London’s financial markets opened cautiously on Thursday, with the FTSE 100 retreating as weakness among major mining companies outweighed encouraging British growth figures. Trading on the London Metal Exchange was mixed, with copper remaining close to historic highs while aluminium, nickel and zinc responded to changing supply expectations and uncertainty over global industrial demand.
FTSE 100 pressured by miners
The FTSE 100 fell approximately 0.3% shortly after the opening bell, trading near 10,800 points. London underperformed the broader European market, where banking, technology and travel shares produced modest gains.
Mining companies were the principal source of pressure. Antofagasta dropped nearly 5% after lowering its full-year copper production guidance, despite reporting stronger first-half earnings and improved margins. Rio Tinto, Anglo American and Fresnillo also moved lower as investors reduced exposure to the resources sector.
The domestically focused FTSE 250 showed greater resilience but also struggled to establish a clear direction during the opening period.
British growth offers limited support
Official figures showed that the British economy expanded by 0.4% during the second quarter, following growth of 0.6% in the first three months of the year. Economic output increased by 0.3% in June, exceeding expectations and offering some reassurance that activity remained resilient.
Services were the main contributor, helped by increased consumer spending, hot weather and commercial activity connected to the World Cup. Business investment rose by 1.7%, while household consumption increased by 0.3%.
The stronger figures produced only a limited reaction in equities and sterling. Investors continued to assess the possibility that higher energy costs could push inflation upwards and restrict the Bank of England’s ability to reduce interest rates.
Among individual companies, Rank Group gained more than 5% after reporting a 21% increase in underlying earnings. Entain received support from improved gaming revenue, while property adviser Savills maintained its full-year expectations following higher first-half revenue and profit.
Copper holds close to record territory
On the London Metal Exchange, copper opened close to $14,400 per tonne. The metal remained supported by declining exchange inventories, strong infrastructure demand and the Democratic Republic of Congo’s restrictions on exports of copper concentrates.
The market’s tight immediate supply conditions were reflected in higher cash prices compared with three-month contracts. However, concerns that elevated prices could weaken physical demand in China prevented a stronger advance.
Aluminium traded near $3,370 per tonne as investors weighed improved production expectations against continuing risks to supplies from the Middle East. Nickel changed hands around $16,600, while zinc remained close to $3,820 per tonne.
Demand concerns shape the session
Lower oil prices provided some relief to manufacturers but also reflected reduced forecasts for global demand. Meanwhile, stalled negotiations involving the United States and Iran kept attention on the Strait of Hormuz and possible disruption to energy and commodity shipments.
Thursday’s opening therefore presented two contrasting signals from London: resilient domestic economic growth, but cautious equity and metals trading as investors confronted weaker mining guidance, high commodity valuations and continuing geopolitical uncertainty.
Newshub Editorial in Europe – 13 August 2026
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