--- title: "SP Angel -Today’s Market View, Friday 6th February 2026" publisher: "Share Talk" author: "sharetalk" published: "2026-02-06T11:33:19+00:00" modified: "2026-02-06T11:33:19+00:00" date: 2026-02-06 canonical: "https://www.share-talk.com/sp-angel-todays-market-view-friday-6th-february-2026/" category: "SP Angel" categories: ["SP Angel", "Technology", "Technology, Media & Telecoms"] tags: ["base metals", "battery", "china", "company news", "COPPER", "currencies", "Dow Jones Industrials", "ENERGY", "FRANCE", "GERMANY", "Gold", "gold prices", "HK Hang Seng", "Nikkei 225", "Rio Tinto", "Russia", "Shanghai Composite", "silver", "SP Angel", "Ukraine"] image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2025/12/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1" format: "news" language: "en-GB" --- # SP Angel -Today’s Market View, Friday 6th February 2026 **Published:** February 6, 2026 **Author:** sharetalk **Categories:** SP Angel, Technology, Technology, Media & Telecoms **Tags:** base metals, battery, china, company news, COPPER, currencies, Dow Jones Industrials, ENERGY, FRANCE, GERMANY, Gold, gold prices, HK Hang Seng, Nikkei 225, Rio Tinto, Russia, Shanghai Composite, silver, SP Angel, Ukraine **Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2025/12/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1) --- **Gold ($4,865/oz) rebounds following wider market sell-off as liquidity tightens** **MiFID II exempt information – see disclaimer below** **Barrick Mining (B US) – Results as North American spin-out targeted for 2026 and Reko Diq under review on security concerns** **Glencore (GLEN LN) – Rio Tinto merger falls through on valuation and management grounds** **Largo (LGO CN) – 2025 production in line with guidance** **Unity Metals* (UM1 AU) – Drilling the Ngot project, Cambodia** **Valterra Platinum (VALT LN) – Production guidance held flat** **Gold ($4,865/oz) rebounds following wider market sell-off as liquidity tightens** - Gold prices had a rough night, touching $4,655/oz before rebounding this morning. - Silver has extended losses from last Friday, touching lows last night c.$64/oz. - Bitcoin is leading a wider market sell-off, down 30% in the past month, as investors reduce exposure to risk assets. - The dollar has rebounded against a basket of currencies following Warsh’s Fed appointment, weighing on metals. - US Treasury yields edged lower yesterday as challenger job cuts came higher than expected, with concerns resurfacing over the US labour market. - Extreme volatility in precious metals seems to be cooling as margin **VOX video:  **[The most extraordinary week in commodities I’ve ever witnessed](https://spangel.email.streetcontxt.net/platform/al?a=12532361&ad=3861246418&h=uDoe2TG&sig=4asCmxKORpEecePp4h4StnLIBiX&v=2&url=https://www.voxmarkets.com/articles/the-most-extraordinary-week-in-commodities-i-ve-ever-witnessed-67f0bc2) - **Podcast:  **[The Vox Markets Podcast](https://spangel.email.streetcontxt.net/platform/al?a=12532361&ad=3861246418&h=kuG46Ag&sig=1uUSHFo3YvWkI8niVfegLlmX7iw&v=2&url=https://audioboom.com/channels/5051662-the-vox-markets-podcast) **IG TV – Commodity Markets Weekly: **[https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86](https://spangel.email.streetcontxt.net/platform/al?a=12532361&ad=3861246418&h=uvoAQIx&sig=AhhAXNSqev7KSVmqGHTekeNnq6C&v=2&url=https://youtu.be/-YKK0NzMLZ0?si%3Di-83_jtBI8u5bM86) **We are now in a new commodities cycle: on VOX: **[https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a](https://spangel.email.streetcontxt.net/platform/al?a=12532361&ad=3861246418&h=HV_Xz21&sig=8txO2eQeUBZQYoklwbfSBpJnrmn&v=2&url=https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a) - **Podcast: **[The Vox Markets Podcast / Mining Matters: We are now in a new commodities cycle, says SP Angel’s John Meyer](https://spangel.email.streetcontxt.net/platform/al?a=12532361&ad=3861246418&h=ynNXZhG&sig=OJS1VCCsUpkvNMjbev5vUGpTFA1&v=2&url=https://urldefense.proofpoint.com/v2/url?u%3Dhttps-3A__audioboom.com_posts_8837560-2Dmining-2Dmatters-2Dwe-2Dare-2Dnow-2Din-2Da-2Dnew-2Dcommodities-2Dcycle-2Dsays-2Dsp-2Dangel-2Ds-2Djohn-2Dmeyer%26d%3DDwMFaQ%26c%3DeuGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM%26r%3D2VdfGX60fZWOkYluCz5ANP6H71ZMA5kD_HBsIZSf5Nc%26m%3DdMn59S0FLeUsNs2p5YV1mC9TiAYPnR2DQgLQypXMpsWVIAaQpUM1Pr8ZiBGxQVN_%26s%3D5OHW8ezmSUjW2QN9MXbEL0CfYKvoe28tGcZwgrkIyuw%26e%3D) **Worth reading – Mineral