Antofagasta stock falls as copper guidance cuts hit sentiment

Published on 09/02/2026 at 19:20 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Antofagasta stock dropped 5.22 percent to GBp 3,828.00 as copper traders weighed Chile storm damage and a lower 2026 output range.

Antofagasta, GB0000456144, Illustration mit AI erstellt.

Antofagasta plc stock (ISIN GB0000456144) fell 5.22 percent to GBp 3,828.00 on September 2, 2026, after copper traders turned back to Chile storm damage and a lower 2026 output range. The share closed at 5:39:01 PM GMT+1, while the market value stood at GBp 37.739 billion and YTD performance was 16.75 percent.

Output cut stays in view

According to the Reuters report, Antofagasta cut 2026 guidance to 625,000 to 655,000 tonnes from 650,000 to 700,000 tonnes alongside its first-half results on August 13, 2026. The same report said storms shut Los Pelambres, the companys key Chile mine.

That guidance move matters because it came with a copper market that was already tight. The Reuters piece said Comex copper touched $6.7775 a pound last week and that three-month copper in London reached $14,525 a tonne, both close to record territory.

First-half numbers still matter

Yahoo Finance showed trailing revenue of $9.3 billion, net income of $1.65 billion and diluted EPS of 1.24 for Antofagasta on September 2, 2026. It also listed a profit margin of 17.79 percent, total cash of $4.16 billion and levered free cash flow of $574.66 million.

The comparison is sharp: the stock is up 16.75 percent year to date, but it still sits 14.7 percent below the 52-week high of GBp 4,475.00. Yahoo Finance also put the average analyst target at GBp 3,821.96, almost exactly where the stock closed.

Go deeper

Why copper output is the key variable

The latest guidance, the copper price and the first-half earnings base now set the tone for the next move in Antofagasta stock.

Los Pelambres is central

Los Pelambres remains the product and asset story behind the stock. Antofagasta said in its overview that it operates through Los Pelambres, Centinela, Antucoya, Zaldívar, Exploration and Evaluation, and Transport Division segments, with copper cathodes and copper concentrates as core output.

Closing stock level

Antofagasta stock traded at GBp 3,828.00 on September 2, 2026, with a 52-week range of GBp 0.00 to GBp 4,475.00 and volume of 279 shares on the Yahoo Finance snapshot. The stock also showed an intraday market cap of GBp 37.739 billion and an EPS TTM of 1.24.