FTSE 100 movers: Miners boosted by copper prices; Vodafone in the red

London’s FTSE 100 was flat at 8,643.63 in afternoon trade on Monday.

Source: Sharecast

Miners Anglo American, Antofagasta and Glencore all rose in tandem with copper prices.

Russ Mould, investment director at AJ Bell, said: "The base metal has been on a strong run of late as markets worry about the impact of tariffs, with copper traders racing to snap up supplies in case Trump imposes new levies akin to what’s already happened with aluminium and steel."

The miners were also boosted after JPMorgan upgraded the global mining and metals sector to ‘overweight’ from ‘underweight’, saying that Rio Tinto, Antofagasta, Fresnillo & SSAB were its European key ‘overweights’.

The bank noted that the mining and metals sector has underperformed MSCI Europe by around 50% since Jan 2023, with M&M equities have underperformed industrial metal prices by about 20% since January 2024. JPM said the de-coupling/de-rating for equity multiples is an "active inbound-enquiry from investors".

The bank said its 2025 sector outlook expects a "V-shaped" recovery for metal prices and M&M equities in late Q1 as China economic policy support expands and JPM Commodities Research forecasts 15% upside to current copper prices. It expects the copper price to reach $11,500/t in in the second quarter of 2026.

"We specifically recommend adding exposure to miners with exposure to copper, aluminium, gold, and/or corporates that are strategically vulnerable," JPM said.

Vodafone was under the cosh after Bank of America cut its rating on the stock to ‘neutral’ from ‘buy’ as it pointed to a dilutive deal in the UK and competition in Germany.

JD Sports was under pressure again, having slumped on Friday after a disappointing update from Nike.

FTSE 100 - Risers

CRH (CDI) (CRH) 7,532.00p 3.89%
Flutter Entertainment (DI) (FLTR) 19,075.00p 3.81%
Pershing Square Holdings Ltd NPV (PSH) 3,896.00p 3.67%
Anglo American (AAL) 2,318.00p 2.79%
Antofagasta (ANTO) 1,867.50p 2.75%
Barclays (BARC) 305.40p 2.67%
Scottish Mortgage Inv Trust (SMT) 990.60p 2.59%
Prudential (PRU) 817.20p 2.38%
Babcock International Group (BAB) 734.00p 2.37%
Glencore (GLEN) 305.85p 2.22%

FTSE 100 - Fallers

Vodafone Group (VOD) 71.98p -4.46%
JD Sports Fashion (JD.) 72.82p -3.88%
Coca-Cola Europacific Partners (DI) (CCEP) 6,580.00p -1.79%
BP (BP.) 442.35p -1.70%
Haleon (HLN) 386.70p -1.60%
AstraZeneca (AZN) 11,442.00p -1.43%
GSK (GSK) 1,488.50p -1.36%
Whitbread (WTB) 2,539.00p -1.32%
Hikma Pharmaceuticals (HIK) 1,994.00p -1.29%
Sainsbury (J) (SBRY) 234.60p -1.26%

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