The FTSE 100 fell sharply at the open, dropping 58 points, or 0.57%, to 10,167 as the sell-off across commodities fed through to UK equities.
Precious metals producers were among the hardest hit. Endeavour Mining slumped 11%, tracking the collapse in gold and silver prices, while Fresnillo slid 7%.
The rout extended across the mining sector, with Antofagasta down 5.3%, Glencore off 3.7% and Anglo American falling 3%.
Oil stocks were also under pressure as crude prices slid overnight. BP and Shell were both more than 2% lower, adding to the downside across the index as investors continued to cut exposure to commodity-linked names.
Bitcoin slid to its lowest level in around ten months in early trading, as investors continued to flee riskier assets amid the broader market rout.
The world’s largest cryptocurrency fell to $74,546, its weakest level since 7 April last year, and a long way from the record high above $125,000 reached in 2025.
The move underlines how sharply sentiment has turned against high-beta assets, with crypto tracking the sell-off seen across commodities, equities and technology stocks.
The sell-off is spreading well beyond precious metals, with base metals now firmly in the firing line.
Copper, tin and zinc are all being aggressively sold, as traders continue to unwind crowded positions. Copper futures in Shanghai have slumped by more than 9% in today’s session, while tin prices in Shanghai have plunged around 11%.
In London, zinc prices are down more than 4%, adding to the sense of a broad-based capitulation across industrial metals.
Platinum has also been caught in the downdraft, sliding around 10% this morning to $1,945 an ounce. That marks a dramatic reversal from last week, when the metal briefly surged to a record high of $2,918 an ounce before tumbling sharply on Friday.
The scale and speed of the moves underline how quickly sentiment has flipped across commodities, with what had been a powerful momentum-driven rally now giving way to forced liquidation and risk reduction.