War: China’s Quest for Weapons of Mineral Destruction by Tomasz Nadrowski** - [https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK](https://spangel.email.streetcontxt.net/platform/al?a=12532361&ad=3861246418&h=B9V0zA9&sig=MmG6rnHravTEpDIXsQCpZDx2acY&v=2&url=https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK) | | | | | | | --- | --- | --- | --- | --- | | **Dow Jones Industrials** | | **-1.20%** | **at** | **48,909** | | **Nikkei 225** | | **+0.81%** | **at** | **54,254** | | **HK Hang Seng** | | **-1.21%** | **at** | **26,560** | | **Shanghai Composite** | | **-0.25%** | **at** | **4,066** | | **US 10 Year Yield (bp change)** | | **+1.6** | **at** | **4.20** | **Currencies** **US$1.1793/eur vs 1.1803/eur previous. Yen 156.98/$ vs 157.03/$. SAr 16.165/$ vs 16.073/$. $1.357/gbp vs $1.362/gbp. 0.696/aud vs 0.698/aud. CNY 6.940/$ vs 6.940/$.** Dollar** Index 97.86 vs 97.70 previous.** **Economics** **US – Risk appetite cut with a sell off seen in tech stocks, precious metals and crypto assets and investors seen rotating into US debt with yields pulling back.** - Leverage unwinding, concerns over AI capex overspending, anxiety about the labour market as well as Fed policy uncertainty are seen contributing to a sell off. - S&P and Nasdaq closed 1.2% and 1.4% down yesterday. - 2y and 10y yields drifted lower trading around 3.5% and 4.2%. - Silver a low of $65/oz yesterday with the Au:Ag rario currently at ~65x, down from a high of >45x at peak. **Bitcoin touches $60,000 in an extended correction that saw the largest cryptocurrency losing more than 50% since hitting a high of >$125,000 last October.** - That marks the lowest level since late 2024 wiping out post Trump win gains. - Liquidations in leveraged positions added to the selling pressure. - Shares in Strategy, the largest bitcoin Treasury Company with an average buy in price of >$76,000, dropped 17% yesterday extending losses to 32% YTD. **US/Iran – Iranian officials arrive to Oman for a round of talks with US counterparts in an effort to avoid military y escalation in the region.** - US envoy Steve Witkoff and Jared Kushner, Trump’s son-in-law, are expected to hold negotiations with Iranian foreign minster Abbas Aragchi later today. - The US has been pushing Iran to agree to a set of conditions including dropping its uranium enrichment programme, accept limits on its ballistic missile arsenal and end support for regional militant groups like Hizbollah and Houthi rebels. **Precious metals****:         ** **Gold US$4,860/oz vs US$4,923/oz previous** **   Gold ETFs 100.0moz vs 100.1moz previous** **Platinum US$2,004/oz vs US$2,119/oz previous** **Palladium US$1,644/oz vs US$1,735/oz previous** **Silver US$73.6/oz vs US$80.6/oz previous** **   Silver ETFs 848.5moz vs 849.6moz previous** **Rhodium US$10,475/oz vs US$10,575/oz previous** **Base**** metals:   ** **Copper US$12,823/t vs US$12,966/t previous** **Aluminium US$3,036/t vs US$3,037/t previous** **Nickel US$16,960/t vs US$17,085/t previous** **Zinc US$3,294/t vs US$3,288/t previous** **Lead US$1,946/t vs US$1,959/t previous** **Tin US$45,645/t vs US$46,925/t previous** **Energy****:           ** **Oil US$68.3/bbl vs US$68.4/bbl previous** **Natural Gas €34.7/MWh vs €34.7/MWh previous** **Uranium Futures $84.7/lb vs $85.7/lb previous** **Bulk****:   ** **Iron Ore 62% Fe Spot (Singapore) US$99.1/t vs US$100.7/t** **Chinese steel rebar 25mm US$465.7/t vs US$465.9/t** **HCC FOB Australia US$247.0/t vs US$246.3/t** **Thermal coal swap Australia FOB US$116.0/t vs US$115.3/t** **Other****:  ** **Cobalt LME 3m US$56,290/t vs US$56,290/t** **NdPr Rare Earth Oxide (China) US$108,075/t vs US$107,344/t** **Lithium carbonate 99% (China) US$19,382/t vs US$19,740/t** **China Spodumene Li2O 6%min CIF US$2,015/t vs US$2,015/t** **Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t** **China Tungsten APT 88.5% FOB US$1,553/mtu vs US$1,513/mtu** **China Tantalum Concentrate 30% CIF US$121/lb vs US$119/mtu** **China Graphite Flake -194 FOB US$410/t vs US$410/t** **Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.7/lb** **Europe Ferro-Vanadium 80% US$25.2/kg vs US$24.5/kg** **China Ilmenite Concentrate TiO2 US$262/t vs US$262/t** **US Titanium Dioxide TiO2 >98% US$2,908/t vs US$2,908/t** **China Rutile Concentrate 95% TiO2 US$1,131/t vs US$1,131/t** **Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t** **Brazil Potash CFR Granular Spot US$367.5/t vs