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Investing.com -- The FTSE 100 climbed as much as 93 points, or 1.05%, on Thursday to a new all-time high of 8960.72, surpassing the previous record set in March.
The rally was led by mining stocks, with Rio Tinto (LON:RIO), Glencore (LON:GLEN), Anglo American (JO:AGLJ) (LON:AAL), Fresnillo (LON:FRES), and Endeavour among the top performers, supported by rising prices for iron ore, copper, and gold.
Rio Tinto and Glencore rose around 3.6% each by 08:22 GMT, Anglo American jumped more than 4%, while Fresnillo and Endeavour advanced over 2% each.
The gains suggest investors remain unfazed by the escalating trade tensions sparked by President Donald Trump’s latest round of tariffs, including a 50% levy on U.S. copper imports and new measures targeting Brazil.
Chris Beauchamp, chief market analyst at IG, said the market is in an “ebullient summer mood,” noting,
“Perhaps most notable is the market’s apparent indifference to escalating trade tensions. Trump’s 50 percent tariff on copper imports and threats toward Brazil triggered little reaction,” he added.
“Many now view such announcements as political posturing, summed up by TACO: Trump Always Chickens Out,” Beauchamp continued.
The FTSE 100 has risen 9.5% year-to-date, benefiting from a rotation out of U.S. assets amid fears that Trump’s trade actions could weigh on the American economy.
The U.K.’s early trade agreement with the U.S. has also added to London’s appeal.
President Donald Trump intensified trade tensions on Tuesday by announcing a 50% tariff on imported copper and signaling that long-discussed levies on semiconductors and pharmaceuticals are imminent.
The copper tariff announcement triggered a sharp market reaction, with U.S. Comex copper futures surging more than 12% to an all-time high. U.S. Commerce Secretary Howard Lutnick said the measure is expected to take effect by August 1.
The administration argues the move will help revive domestic copper production. However, analysts caution that rebuilding the U.S. copper industry would likely take years, if not decades, due to capacity and infrastructure constraints.