The FTSE 100 index breached the historic 9,000-point barrier for the first time on Monday, driven by a powerful rally in mining and commodity stocks as global demand for critical minerals continues to surge.
Rio Tinto, Anglo American, and Glencore led the advance, collectively adding £18 billion in market capitalisation as copper prices hit record highs. The rally reflects growing demand for materials essential to the global energy transition, from electric vehicle batteries to wind turbine components.
"This is a structural shift, not a speculative bubble," said the chief strategist at Schroders. "The world needs vastly more copper, lithium, and rare earths than it currently produces, and London-listed miners are exceptionally well-positioned."
The milestone comes despite persistent concerns about the UK domestic economy. Analysts note that the FTSE 100's heavy weighting toward global revenue generators — with roughly 75 per cent of constituent earnings derived overseas — makes it more a barometer of the world economy than Britain's.
Not all sectors shared in the euphoria. Housebuilders and domestic retailers remained under pressure, reflecting ongoing uncertainty about consumer spending. The FTSE 250, often considered a better gauge of UK economic health, remains 12 per cent below its 2021 peak.
