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FTSE 100 slips as miners drag after Antofagasta cuts 2026 copper guidance

AI Market Summary
UK equities drifted lower as miners underperformed, led by Antofagasta's guidance cut for 2026 copper output after weather-related disruptions in Chile, reinforcing supply-side uncertainty. Copper's rally is also losing momentum amid softer China import and inflation data, highlighting demand risks. Softer US CPI reduced near-term Fed tightening odds, supporting long-duration growth exposures, but near-term focus shifts to US PPI and jobless claims.
Impact level
● Medium
Affected assets
NCCO724COPPER2USD/USDT+0.56%
AI Insight · NCCO724COPPER2USD/USDTAI Insight
● Neutral
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UK shares fell, with the FTSE 100 under pressure as mining stocks led declines. Antofagasta dropped 5% after lowering its 2026 copper production guidance, despite reporting stronger-than-expected underlying first-half earnings and announcing a higher-than-expected interim dividend. Scottish Mortgage gained 1.8% in contrast. UK economic output grew 0.4% in the second quarter.
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