London, April 30, 2026, 19:07 (BST)
Antofagasta plc jumped 3.24% on Thursday to close at 3,549.5 pence, pulling ahead of the FTSE 100’s 1.62% advance as copper-exposed names attracted interest after recent volatility. Even with the rebound, the Chilean miner remains far from its February peak, but Thursday’s climb left it near the top of London’s blue-chip leaderboard.
Timing is key here. Copper prices jumped in London, lifted by upbeat Chinese factory numbers—China still towers as the top copper buyer. On the London Metal Exchange, the three-month contract gained 0.9% to $13,119.50 per metric ton as of 0935 GMT, tracking toward its strongest monthly run of 2026 to date.
Antofagasta positions itself as a cleaner copper play compared to bigger, more diversified miners. The group, based in Chile, focuses on copper mining and also has transport interests. Its stock tends to respond to copper price shifts, the pace of project delivery, and changes in Chile’s mine output.
Money has started to move in, with Reuters noting Thursday that mining ETF assets climbed to $87.4 billion by March 31—more than double last year’s $37 billion—as investors shifted toward metals and hard assets. BlackRock’s Evy Hambro described the trend as “the early stages of a commodity supercycle.” For Regal Partners’ Charlie Aitken, copper sits “at the intersection of everything.” Reuters
Antofagasta edged higher with the rally, though the stock hasn’t fully bounced back. MarketWatch data put shares still 20.68% under the 52-week peak of £44.75 hit back on Feb. 25. Trading volume Thursday landed just shy of the 50-day average.
The latest operational figures from Antofagasta landed with a mixed tone. On April 15, the company reported a first-quarter copper output of 143,000 tonnes, down 8% year-on-year, pointing to softer processing rates and lower ore grades at both Los Pelambres and Centinela Concentrates. Still, net cash costs dropped sharply—off 30% to $1.08 per pound, factoring in credits from gold and molybdenum by-products. Antofagasta left its full-year copper production target unchanged at 650,000 to 700,000 tonnes.
Iván Arriagada, the chief executive, expects output to increase from one quarter to the next as both processing rates and ore grades pick up at Los Pelambres. “The copper price remains constructive in 2026,” he noted, but flagged elevated energy costs and emphasized the importance of keeping expenses in check. Antofagasta
The big hurdle now is project delivery. Antofagasta reported pre-commissioning underway at its Centinela Second Concentrator Project, and said construction pressed on at Los Pelambres, where upgrades include a new concentrate pipeline plus expanded desalination capacity. The stakes? The miner is targeting a 30% increase in copper output.
Rival headlines set the tone Thursday. Glencore—a heavyweight among London miners—reported a 19% jump in first-quarter copper output, hitting 199,600 tonnes thanks to richer ore grades in Africa plus a boost from Antamina in Peru. The company flagged that firmer commodity prices are poised to more than cover new cost headwinds tied to diesel and sulphuric acid. That’s a read-across investors might weigh for copper-focused stocks like Antofagasta.
Still, copper’s recent gains could easily unravel. CRU’s Craig Lang put Chinese refined copper demand growth at 2.8% for this year, but pointed out that prices are being pushed up by funds piling in. He warned prices might slide “towards $11,000 by year-end” before picking up again later on. That scenario would challenge Antofagasta, putting its hopes on lower costs and stronger output in the second half to counteract any price weakness. Business Recorder
