London, Feb 11, 2026, 08:52 GMT — Regular session
Glencore plc shares climbed roughly 1.3% to 502.7 pence by 0820 GMT, edging up in early London trading. The prices on the company’s investor site reflected a 10-minute delay. (Glencore)
The stock’s early jump comes as investors refocus on fundamentals: copper, coal, and Glencore’s outlook for 2026 volumes and returns. The company’s marketing arm can either buffer results during weak commodity markets or amplify gains when trading hits the mark.
Copper set the mood early on. Three-month copper on the London Metal Exchange (LME), the key global benchmark, climbed 0.31% to $13,155 a tonne by 0300 GMT, buoyed by a softer dollar that made commodities cheaper for buyers outside the U.S., according to Reuters. With China’s Lunar New Year break nearing, broker Galaxy Future noted demand had tapered off. Macquarie strategist Jim Lennon also pointed to Indonesia’s 2026 policy changes in coal and nickel, warning they “could lead to lower volumes” being produced and exported. (The Economic Times)
Glencore ended Tuesday at 496.45 pence, slipping 0.93%, then swung between 498.57 and 503.40 pence on Wednesday, per Investing.com pricing data. (Investing)
Mining stocks have been carrying the load in London this week. Reuters noted Monday that precious metals miners surged 5.3% as gold topped $5,000 an ounce. Meanwhile, a wider index of industrial metal miners gained 3.8% thanks to stronger copper prices. (Reuters)
On Wednesday, the broader market held steady. According to Trading Economics, the FTSE 100 opened roughly 0.2% higher, with Rio Tinto standing out as one of the biggest winners. Copper prices also climbed, rising about 0.7% in the commodities section. (Trading Economics)
Glencore is also running its own capital return programme quietly in the background. It kicked off a 2025/2026 share buy-back plan capped at $1 billion, aiming to wrap it up by the time it reports 2025 results in February. A buyback means the company buys its own shares on the market, reducing the total shares outstanding. (Glencore)
China remains the key wildcard for metals demand, with the latest inflation data sending mixed signals. Consumer prices edged up 0.2% in January year-over-year, but producer prices dropped 1.4%, Reuters reported, highlighting weak domestic demand. Capital Economics economist Zichun Huang commented, “We doubt China’s deflationary pressures will fade any time soon.” (Reuters)
Coal remains a key area of focus for Glencore. According to the China Coal Transportation and Distribution Association, China’s coal production is set to increase by just 0.7% to 4.86 billion tonnes in 2026. At the same time, coal imports are expected to drop 5.1% to 465 million tonnes. The group pointed to Indonesia’s recent actions as a factor fueling expectations for reduced Indonesian coal shipments. (Reuters)
The setup isn’t one-sided. If China’s post-holiday slowdown hits harder or coal prices take a hit, what’s now “copper up, miners up” could quickly flip into a short trade. And keep an eye on Glencore—any unexpected news on guidance or cash returns usually rattles the stock right away.
Glencore’s next major event is set for Feb. 18, with the company unveiling its 2025 full-year results at 7:00 a.m. UK time, followed by a webcast at 8:30 a.m., the company announced. Investors will focus on the 2026 production forecast and any news regarding the buyback and dividend plans. (Glencore)
