Commodities 25 February 2026 - 19 March 2026

Rio Tinto shares dropped about 5% to 6,322 pence in late London trade Thursday, underperforming the FTSE 100 as metals prices slumped and oil rose. China’s steel output fell 3.6% while iron ore stockpiles hit a record, raising demand concerns. Rio’s underlying earnings for February were $10.87 billion, below consensus, with iron ore accounting for 60% of profit. Investors showed little appetite to buy the dip amid broader market weakness.

Anglo American shares dropped 7.68% to 2,860 pence on Thursday amid a sharp selloff in miners as copper hit a three-month low and gold fell over 5%. The FTSE 100 lost 1.9% by mid-morning, with metals and mining stocks down 7.2%. Anglo is pursuing a $53 billion merger with Teck Resources and aims to sell De Beers, but recently reported a $3.7 billion loss and cut its 2026 copper output forecast.

Rio Tinto shares rose 1.1% to 6,738 pence in London on Monday, partially recovering from Friday’s drop, despite sector pressure from falling copper prices. Aluminium prices hit four-year highs amid Middle East disruptions, while Rio’s Kennecott copper mine in Utah remains suspended after a fatal accident. Iron ore now accounts for 60% of group earnings, down from 70% a year ago, as copper and aluminium gain importance.

BHP shares fell 2.3% to A$49.80 Friday after China tightened curbs on the miner’s iron ore, briefly easing only on Jimblebar fines for a week. China Mineral Resources Group told buyers they would soon be barred from taking delivery of Newman fines. Rio Tinto and Fortescue shares rose as iron ore prices jumped. BHP will pay a 73-cent interim dividend March 26.

Anglo American shares fell 3.2% to 3,127 pence after JPMorgan downgraded the miner to “underweight” and London stocks slid on oil-driven selling. JPMorgan cited weaker prospects for copper and iron ore, downgrading Anglo, Antofagasta, and Rio Tinto. Anglo reported a $3.7 billion loss for 2025 after a De Beers write-down, with net debt at $8.6 billion. The company is pursuing a merger with Teck Resources and a De Beers sale.

Anglo American shares fell about 3% to 3,482 pence in early London trading Tuesday, extending Monday’s losses. The miner published its 2025 annual report and set an April 29 AGM. Oil prices jumped amid Middle East tensions, adding pressure to London markets. Anglo’s final 2025 dividend goes ex-dividend March 12, with payment due May 6.

China’s lithium carbonate spot prices jumped 6%–7% to 160,000–162,000 yuan per tonne on Wednesday after Zimbabwe halted exports of raw minerals and lithium concentrates with immediate effect. Sigma Lithium surged 26% in U.S. trading, while Albemarle and SQM also rose. Zimbabwe’s ban covers minerals already in transit and will remain until further notice.