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Best UK Mining Stocks to Watch as Copper Hits Record Highs
Ruby Layram
7th Aug 2026
Copper futures hit a fresh record high of over $6.70 a pound on 6 August 2026, as severe winter storms disrupted mining operations in Chile and global inventories kept shrinking. That’s lit a fire under London-listed mining stocks, with several FTSE 100 miners posting some of their biggest gains of the year in the first week of August. If you’re a beginner investor wondering what’s behind the rally and which UK mining stocks are worth watching, here’s your guide, plus how to get started. Easy peasy.
* Some of the links in this article are affiliate or partner links. If you choose to purchase through them, MoneyMagpie may receive a commission at no additional cost to you. We only recommend products and services we believe offer value to our readers, and our editorial content is always produced independently.
Why Is Copper Hitting Record Highs?
A few things are colliding at once. Severe winter storms in Chile, the world’s biggest copper-producing country, forced Antofagasta to suspend operations at its Los Pelambres mine and state-owned Codelco to halt some of its own operations, tightening supply right when demand is strong.
At the same time, inventories on the London Metal Exchange have fallen by more than 10,000 tonnes in a single week to around 262,300 tonnes, and nearby contracts are trading at a premium to three-month futures, a pattern called “backwardation”, which simply means the market is pricing in scarcity right now rather than in the future. China’s import premiums have also hit their highest level since 2022, another sign of tight near-term supply.
5 Best UK Mining Stocks to Watch Right Now
- 1. Antofagasta: a British mining company and global leader in copper production, listed on the FTSE 100. Shares jumped around 7% as copper prices rallied, even as the company deals with the operational disruption at Los Pelambres from the Chilean storms. Key risk: heavy reliance on copper and Chilean operations means weather and supply disruptions can hurt production just as easily as they boost the price.
- 2. Anglo American: a diversified miner with exposure to copper, iron ore and platinum group metals, up around 5% on the back of the copper rally. Key risk: diversification helps smooth some of the swings, but the business is still fundamentally cyclical and exposed to global commodity price movements.
- 3. Rio Tinto: one of the world’s largest miners, dual-listed on the London and Australian stock exchanges, with major copper and iron ore operations, up nearly 4% in the rally. Key risk: significant exposure to iron ore and Chinese demand alongside copper, so a slowdown in China is a key swing factor.
- 4. Glencore: a diversified miner and commodities trader, up over 3% as copper prices climbed. Key risk: the trading arm of the business adds a layer of complexity and volatility beyond pure mining exposure, which can make performance harder to predict.
- 5. Fresnillo: a precious metals miner focused primarily on silver and gold, with shares jumping around 5% after it reported higher first-half revenue. Key risk: its main exposure is to precious rather than industrial metals, so it won’t necessarily track the copper story directly, and precious metal prices bring their own volatility.
How to Start Investing in Mining Stocks: What to Do Next
- 1. Understand what you’re buying. Mining stocks are exposed to single or multiple commodity prices, which can be far more volatile than the wider stock market, good in a rally, painful in a downturn.
- 2. Consider a mining or commodities ETF for diversification. Rather than picking individual miners, a fund spread across several companies can reduce the impact of any single stock’s bad news.
- 3. Open a Stocks & Shares ISA. This shelters any gains from UK tax, up to your annual ISA allowance.
- 4. Don’t chase the rally. Buying purely because a price just hit a record high is a common beginner mistake, consider drip-feeding money in over time instead.
- 5. Keep an eye on the underlying commodity, not just the share price. Copper, iron ore and precious metal prices all move on different drivers, so understand what’s actually moving the stock you hold.
- 6. Start small and be patient. Commodity cycles can take time to play out, there’s no need to bet big to get started.
Risk Disclaimer
This article is for general information and educational purposes only. It is not regulated financial advice and should not be treated as a personal recommendation. Commodity and mining share prices are highly volatile and can move sharply in either direction. The value of investments can go down as well as up, and you may get back less than you invested. If you’re unsure, speak to a regulated financial adviser before making any investment decisions.
* Some of the links in this article are affiliate or partner links. If you choose to purchase through them, MoneyMagpie may receive a commission at no additional cost to you. We only recommend products and services we believe offer value to our readers, and our editorial content is always produced independently.
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