LONDON, June 23, 2026, 10:03 BST
Anglo American shares dropped 5.9% to 3,676 pence in early London trade Tuesday, trading just above the session low at 3,675 pence. The stock started at 3,755 pence, down from a close of 3,905 pence on Monday.
Anglo is focusing on copper, premium iron ore, and crop nutrients, so the move is important. Copper was off nearly 3% at $6.17 a pound on Tuesday, putting more pressure on the miner after copper’s recent records earlier this month.
Risk came off across the board, not just around Anglo. European mining names dropped 4.5% as traders braced for another half-point in US rate hikes this year and backed away after tech stocks sold off around the world.
Miners dragged on the FTSE 100. Shares in Antofagasta slumped 7% and Glencore lost 4.8%. The blue-chip index traded down roughly 0.8%, with the sector faring much worse than the overall market.
But it’s not all about the wider market. Berenberg lowered Anglo to “hold” from “buy” last week, saying there’s “scope for a slight market disappointment” in the first-half numbers. The broker kept its 4,200-pence target, but sees underlying EBITDA coming in under market forecasts and told investors to “take profits.” Investing
Anglo kept operations mostly steady in the first quarter. Copper output edged up 1% to 170,400 tonnes, but premium iron ore production dipped 2%. The miner left its full-year guidance for ongoing businesses unchanged. “A strong start to the year across both Copper and Premium Iron Ore,” Chief Executive Duncan Wanblad said.
Anglo is moving to cut debt and wrap up its portfolio reshuffle ahead of merging with Teck Resources. In May, it struck a deal to sell its Australian steelmaking coal mines to Dhilmar for up to $3.88 billion, with $2.3 billion to be paid upfront. “Through this transaction, we will complete our exit from steelmaking coal,” Wanblad said. Reuters
Teck’s $53 billion merger is still out there as the big catalyst ahead. Anglo is set to delist from Switzerland’s SIX exchange on June 26, but will stick to London as its main listing. The company is going for secondary listings in Johannesburg, Toronto and New York after the merger.
Anglo’s next production test comes with its Q2 report on July 23. Until then, shares look set to track copper. Reuters technicals put support near $6.14 to $6.17 a pound, about Tuesday’s levels. If copper breaks down through that range, Anglo could see more selling.