US$367.5/t** **Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg** **China Gallium 99.99% US$395.0/kg vs US$395.0/kg** **EV & battery news** | | | | | | | | --- | --- | --- | --- | --- | --- | | | **Overnight Change** | **Weekly Change** | | **Overnight Change** | **Weekly Change** | | **BHP** | -3.1% | -3.5% | **Freeport-McMoRan** | -4.3% | -9.1% | | **Rio Tinto** | 0.0% | 3.6% | **Vale** | -4.4% | -3.9% | | **Glencore** | -0.7% | -5.5% | **Newmont Mining** | -7.1% | -14.5% | | **Anglo American** | -2.0% | -0.5% | **Fortescue** | -1.2% | 1.1% | | **Antofagasta** | -1.2% | -4.2% | **Teck Resources** | -4.0% | -6.9% | **Company News:** **Barrick Mining (B US) $44, Mkt Cap $75bn – Results as North American spin-out targeted for 2026 and Reko Diq under review on security concerns** - Barrick reports FY25 results. - The Company produced 871koz in 4Q25, up 5%qoq, with FY25 production of 3.255moz down 17%yoy. - AISC over the quarter up 3% to $1,581/oz, with FY25 AISC up 10% to $1,637/oz. - Gold revenue up 40%qoq to $4.1bn, and up 28%yoy to $11.8bn. - Gold EBITDA for the quarter up 50% at $2.7bn, with FY25 EBITDA up 51% to $7bn. - Copper production for 2025 up 13% at 220kt, with copper AISC reported at $3.2/lb. - Copper EBITDA reported up 115%yoy at $1.1bn in FY25. - **2026 Guidance:** Gold: 2.9-3.25moz at AISC of $1,760-$1,950/oz - Copper: 190-220kt at AISC of $3,45-3.75/lb. Growth focus is on Fourmile, which currently holds 2.6moz at 17.6g/t Au indicated and 13moz inferred at 16.9g/t Au. Fourmile drilling spend for 2026 of $150-160m. Lumwana expansion ahead of schedule and Pueblo Viejo TSF construction is on track. Management is ‘*currently reviewing all aspects’ *of the Reko Diq copper project in light ‘*of a recent increase in security incidents.’* Barrick is progressing with the IPO of its North American gold assets, with the IPO due for completion in late 2026. The spun-out entity will hold Barrick’s JV interests in Nevada Gold Mines and Pueblo Viejo, alongside Barrick’s Fourmile gold discovery. **Glencore (GLEN LN) 520p, Mkt Cap £61bn – Rio Tinto merger falls through on valuation and management grounds** - Glencore published a statement yesterday regarding the potential merger with Rio Tinto. - Glencore and Rio noted that the two parties were unable to reach an agreement on the terms of the combination. - Rio Tinto had insisted on retaining both the Chairman and CEO roles, according to Glencore. - Furthermore, Glencore stated that the proforma ownership of the combined company would have ‘*significantly undervalued Glencore’s underlying relative value contribution… even before consideration of a suitable acquisition control premium.’* - Management notes the proposed terms spefically undervalued Glencore’s copper business and ‘*its leading growth pipeline.’* - Glencore highlights its diversified range of commodities and ‘*one of the best marketing franchises in the industry,’ *alongside an ongoing focus on simplifying operations. - Bloomberg reports the ‘*valuation gap might have come down to around $10 billion.’* **Largo (LGO CN) C$1.6, Mkt Cap C$140m – 2025 production in line with guidance** - The Company released 4Q25 production/sales results for its primary Maracas Menchen Vanadium Mine in Barzil. - 4Q25 V2O5 production ~3.0kt (6.5Mlbs), +67%yoy. - Higher production was impacted by the timing of the annual kiln shutdown. - The team postponed kiln maintenance works to mid-26 on recently improved operational availability. - 2025 V2O5 production ~9.2kt (20.2Mlbs), -1.2%yoy and within Company guidance for 9.0-11.0kt. - 2026 guidance 10.5-12.0kt. - 2025 ilmenite production 30.3kt, in line with Company guidance. - Ilmenite flotation circuit will be suspended as the Company is running larger tests to use facilities to produce copper/PGM concentrates. - The Company conducted 45 conventional copper flotation tests in recent months producing ~18% Cu con. - V2O5 price averaged $5.85/lbs in 4Q25 (+9.6%yoy) and was at $5.89/lb as of YE25 (+9.7%yoy). - FeV price averaged $23.9/kg in 4Q25 (-8.6%) and was at $23.8/kg as of YE25 (-6.1%). - Vanadium spot demand remained soft in 4Q25 on a weaker steel markets in China and Europe; the US was stable. - 2026 expected to see a continued softness in China and Europe. - Battery storage related demand is expected to continue to be a key drive in vanadium consumption growth. **Unity Metals* (UM1 AU) A$0.335, Mkt cap A$61m – Drilling the Ngot