Antofagasta was the biggest riser on the FTSE 100 on Monday, 9 November 2026, as shares in the Chilean copper miner jumped 6.2% to 3,305p. The gain came as copper prices recovered part of last week's steep losses and a calmer mood returned to stock markets after a volatile week.

The shares had already been among the morning's leaders, up 3.8% at 3,230.50p in early trading, before extending their advance through the session. By the close, Antofagasta had added 192p on the day. Anglo American, another copper-heavy miner, also rose sharply, gaining 5.2% to 3,894p.

Copper recovers after its worst week since March

Copper prices bounced on Monday, recovering part of last week's falls as risk appetite steadied, the dollar slipped and tight physical supply in China came back into focus. Comex copper for December delivery rose 1.9% to $6.3550 a pound in late morning trading in New York, while three-month copper on the London Metal Exchange rose 0.9% to $13,890 a tonne by mid-afternoon in London.

The metal had lost 2.7% last week in its steepest weekly decline since March, sliding towards four-month lows near $6.18 a pound as enthusiasm over artificial intelligence infrastructure spending faded. Monday's move took copper back to around $6.27 a pound in early trading, and analysts cautioned that one day's rebound does not necessarily mark the end of the correction.

Miners lead a broad London rally

The mining rally helped lift the wider London market. The FTSE 100 closed 1.02% higher at 10,782.87, up 108.93 points, as lower oil prices eased inflation worries and rising gold prices lifted precious metal miners. Brent crude fell 4% to $94.14 a barrel, while gold was quoted at $4,097 an ounce early on Monday, up from $4,058.03 on Friday.

Other miners joined the advance. Fresnillo rose 125p to 2,638p, Glencore gained, and BHP and Rio Tinto also traded higher. In New York, copper producers rallied with the metal: Freeport-McMoRan climbed 5.8% in early afternoon trading, Southern Copper added 6.0% and Teck Resources rose 5.9%.

China demand and the dollar in focus

Traders pointed to two forces behind the copper rebound. A softer dollar made dollar-priced metals cheaper for buyers using other currencies, while a scramble for physical metal in China refocused attention on tight supply. China is the world's largest copper consumer, and physical premiums there have drawn attention after last week's sell-off.

Attention now turns to Tuesday's United States inflation figures, which will shape expectations for the Federal Reserve's December meeting. For Antofagasta, the test is whether copper can hold Monday's gains after a week in which the metal fell sharply. The shares remain well below their 52-week high of 4,475p, but Monday's jump was the stock's strongest session in the recent sell-off and recovery.