The London Stock Exchange FTSE 100 miners rally on Monday extended to the broader index, pushing London’s benchmark 0.2% higher as rising copper prices and the prospect of a sector-reshaping merger between Rio Tinto and Glencore drew buyers back into the sector.
Anglo American led the diversified miners, jumping 2.3%. Rio Tinto added 1.3% and Glencore rose 1.2%. Precious metals miners Endeavour Mining and Fresnillo both gained more than 2% on firmer gold prices.
FTSE 100 Miners Rally as Copper Prices Climb
Copper was the central driver. The LME copper three-month contract was bid at $14,639.50 per tonne, according to LME official prices, as supply constraints and broad-based demand kept the market tight.
Susannah Streeter, Chief Investment Strategist at Wealth Club, said copper prices were rising ‘on expectations of constrained supply and resilient demand, given how sought after the metal is across multiple sectors from electrification to AI.’
She added: ‘The build-out of data centres is adding to the appetite for copper, but so are power grids, electric vehicles and the wider energy transition. However, supply can’t be switched on at the flick of a switch, and major new mining projects can take a decade or more to permit, finance and build, while existing operations are vulnerable to everything from extreme weather to ageing infrastructure.’
Dan Coatsworth, head of markets at AJ Bell, said the index ‘ticked higher at the start of the new trading week amid robust gains across Asia.’ He said softer-than-anticipated US inflation data had reduced fears of an imminent Federal Reserve rate rise, while strong tech earnings had supported sentiment. US futures pointed to a marginally higher open after the S&P 500 closed at a record high the previous week.
Glencore and the Merger Backdrop
Beneath the day’s moves sits a larger strategic question for the sector. Reuters reported on 8 January 2026 that Rio Tinto and Glencore had confirmed early-stage talks for a possible takeover that would create the world’s largest mining company, with a combined market value of nearly $207 billion.
CNBC put the possible bid valuation at approximately $260 billion, a figure that differs from Reuters’ combined market-capitalisation figure; the gap reflects different methodologies. On 9 January 2026, when the talks were confirmed, Glencore’s London-listed shares rose 10% while Rio Tinto’s fell 2.3%, per CNBC.
Under UK takeover rules, Rio Tinto faced a deadline of 5pm London time on 5 February 2026 to either announce a firm intention to make an offer for Glencore or walk away, Reuters reported.
Glencore’s own response to Rio Tinto’s Rule 2.8 announcement stated that the company’s ‘standalone investment case is strong’ and that it has ‘a well-diversified business across a range of commodities, supported by one of the best marketing franchises in the industry,’ according to Glencore’s official newsroom. Glencore shares on the LSE were quoted at 595.50 GBp as of 14 September 2026, per the company’s investor relations page.
Laggards and the Wider Picture
Not every corner of the FTSE 100 shared the miners’ momentum. UK-focused stocks were the main drag. Babcock fell 2.5%, the worst performer on the index. Sainsbury’s and JD Sports each lost 2.4%, while Tesco and Marks and Spencer were also lower.
Prudential was the index’s top riser overall, up 2.1%, outpacing even the miners on the day.
The February deadline for Rio Tinto to declare its hand on Glencore will be the immediate binary event to watch in the sector.
