LONDON, July 9, 2026, 18:04 BST
- Rio Tinto rose 2.85% in London, beating a weaker FTSE 100, but traded at only 62% of its 65-day average volume.
- Thursday’s gain recovered about 55% of Wednesday’s price fall, leaving the stock 26.79% below its May 27 high.
- Investors now face a near-term production test, with Rio’s second-quarter operations review due on July 15.
Rio Tinto plc LON:RIO climbed on Thursday, clawing back just over half of the previous session’s drop, as investors moved back into large miners before next week’s production update and after a rough day for London equities.
The shares closed up 2.85% at 6,675 pence, while the FTSE 100 fell 0.16% to 10,472.45. The harder number was volume: 1.6 million shares changed hands, against a 65-day average of 2.56 million, suggesting the rebound was not yet a full-throated reversal of Wednesday’s selloff.
That matters because Rio’s next report is not far off. The company lists its 2026 second-quarter operations review for July 15 and half-year results for July 29, giving investors two near-term chances to test whether stronger copper and aluminium exposure can offset still-uneven iron ore signals.
The move also came after Wednesday’s 4.91% fall to £64.90, when Rio underperformed the wider market on heavier-than-usual volume. In price terms, Thursday’s 185-pence rise recouped about 55% of the prior day’s 335-pence fall.
| Rio Tinto London shares | Close | Daily move | Volume signal |
|---|---|---|---|
| Tuesday, July 7 | £68.25 | -3.00% | Below average |
| Wednesday, July 8 | £64.90 | -4.91% | Above average |
| Thursday, July 9 | £66.75 | +2.85% | 62% of 65-day average |
The stock is still 26.79% below its 52-week high of £91.17, reached on May 27. That gap gives the bounce some room to breathe, but it also shows how much of this year’s earlier enthusiasm has already been marked down.
Peers moved in the same direction, though the mix was not uniform. Glencore plc LON:GLEN rose 4.23%, BHP Group Ltd. LON:BHP gained 3.37%, and Anglo American plc LON:AAL advanced 5.83%, outpacing both Rio and the broader London market.
| Company | Google Finance ticker | Thursday move | Close |
|---|---|---|---|
| Rio Tinto plc | LON:RIO | +2.85% | 6,675p |
| BHP Group Ltd. | LON:BHP | +3.37% | 2,974p |
| Glencore plc | LON:GLEN | +4.23% | 511.40p |
| Anglo American plc | LON:AAL | +5.83% | £35.78 |
Rio’s own first-quarter update gave the market a base case to measure against. Chief Executive Simon Trott said in April that “operating excellence drove 9%” copper-equivalent production growth, a measure that converts output across different commodities into a copper-based yardstick. Rio said Pilbara iron ore production rose 13% year on year, but shipments were hit by about 8 million tonnes from cyclones, with roughly half expected to be recovered. Rio Tinto
The copper side remains the cleaner growth story. Rio reported consolidated copper production of 229,000 tonnes in the first quarter, up 9%, and kept 2026 guidance at 800,000 to 870,000 tonnes. Lithium carbonate equivalent guidance was also left unchanged at 61,000 to 64,000 tonnes, with Fenix 1B and Sal de Vida on track for first production in the second half.
Aluminium is another swing factor. Reuters columnist Andy Home wrote on Thursday that the Iran war had helped push the aluminium market into a supply shock, with Gulf production down at an annualised 2 million tonnes and London Metal Exchange inventories, including off-warrant metal, below 400,000 tonnes. That is relevant for Rio because aluminium is one of the few parts of the portfolio that can give investors a non-iron-ore earnings offset.
But the risk is straightforward. If next week’s Rio update shows weaker shipment recovery, softer China steel demand or new cost pressure, Thursday’s low-volume bounce could look thin. Iron ore still carries the valuation argument for Rio, and China’s buying power remains a live issue for the big Australian producers. A rising copper and aluminium tape can help, but it may not fully protect the shares if Pilbara volumes disappoint.
