Mining Stocks Buck Broader FTSE Weakness as Metals Prices Rally

Mining stocks were the standout performers on the FTSE 100 on Monday, August 17, 2026, rallying against a broader market backdrop that weakened over the session, as gold, silver and copper prices extended recent gains.

Anglo American led the sector higher, adding around 2.5% to 3,946p, while precious metals miner Fresnillo climbed close to 2% to 2,938p on the back of a firmer silver price. Glencore rose nearly 1% to 553.6p, Rio Tinto gained 0.8% to 7,115p, and Antofagasta added 0.6% to 3,607p, with Endeavour Mining also among the day’s gainers.

The strength in miners came even as the wider FTSE 100 struggled for direction, dragged down by weakness in consumer-facing and other non-commodity stocks. Dan Coatsworth, head of markets at AJ Bell, said miners were “clawing back some of the ground they lost last week, helped by strong precious metals prices.”

The rally in base and precious metals was underpinned by persistent supply-risk premiums tied to the Strait of Hormuz, where commodity vessel crossings have collapsed amid an unresolved standoff between Washington and Tehran, alongside softer-than-expected US retail sales data that reduced expectations of near-term Federal Reserve tightening — a combination that has pushed investors toward hard assets including gold, copper, aluminium and nickel.

Elsewhere, weak UK housing data from Rightmove, which downgraded its 2026 house price growth forecast to between flat and a 2% decline, weighed on sentiment, while investors braced for UK inflation figures and Federal Reserve minutes due later this week for further direction on interest rates.