project, Cambodia** - Earlier this week Unity Metals, which is exploring in Cambodia and Thailand with a focus on porphyry copper/gold and on intrusion related gold targets reported that it has deployed a second drilling rig and started drilling at its flagship Ngot gold project in Cambodia. - The work forms a part of the company’s planned 50-hole, 8,000m programme where the initial effort will follow up a gold-in-soil geochemical anomaly at Ngot Central where 18 holes (2,800m) are planned. - The work at Ngot Central will investigate an area of artisanal gold working *“associated with a 1.5 km x 1 km diorite intrusion”* where sampling of veins has *“yielded rock chip assays up to 64.9 g/t gold”*. - Drilling 60⁰ angled holes to average depths of around 150m is expected to *“be completed within 3 months and the first drill assay results from Ngot are expected this quarter”*. - Unity Metals listed on the ASX in January raising ~A$8.7m by the issuing of *“43,314,908 shares at an issue price of $0.20 per share”.* **Conclusion: **Drilling is underway at the Ngot gold project in Cambodia following the company’s ASX listing in January. ** An SP Angel analyst holds shares in Unity Metals* **Valterra Platinum (VALT LN) 6,400p, Mkt Cap £16.6bn – Production guidance held flat** - Valterra, which spun out of Anglo American last year, reports FY25 production data. - Refined PGM production rose 1% to 1,039koz in Q4 with FY25 production exceeding guidance of 3,412koz. - Management note own-mined production supported by higher production from Amandelbult which returned to steady-state operations. - Valterra guides for refined production in line with prior estimates at 3-3.4moz. - Realised basked price of $2,269/oz up 50%qoq  in 4Q, with FY25 basket price of $1,852/oz up 26%yoy. **LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:** **No1 for Precious Metals: ****CY 2025** **No.1 in Precious Metals: ****Q1 2025** **No.1 in Precious Metals: ****CY 2024** **No.2 in Base Metals: ****CY 2024** **Analysts** **John Meyer –**[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490** **Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484** **Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474** **Arthur Parish – **[Arthur.Parish@spangel.co.uk](mailto:Arthur.Parish@spangel.co.uk)** – 0203 470 0476** **Sales** **Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472** **Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** ****– 0203 470 0534** **Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535** **Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471** **George Krokos – **[g](mailto:george.krokos@spangel.co.uk)[eorge.krokos@spangel.co.uk](mailto:george.krokos@spangel.co.uk) **– 0203 470 0486** Prince Frederick House 35-39 Maddox Street London, W1S 2PP *SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide *(joint brokerships excluded)* **+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.** | | | | --- | --- | | Sources of commodity prices |   | | Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) | | Gold ETFs, Steel | Bloomberg | | Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME | | Oil Brent | ICE | | Natural Gas, Uranium, Iron Ore | NYMEX | | Thermal Coal | Bloomberg OTC Composite | | Coking Coal | SSY | | RRE | Steelhome | - | | | | --- | --- | | Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal | | | | **DISCLAIMER** This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients. This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc. Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter. Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile. SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s). SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc. MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19. A full analysis is available on our website here [http://www.spangel.co.uk/legal-and-regulatory-notices.html](https://spangel.email.streetcontxt.net/platform/al?a=12532361&ad=3861246418&h=HIB4kp7&sig=aMsXbfb0nzwvkFNVYIUYrfqsCqz&v=2&url=http://www.spangel.co.uk/legal-and-regulatory-notices.html). If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([tim.jenkins@spangel.co.uk](mailto:tim.jenkins@spangel.co.uk)). SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange. --- **Original URL:** https://www.share-talk.com/sp-angel-todays-market-view-friday-6th-february-2026/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*