UK Mining Companies Boost FTSE 100 to All-Time High

The smelting area, where the copper is smelted and then placed in molds and cooled, at the Codelco El Teniente processing facility in Machali, Chile, on Wednesday, April 2, 2025.

London-listed mining firms drove the U.K.'s FTSE 100 index to a record high as investors analyzed the impact of 50% U.S. copper tariffs and stronger Chinese economic data. Anglo American shares rose by 5%, with Rio Tinto and Glencore up by 4.5% and Antofagasta up by 3%.

The copper market is experiencing turbulence with record high prices and soaring premiums for U.S. buyers following the announcement of 50% U.S. duties to be introduced on Aug. 1.

The mining giants, with significant operations in key U.S. copper export locations like Chile, face uncertainty in supply and demand dynamics. Higher U.S. copper prices may benefit producers in the short-term, but major domestic mining companies selling on the Chicago Mercantile Exchange are expected to see increased revenues.

Europe-listed mining firms had a challenging year so far, with poor weather disrupting operations. Expectations for global growth, impacted by U.S. tariff uncertainty and economic signals from China, have influenced the sector. Mining gains are supported by data showing a rise in Chinese construction machinery sales and expectations of interest rate cuts by the U.S. Federal Reserve.