Copper Prices Soar to Record Highs: Top UK Mining Stocks to Watch
Copper futures surged to a fresh record high of over $6.70 a pound on August 6, 2026, as severe winter storms in Chile disrupted mining operations and global inventories continued to shrink.
The rally has lit a fire under London-listed mining stocks, with several FTSE 100 miners posting significant gains in the first week of August.
According to MoneyMagpie, Antofagasta, Anglo American, Rio Tinto, Glencore, and Fresnillo are among the top UK mining stocks to watch.
The sharp increase in copper prices is due to a combination of factors, including severe winter storms in Chile, which forced companies like Antofagasta to suspend operations at its Los Pelambres mine and state-owned Codelco to halt some of its own operations. Additionally, London Metal Exchange inventories have fallen by over 10,000 tonnes in a single week to around 262,300 tonnes.
China's import premiums have also hit their highest level since 2022, another sign of tight near-term supply.