Anglo Teck CEO Role For Anglo American CEO Duncan Wanblad

Copper prices hit record highs in New York and London, driven by US tariff threats and supply shifts. Comex copper reached $6.7270 per pound, while LME prices approached all-time highs. US imports surged, turning a projected 2026 surplus into a potential deficit. Southern Copper (SCCO) surged 15% in a week, outpacing peers like Freeport (FCX) and Rio Tinto (RIO).

The U.S. imposed 50% tariffs on Canadian imports, risking a trade war. Sectors like automotive, aluminum, and energy are vulnerable due to integrated supply chains. Companies like Magna International (MGA), Teck Resources (TECK), Suncor Energy (SU), and Imperial Oil (IMO) face exposure, while U.S. producers like Nucor (NUE) may benefit. Morgan Stanley suggests potential tariff reductions but warns of margin impacts.

UBS reports diversified miners are focusing on copper expansion for higher valuations. The bank rates Anglo American (£46 target) and Teck Resources (C$105 target) as buys, citing portfolio restructuring and earnings beats. Freeport-McMoRan (NYSE:FCX, $77 target) is also a buy due to Grasberg mine recovery. BHP, Rio Tinto, and Glencore are rated neutral with respective targets of £29.50, £73, and 570 pence. Shares of these companies showed mixed movements in afternoon trading.

Teck Resources (NYSE: TECK) said consent solicitations for amendments to multiple series of its U.S. dollar notes (2030 to 2043) received required consents. Each solicitation expired Aug. 11, 2026, ending revocation rights. Teck will pay a $1.00 per $1,000 principal consent fee for valid, non-revoked consents. Amendments align covenants with Anglo American’s debt terms tied to a potential Anglo Teck guarantee.

Teck Resources said holders of a majority of each series of its outstanding notes approved amendments to six series totaling about $1.03 billion, with maturities from 2030 to 2043. Teck will pay a $1.00 per $1,000 principal consent fee. The amendments align covenants with Anglo American’s indenture and take effect only if Anglo Teck guarantees payment obligations, tied to Teck’s planned merger.

Copper futures neared record highs after a boiler leak forced Indonesia’s Gresik smelter to shut for assessment and repair, tightening supply tied to the Grasberg mine. LME three-month copper was about $14,195.50/tonne. Aluminum rose after Norsk Hydro said its Alunorte refinery cut alumina output to half capacity due to natural gas disruptions. Freeport-McMoRan and other miners fell.