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Mining stocks powered higher on Wednesday morning, led by Atalaya Mining Copper (LSE:ATYM) and Antofagasta PLC (LSE:ANTO), as copper prices climbed almost 2% to new record highs. Precious metals miners Hochschild Mining PLC (LSE:HOC), Fresnillo PLC (LSE:FRES) and Endeavour Mining PLC (LSE:EDV were also among the top risers, despite little moves from gold and silver prices on the day.
Citi has raised its target price on Antofagast PLC (LSE:ANTO) to £43 and kept a Buy rating, stating the miner remains the standout listed route for investors seeking pure-play copper exposure despite a valuation that already implies a strong long-term metal price. The bank's analysts noted that first-quarter copper output came in at only around 21% of the midpoint of Antofagasta's full-year guidance, but it don't see that as a red flag.
The copper miner's production declined 8% from the same period a year earlier, but it said expects to achieve its full-year guidance as output picks up.
FTSE 100 miners retreat as Strait of Hormuz optimism fades, precious metals cool and copper faces headwinds from China and the dollar. Fresnillo, Antofagasta and Endeavour Mining are among the day's heaviest fallers on the FTSE, down 4%, 2.3% and 1.9% respectively, as the euphoria that swept through mining stocks last Wednesday rapidly unwinds.
Mining companies topped the FTSE 100 and 250 leaderboard on Wednesday as metals prices rose after the US and Iran agreed a two-week ceasefire. Copper miner Antofagasta PLC (LSE:ANTO) leapt 12.6%, while copper-focused Anglo American PLC (LSE:AAL) jumped over 10%, with a similar gain for precious metals specialist Fresnillo PLC (LSE:FRES).
Antofagasta PLC (LSE:ANTO) led a broad market rally as diplomatic signals from Tehran ease fears of a prolonged conflict and higher energy costs. The FTSE 100 climbed more than 170 points on Wednesday as mining stocks surged on cautious optimism that the US-Iran conflict may be moving toward a diplomatic resolution, with Brent crude falling below $100 a barrel for the first time in weeks.
Big-cap miners fell sharply on Monday as a strengthening US dollar and risk-off sentiment triggered by the Iran conflict weighed on industrial metals Shares in major London-listed mining companies fell sharply on Monday, with Anglo American PLC (LSE:AAL) and Anglo American PLC (LSE:AAL)among the hardest hit as a surging US dollar and a slump in copper prices rattled investors. Anglo, the FTSE 100 diversified miner, fell 5.7%, while Antofagasta, the Chilean copper producer, dropped 5.5% in early trading.
