LONDON, July 9, 2026, 17:10 BST
- Anglo American gained 5.83% to 3,578p in late London trade, rebounding after dropping 6.34% on Wednesday.
- The rebound topped Glencore and Rio Tinto, but volume came in a bit under the average.
- Teck’s merger keeps driving the stock, with more copper exposure in the mix and first-half earnings up next.
Anglo American plc LON:AAL bounced 5.83% to 3,578p in London on Thursday, recovering some ground after a sharp midweek drop. Trading volume stayed orderly. Davy put the quote at 17:08 BST, about 20 minutes delayed, after the London Stock Exchange session closed at 16:30.
This matters because Anglo’s stock isn’t just about metals trading. It’s also the currency for its planned deal with Teck Resources Ltd NYSE:TECK. Every move in Anglo’s share price changes the value of that all-share offer. Teck said one Teck share will swap for 1.3301 Anglo shares under the deal.
Anglo finished Wednesday at £33.81, down 20.24% from its June 2 52-week high. After Thursday’s close, it trimmed the gap to about 15.6% below that mark. The stock clawed back some ground, but it didn’t wipe out the drop.
| Measure | Latest read | Investor read-through |
|---|---|---|
| Anglo American last trade | 3,578p, up 5.83% | Sharp recovery after fall on Wednesday |
| Day range | 3,463p-3,585p | Bulls kept price above where it closed yesterday |
| Volume | 4.02 mln vs 4.38 mln average | No major volume flip |
| Gap to 52-week high | About 15.6% | Still under June highs |
| Simple equity-value lift | About £2.3 bln | Number comes from 197p move, 1.18 bln shares |
Anglo closed up 5.73% on Google Finance, outpacing Glencore plc LON:GLEN, which gained 4.64%, and Rio Tinto plc LON:RIO, up 2.22%. Anglo’s volume stayed below its average, but it still led major London mining names.
| London mining stock | Move shown near close | Price shown |
|---|---|---|
| Anglo American LON:AAL | added 5.73% | 3,574.67p |
| Glencore LON:GLEN | rose 4.64% | 513.43p |
| Rio Tinto LON:RIO | up 2.22% | 6,634.16p |
Copper gave the market a boost. A copper market proxy climbed to $6.22 a pound on July 9, gaining around 2.7% for the day. Iron ore was last seen at $98.86 a tonne on July 8. The copper price came from a CFD, which is a derivative used as a market indicator, not an official exchange settlement.
Canada is weighing a possible investment of up to C$400 million in Teck’s Trail Operations in British Columbia, Ottawa said Tuesday. Teck has a plan to put up to C$850 million into boosting its processing of strategic metals at the site. Natural Resources Minister Tim Hodgson told Reuters the money could let Teck “significantly increase” production for Canada and its partners. Reuters
The rationale looks straightforward. Anglo and Teck both say that after the merger, Anglo Teck would become one of the top five copper producers by volume, with around 1.2 million tonnes of copper a year. They expect pre-tax annual synergies to hit $800 million by year four after closing. Anglo CEO Duncan Wanblad called the new company a “global critical minerals champion” when the deal was unveiled. Teck boss Jonathan Price said the merged firm would be “a leading global critical minerals champion headquartered in Canada.” Angloamerican
Berenberg cut Anglo to “hold” from “buy” in June, flagging risk of a first-half miss and keeping its 4,200p target. The broker sees first-half underlying EBITDA at $3.7 billion, trailing consensus at $3.9 billion. EBITDA is earnings before interest, tax, depreciation and amortization. Anglo is set to report Q2 production July 23 and first-half numbers July 30. Investing
Operational concerns remain. Anglo said in February that 2025 copper output was down 10% to 695,000 tonnes and it cut 2026 copper guidance to 700,000-760,000 tonnes, citing lower production at Collahuasi in Chile as a factor. CEO Duncan Wanblad at the time said: “We are committed to seeing our portfolio transformation through to its conclusion.” Reuters
Thursday’s trading was narrow. Buyers came in on the dip, with the Teck copper story keeping some attention. The key point now is whether the next production data will show this rebound was too soon or just a quick move.
