LONDON, June 10, 2026, 11:08 BST
- Anglo American traded at 3,720p, down 1.27% in delayed London action, after sliding 2.76% on Tuesday.
- Copper slipped as broader macro concerns and tension in the Middle East pushed down prices, offsetting any lift from tariffs. The metal remains a focus in the ongoing Anglo–Teck merger story.
- China antitrust approval, the last named regulatory milestone in the Anglo-Teck deal, is on the radar for investors. Commodity prices and Collahuasi risk are also in focus.
Anglo American slipped for a second day on Wednesday, with shares dropping 1.27% to 3,720p by late morning in London, according to Davy’s 20-minute delayed quote at 11:08 a.m. The miner lost 48p so far, after falling 2.76% to £37.68 on Tuesday. Shares now sit 11.11% below the June 2 peak of £42.39, as copper prices ease and investors hesitate on cyclicals.
Anglo’s latest share price move is getting attention as the company’s story tilts more toward copper after its deal with Teck Resources. Investors are now watching copper closely — the metal goes into power grids, EVs, data centers, and buildings. Benchmark three-month copper on the London Metal Exchange was last down 0.32% at $13,572 a ton at 0700 GMT. Reuters pointed to worries over the macro backdrop and Middle East tensions that are balancing out any boost from talk of possible U.S. copper tariffs.
London stocks fell. The FTSE 100 lost 1.4% on Tuesday to finish at 10,227.33, the lowest close since May 15. Investors responded to Middle East tension and swings in energy prices that stoked fresh inflation fears. Reuters said traders are now pricing in a possible 25-basis-point rate hike from the Bank of England in September; one basis point equals one-hundredth of a percentage point.
Anglo shares moved Wednesday without a new operational update from the company. The 2026 press-release page for Anglo American still links out to its May 18 coal-sale deal and the Collahuasi permit announcement. The next production report is scheduled for July 23.
Anglo American is working to reshape its business ahead of the Teck merger. On May 18, Anglo said it reached a deal to sell its Australian steelmaking coal assets to Dhilmar for as much as $3.875 billion in cash, with $2.3 billion paid upfront and the rest tied to a price-linked earnout of up to $1.575 billion. The earnout, Anglo said, is based on future coal prices. The company plans to use sale proceeds to reduce net debt.
Anglo American CEO Duncan Wanblad said the coal deal is “another major step” toward streamlining the miner’s portfolio ahead of the Teck merger. Anglo expects to wrap up the transaction by the first quarter of 2027, but it still needs competition and regulatory approvals. Anglo American
Anglo’s last production update offered a more stable operational base than what the share price has shown. Copper output was up 1% in the first quarter to 170,400 tonnes, while premium iron ore output slipped 2% to 15.2 million tonnes. Production and unit-cost guidance for the continuing businesses stayed the same for 2026.
Merger news is still the key driver for the medium term. In the April production update, Wanblad said the Teck merger is “on track” to close between September 2026 and March 2027. He called China’s antitrust approval the last major regulatory step, plus other normal closing conditions. Anglo American
A small move down in copper can hit Anglo harder than a regular mining stock. Anglo and Teck have pitched the deal as building a group centered on copper, and Anglo has said that if shareholders back it, over 70% of the new company would be exposed to copper. Anglo said its shareholders approved the merger resolutions in December, with 99.17% of votes in favor of the share allotment needed to close the deal.
Short-term risks run against the longer-term drivers here. Higher rates usually pressure industrial metals like copper, and Reuters said stronger U.S. jobs numbers have pushed the dollar up and made a rate hike this year look more likely, hitting copper. Delays in regulatory review, tighter terms on the Teck deal, or bigger problems at Collahuasi could all shrink the premium investors give the Anglo-Teck plan.
Collahuasi has become a sticking point for investors. Anglo said in May that a Chilean environmental tribunal appeared to overturn a 2021 permit for infrastructure and a desalination project at the independently managed Collahuasi copper mine. The company said at the time it did not see an immediate hit to production, citing current data and other water sources.
Canada cleared the Teck merger under the Investment Canada Act. Anglo and Teck signed binding commitments to spend at least C$4.5 billion in Canada over the next five years and at least C$10 billion over 15 years. The next focus for the shares is if copper holds steady and Anglo gets the last merger approvals ahead of its July 23 production update.
