Endeavour, Rio Tinto and Glencore lead rebounding miners as metals prices seesaw
Mining stocks climbed on Tuesday as investors returned to metals after sharp gains in gold, silver and copper prices driven by hopes of easing geopolitical tensions in the Middle East. Endeavour Mining PLC (LSE:EDV) led the FTSE 100 risers, up 3.5%, while Rio Tinto Ltd (LSE:RIO) gained 2.3%,...
Endeavour Mining PLC(LSE:EDVTSX:EDVOTCQX:EDVMF) View Price & Profile Endeavour, Rio Tinto and Glencore lead rebounding miners as metals prices seesaw
Published: 03:51 26 May 2026 EDT
Mining stocks climbed on Tuesday as investors returned to metals after sharp gains in gold, silver and copper prices driven by hopes of easing geopolitical tensions in the Middle East.
Endeavour Mining PLC (LSE:EDV) led the FTSE 100 risers, up 3.5%, while Rio Tinto Ltd (LSE:RIO) gained 2.3%, Glencore PLC (LSE:GLEN) rose 2.2%, Antofagasta PLC (LSE:ANTO) 1.9%, Anglo American PLC (LSE:AAL) 1.4% and Fresnillo PLC (LSE:FRES) 0.8%.
The rally followed strong moves in metals markets on Monday after Donald Trump said a "memorandum of understanding" in talks to end the US and Israel's war on Iran "has been largely negotiated".
However, the US launched strikes on Iran overnight, targeting missile launch sites and vessels suspected of attempting to lay mines in what Washington described as “defensive” action.
Meanwhile, a senior delegation of Iranian negotiators is travelling to Qatar for fresh talks with the US over frozen financial assets and a possible wider deal.
Gold climbed from around $4,500 an ounce on Friday to about $4,570 on Monday before easing back to $4,535 on Tuesday morning. Silver followed a similar pattern, rising from $75.4 an ounce at the end of last week to above $78.5 before retreating to around $76.4.
Copper prices also surged, with US copper futures reaching $6.44 a pound and London Metal Exchange copper trading at $13,667.50 a tonne at one stage.
The moves helped lift both precious metal miners and diversified mining groups, with investors betting higher commodity prices could support earnings if geopolitical tensions remain elevated.
"For markets the message is straightforward: the peace trade is more fragile than Monday’s price action suggested," said market analyst Patrick Munnelly at Tickmill.
He said the latest round of strikes "complicates hopes for an interim deal to extend the ceasefire and reopen the Strait of Hormuz, even though Trump said talks were 'proceeding nicely' and Pakistan’s military chief Asim Munir reportedly told China that an agreement was close.
"Investors are still cautiously optimistic, but the risk premium has not disappeared. As long as military action and negotiations are running in parallel, energy markets will remain vulnerable to abrupt reversals."