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.

Vodafone

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%

Compare our accounts

If you're looking to grow your money over the longer term (5+ years), we have a range of investment choices to help.

Bank of Scotland is not responsible for the content and accuracy of the Markets News articles. We may not share the views of the author. Understand the risks, please remember the value of your investment can go down as well as up and you may not get back the full amount you invest. We don't provide advice so if you are in any doubt about buying and selling shares or making your own investment decisions we recommend you seek advice from a suitably qualified Financial Advisor. Past performance is not a guide to future performance.

Important legal information

Bank of Scotland Share Dealing Service is operated by Halifax Share Dealing Limited. Halifax Share Dealing Limited. Registered in England and Wales No. 3195646. Registered Office: Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority, 12 Endeavour Square, London, E20 1JN under number 183332. A Member of the London Stock Exchange and an HM Revenue & Customs Approved ISA Manager.

Logo Allfunds

The information contained within this website is provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd unless otherwise stated. The information is not intended to be advice or a recommendation to buy, sell or hold any of the shares, companies or investment vehicles mentioned, nor is it information meant to be a research recommendation. This is a solution powered by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd incorporating their prices, data news, charts, fundamentals and investor tools on this site. Terms and conditions apply. Prices and trades are provided by Allfunds Digital, S.L.U. acting through its business division Digital Look Ltd and are delayed by at least 15 minutes.

FE fundinfo Logo

Data provided by FE fundinfo. Care has been taken to ensure that the information is correct, but FE fundinfo neither warrants, represents nor guarantees the contents of information, nor does it accept any responsibility for errors, inaccuracies, omissions or any inconsistencies herein. Past performance does not predict future performance, it should not be the main or sole reason for making an investment decision. The value of investments and any income from them can fall as well as rise.

Refinitiv Logo

© 2025 Refinitiv, an LSEG business. All rights reserved.