London, Feb 15, 2026, 11:49 GMT — Market closed
- Anglo American edged up, closing Friday at 3,586 pence, a gain of 0.06%.
- Feb. 20 brings both the full-year results and an update on the sustainability strategy.
- Copper prices are grabbing attention, with De Beers’ exit plan also high on the list.
Anglo American barely budged Friday, ending the session at 3,586 pence, up just 0.06% as the market in London braced for a torrent of mining earnings in the days ahead.
Anglo American is set to post its full-year numbers on Feb. 20, with a sustainability strategy update slated for that day as well, its investor calendar shows. That’s when investors will look for fresh signals on cash returns and how quickly the group is pushing through its overhaul.
The setup looks tangled. Copper was trading near $12,883 a metric ton on the London Metal Exchange on Friday—down from January’s record—and combined inventories across the major exchanges have topped 1 million tons, signaling prices may have gotten ahead of immediate demand. “Macro-driven risk-off sentiment and broad profit-taking continue to unwind the strong early-year rally,” said Ewa Manthey, commodities strategist at ING in London. Reuters
This week, miners’ guidance takes on outsized importance. Reuters’ “Take Five” column pointed to upcoming results from Rio Tinto, Glencore, Anglo American, and Antofagasta—just months after metals hit a series of record highs. Reuters
Earlier this month, Anglo trimmed its production targets, disclosing on Feb. 5 that copper output for 2025 dropped 10% to 695,000 metric tons. For 2026, the company slashed its copper guidance to 700,000-760,000 tons—down from the previous 760,000-820,000 range. Anglo also pointed to roughly $200 million in charges, all tied to rehabilitation provisions across its Chilean copper operations. De Beers saw diamond production slide 12% in 2025, and, faced with sluggish demand and heavy inventories, the group cut De Beers’ 2026 output forecast as well. CEO Duncan Wanblad summed up the situation: “We are committed to seeing our portfolio transformation through to its conclusion.” Reuters
De Beers is still the outlier here, with investors pressing for clarity on both price and timing. Back in January, CEO Al Cook mentioned to Reuters that Botswana, Angola, and Namibia were among the parties interested in a stake, along with “a number of business-led groups.” Anglo’s valuation: about $4.9 billion. Reuters
Deal-wise, EU officials have been pushing ahead with paperwork. According to a notice in the EU’s Official Journal, the European Commission on Jan. 29 chose not to challenge the Anglo American/Teck deal, ruling it fits within the internal market.
But there’s a chance Friday’s “flat” finish masks deeper volatility. Anglo heads into results with copper still trading well above its long-term averages, though the metal’s turning jumpy—manufacturing demand, China’s holiday cash swings, or even the latest whispers about U.S. trade could move it. If diamonds disappoint, or asset sales stall again, that balance sheet pressure intensifies. And suddenly, the conversation shifts: just how much can Anglo really return to shareholders?
Base metals could see some choppy moves, with China’s Shanghai Futures Exchange closing its doors from Feb. 15 until Feb. 24 for the Lunar New Year holiday—leaving traders parsing thinner price signals in the meantime.
Anglo American delivers results on Feb. 20 at 0700 GMT. After that, the focus shifts to its sustainability strategy update. Investors are watching for any tweaks to copper output targets, De Beers updates, or fresh moves on cash—any of which could steer the stock’s direction into next week.
