Antofagasta and Atalaya Mining lead gains as copper hits new high
Published: 04:09 13 May 2026 EDT
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.
Silver inched up 0.1% but remains near two-month highs at over $86 an ounce, while gold softened 0.25% to around just over $4,700/oz.
Among the blue-chips, Antofagasta jumped 4.2%, Anglo American PLC (LSE:AAL) 4%, Rio Tinto Ltd (LSE:RIO) 3.4% and Glencore PLC (LSE:GLEN) 3.2%, while precious metals pair Fresnillo and Endeavour rose around 3.6%.
On the FTSE 250, Atalaya Mining shares rose 5.6%, Hochschild 3.8% and Pan African Resources PLC (LSE:PAF) 2%.
"Copper’s surge to fresh all-time highs is a timely reminder that the AI story is not just about chips and software," said analyst Matt Britzman at Hargreaves Lansdown.
Copper futures were being lifted in the session by stronger Chinese demand and mounting supply concerns, he said, against a backdrop of strong demand.
"For investors, that gives the rally a broader read-across, especially for mining stocks that have spent the past couple of years leaning into copper as the next major growth commodity.
"The question now is whether supply can keep up, because if demand from China, electrification and AI infrastructure continue to build, copper could remain one of the clearest ways for miners to prove they have growth beyond the old iron ore cycle."
Demand for copper has grown from an ever widening array of industries, spanning power grids, electric vehicles, artificial intelligence data centres and renewable energy infrastructure.
Meanwhile, supply growth from new mines remained constrained, with the crucial sulfuric acid used in copper refining also in shorter supply due to the Iran war hitting shipping through the Strait of Hormuz.
China’s resulting sulfuric acid export ban has added further pressure, with copper sector companies rebounding strongly in April as the supply of diesel and the acid tightened.
Sprott said long-term sentiment remained positive: "Looking beyond the near-term buffer, Sprott believes the Iran conflict is reinforcing a set of structural demand tailwinds for copper, including actions by nation-states to mitigate oil and gas disruptions by shifting toward electrification and alternative energy sources – where copper is positioned to benefit."
