Miners lead FTSE 100 risers as copper hits two-week high on supply squeeze

Miners led early FTSE 100 gains as copper and gold rallied on tightening supplies and firm demand. Copper futures climbed above $6.40/lb to a two-week high after Chile reported its weakest April output in 23 years and Codelco signalled a tilt toward profitability over volume, tightening available supply. Optimism around AI-driven data centre buildouts and broader energy-transition demand also supported copper. Gold steadied above $4,500/oz amid geopolitical uncertainty over a possible US–Iran ceasefire, bolstering precious-metals producers. The price moves boosted stocks such as Antofagasta and Fresnillo, highlighting commodity-driven upside for miners and the market sensitivity to supply-side developments in major producing regions.