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The biggest factor for the FTSE 100’s underperformance on Thursday morning relative to other European markets is a big decline in the mining sector.
Chilean miner Antofagasta is the biggest faller on London’s benchmark index, down 4.9% after it cut its guidance for future output.
The London-listed miner cut its 2026 copper output estimate to between 625,000 and 655,000 metric tons, from a previous forecast of 650,000 to 700,000 tons, due to a shutdown at its Los Pelambres mine in July after extreme rains prompted Chile’s government to declare a “state of catastrophe” in the Coquimbo Region.
While there has been no material impact on key equipment and infrastructure, the miner said it will need to repair some pipeline platforms and water management systems.
