LONDON, March 19, 2026, 13:14 GMT
Glencore shares slid 4.2% in London trading on Thursday, dropping to 503.7 pence by 12:40 GMT as miners and other growth-sensitive stocks came under pressure. That put the stock 22.2 pence below its prior close, according to company and exchange figures.
Glencore was trading near its highest level in a year heading into the session. Shares finished Wednesday at 525.9 pence, according to Financial Times market data, leaving them 3.77% shy of the 52-week high—546.5 pence, posted on March 2.
Copper dropped to a three-month low on Thursday, sending London-listed metal miners tumbling 7.2%. Europe’s mining index lost 5%. The Bank of England held rates steady, a move that triggered a shift in market bets—from anticipating cuts to factoring in up to two quarter-point hikes by year-end. That ratcheted up pressure on economically sensitive stocks.
European stocks slid, with Morningstar’s chief European equity strategist Michael Field pointing to a shortage of both capital and trust to lift the market. “There is not enough money and confidence right now to drag markets upward,” he said. MUFG’s Lee Hardman called the Bank’s stance “more hawkish than the market had been anticipating.” Reuters
Losses hit across the board. Rio Tinto, Anglo American, and Antofagasta shares slipped in London, making it clear Glencore wasn’t alone—miners broadly pulled back.
A month after Glencore vowed to hand $2 billion back to shareholders, even with annual earnings down, the stock tumbled. The company calls itself among the world’s largest diversified natural resource groups on its website.
The shares haven’t escaped the recent surge in energy prices or renewed worries over interest rates. Bank of England Governor Andrew Bailey pointed to rising fuel and energy costs as a potential risk should the Middle East conflict drag on. Schroders economist David Rees, for his part, noted current oil and gas prices could tack “around 1%” onto headline inflation in the coming months. Reuters
The risk is straightforward for the stock here: a strong dollar coupled with sluggish copper means miners like Glencore are likely to face headwinds, regardless of where oil trades. On Thursday, Reuters flagged copper dipping to its lowest in three months, and U.S. markets have shifted their expectations for a full rate cut out as far as 2027.
Big divergence in the FTSE 100—energy names climbed 0.9% to touch fresh highs, though the overall index slipped 1.9%. Among the laggards: metal miners, with Glencore deep in the red by early afternoon.
