FTSE 100 slips 54 points to 10,778 as Antofagasta cuts 2026 copper output guidance
AI Market Summary
UK equities lagged as the FTSE 100 fell on a sharp mining-sector pullback after Antofagasta cut 2026 copper production guidance, reinforcing concerns that the recent metals rally was supply-driven and vulnerable as China demand indicators soften. In contrast, softer US PPI (after a cooler CPI) supported modest gains in US indices by reducing near-term rate-hike odds, but the cross-asset signal remains mixed.
Impact level
● Medium
Affected assets
NCSIUK2USD/USDT+0.05%
AI Insight · NCSIUK2USD/USDTAI Insight
● Neutral
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The FTSE 100 fell 54 points to 10,778, led lower by miners after Antofagasta cut its 2026 copper production guidance. The company lowered its target to 625-655 thousand tonnes from 650-700 thousand tonnes, sending its shares down 5% despite a 27% rise in underlying half-year earnings to $2.84 billion and a higher-than-expected interim dividend. In the US, producer price inflation came in below expectations, helping the Dow Jones Industrial Average and S&P 500 edge up about 0.3%.
