On Wednesday, the FTSE 100 index climbed by 0.3%, outperforming its European counterparts, primarily fueled by a significant upswing in copper mining stocks. Antofagasta surged by 9.2% at the forefront of this rally. This gain was attributed to an announcement from its American competitor, Freeport-McMoRan, regarding the suspension of its extensive copper mining operations in Indonesia. The pause in mining activities is anticipated to reduce the production of copper and gold, consequently driving copper prices to exceed $10,000 per ton, the highest since 2024. As the FTSE 100's sole exclusive copper miner, Antofagasta saw greater benefits than its diversified mining counterparts, such as Anglo American, which rose by 4.2%, Rio Tinto, up by 1.1%, and Glencore, which increased by 3%.
Moreover, defense stocks experienced a rise following comments made by Trump concerning NATO and Ukraine. In contrast, JD Sports declined by 1.6% due to a fall in like-for-like sales, particularly in footwear, mirroring a cautious consumer attitude. Despite this, the retailer has decided to maintain its profit guidance.
