Anglo American and Glencore share price: Mining stocks are surging again

Jessica Morris
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Undated  picture of the gold mine Yanaco
Gold hit a fresh three-month high yesterday (Source: Getty)

Shares in some of the biggest London-listed miners reversed earlier falls to rally for a second day in a row this morning.

They finished at the top of the FTSE yesterday due to the tumbling US dollar, which sent gold to a fresh three-month high and helped copper to its highest level in a month.

Anglo American shares rose 9.58 per cent to 359.75p, having briefly posted its biggest ever daily gain yesterday.

Meanwhile, Glencore rose 4.03 per cent to 103.7p per share, putting it on course to end above the crucial £1 mark for the first time since November.

But Fresnillo swelled just 1.85 per cent to 798.5, while Antofagasta added just 0.37 per cent to 431.90p. BHP Billiton fell 0.39 per cent to 709.80p and Rio Tinto shed two per cent to 1,821p

Some analysts even suggested that the worst could be over for this embattled sector, which has had to battle with plunging prices of some of its key commodities.

​"It would appear that an increasing faction views the sector as having seen the worst, on its way back from oversold and on the right track in terms of painful measures to correct structural issues,” Mike van Dulken, head of research at Accendo Markets, said in a note yesterday.

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