London, Feb 24, 2026, 09:09 GMT — Regular session
- Shares in Antofagasta (ANTO.L) dipped 0.1% to 4,077p shortly after the open.
- Copper prices bounced back, with China’s markets reopening following the Lunar New Year break.
- Tariff jitters and mounting metal stockpiles are giving investors something to chew on.
Antofagasta (ANTO.L) slipped 0.1% to 4,077 pence by 0853 GMT in London, after kicking off the session at 4,130 pence. The day’s range so far: 4,064 to 4,168 pence. 1
Even a slight shift is drawing eyes, given Antofagasta stands out among the FTSE names as a relatively straightforward copper story. Copper prices have started swinging again. Right now, investors are weighing up hopes for stronger demand with China’s market opening, versus fresh worries over inventory piles and tariffs adding uncertainty.
Three-month copper futures on the London Metal Exchange (LME) climbed 2.29% to $13,163.50, marking the latest uptick for the contract. Over in Shanghai, the most-active copper contract rose 1.40% to 102,190 yuan a tonne, with local trading kicking back in after the nine-day Lunar New Year holiday. LME warehouse inventories sat at 241,825 tonnes, according to the report. Traders sifted through details on U.S. tariffs following a Supreme Court decision and President Donald Trump’s proposal for a temporary 15% import levy. 2
Antofagasta shares ended Monday 2.23% higher at 40.81 pounds, topping a market that barely budged. 3
Copper’s climb hasn’t been smooth. “The fact that there are more visible inventories outside of the U.S. is a bit of a dampener,” said Nitesh Shah, commodity strategist at WisdomTree, on Monday, as he flagged rising LME stockpiles. Over at Sucden Financial, Robert Montefusco noted traders are tracking how Chinese buyers act now with Shanghai back in the mix. 4
For Antofagasta, a company that moves copper worldwide, the demand story carries more weight than whatever the FTSE is doing on a given day. It’s copper prices that steer the firm’s cash flow and shape what the market expects for dividends.
London’s risk appetite stayed muted, with trade policy worries in play. The FTSE 100 slipped 0.02% on Monday after Trump announced a fresh 15% tariff on global imports over the weekend—this coming in response to a court ruling that invalidated his prior emergency tariffs. 5
Still, a firmer copper price doesn’t hand miners a free pass. Should warehouse inventories continue to rise, or if Chinese demand remains absent post-holiday, copper’s rally could evaporate fast. Antofagasta’s stock tends to track those swings closely.
There’s a more immediate checkpoint for investors: Antofagasta has put forward a final dividend of 48.0 cents per share, with payment slated for May 11—pending shareholder approval—to those listed at the close on April 17. Before that date draws much attention, the market will be watching copper demand cues out of Shanghai, along with daily updates on LME inventories.
