported a $3.7 billion loss after yet another De Beers writedown. Earlier in February, the company reduced its copper production target for 2026 but kept moving forward with asset sales to zero in on copper and iron ore. 2
The group’s merger with Teck Resources, signed off by shareholders back in December, is still hanging on a few final regulatory approvals. Earlier this month, Anglo said it’s continuing discussions with regulators in multiple jurisdictions as it pushes to wrap up the transaction. 6
Bulls face a clear risk here. Oil sticking at elevated levels and the conflict lingering could squeeze growth, just as pricier energy weighs on demand for metals—the miners, meanwhile, are priced for strong copper. “There is a chance that the Iran war will not be done and dusted quickly,” noted Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Barclays, for its part, sees the STOXX 600 potentially dropping to around 550 if oil stays near $100 a barrel. 7
