The FTSE 100 fell 0.1% on Tuesday, while Germany's DAX and France's CAC 40 each rose 0.1%; the pound slipped 0.1% to $1.3534. London‑listed copper surged to a fresh LME record above $14,600 a tonne after Chile announced another output cut, lifting mining shares. Antofagasta led the rally with a 6% jump, followed by Anglo American, Weir Group (+3.82%) and Glencore (+4.18%), which were the FTSE’s biggest gainers.
Energy prices also moved higher, with Brent crude up 0.55% to $97.53 a barrel and U.S. WTI up 1.10% to $92.48 a barrel. Gold futures for December fell 0.60% to $4,450.45 an ounce, while spot gold was little changed at $4,405.28.
UK retail sales growth slowed sharply to 0.7% year‑on‑year in August, down from a 3.1% increase a year earlier, highlighting a deceleration in consumer spending. The British government confirmed a trade ban on goods originating from Israeli settlements in the occupied West Bank; Foreign Secretary David Miliband said the move marks the start of a new approach and announced additional sanctions on Hezbollah‑linked lender Al‑Qard Al‑Hassan.
Geopolitical risk heightened as Iran’s President Masoud Pezeshkian adopted a tougher tone, stating Tehran will continue resistance until aggressors regret their actions. Iran’s acting defence minister warned of possible strikes on U.S. warships enforcing a naval blockade, prompting the United States to pledge “decisive measures.” Qatar, working with China, sought to revive U.S.–Iran talks; Qatari Prime Minister Sheikh Mohammed met Chinese Foreign Minister Wang Yi in Beijing, where Wang said “pressure through guns and cannons is not the way out,” and Qatar called reopening the Strait of Hormuz a “paramount” priority. Houthi forces struck multiple Saudi energy facilities, injuring 74 people, and the GCC and Kuwait condemned the attacks as a dangerous escalation. Shipping traffic through the Strait of Hormuz remained thin, with Kpler reporting a 10‑day average of just 10 vessels, the lowest level since May.
In corporate news, Computacenter said it expects 2026 profit to exceed forecasts, driven by strong North American demand for artificial‑intelligence solutions. Dunelm announced a three‑year growth plan that includes £100 million of cost reductions.
Overall, the market was weighed down by modest equity declines but buoyed by a record copper price that lifted mining stocks, while geopolitical developments and UK policy actions added layers of uncertainty.