FTSE 100 Falls Led by Commodity-Linked Stocks

2026-02-02 08:36 By Agna Gabriel 1 min. read

The FTSE 100 traded about 0.4% lower on Monday as a sharp pullback in metals prices weighed heavily on mining stocks, dragging the index lower despite gains in defensive names.

A broad selloff in commodities hit miners across the board, while oil majors also slipped as crude prices fell.

Glencore dropped 3.3% and Rio Tinto fell around 2%, with both stocks under pressure after hopes for a potential mega merger lost momentum as talks were extended to allow more time to agree on valuation.

Elsewhere, gold miner Endeavour slid 7.4% and Fresnillo fell 7.6% as precious metals prices retreated.

Copper exposed names Antofagasta and Anglo American dropped about 5.4% and 3.5%.

The weakness in miners offset strength in defensive sectors, with Unilever up more than 2%, AstraZeneca rising 0.7%, British American Tobacco gaining 0.8%, Relx up 0.9%, Diageo adding 0.8%, National Grid rising 0.7% and Compass Group up 1.5%.



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