LONDON, March 26, 2026, 11:16 GMT
Glencore Plc shares fell about 2% in London on Thursday as mining stocks retreated across Europe. The stock traded at about 528.5 pence after opening at 529.9 pence, versus Wednesday’s 539.5 pence close. 1
The move matters because it came just as the stock had pushed back toward its recent peak. Wednesday’s close left Glencore about 1.3% below its 52-week high of 546.5 pence, set on March 2, a sign of how sharply investors had been repricing the stock. 2
The tone turned quickly on Thursday. Europe’s STOXX 600 fell 1.3%, London’s FTSE 100 was down 1.1%, and miners led decliners as metals prices weakened while oil climbed above $105 a barrel, reviving fears that the Middle East conflict will keep inflation hot and rates higher for longer. 3
That swing matters more for Glencore than for some rivals because the company still straddles copper and coal. Thermal coal, the fuel burned in power plants, has turned into a tailwind: Reuters reported the key Asian benchmark is up 13.2% this month, and Wood Mackenzie analyst Lucas Schmitt said the conflict will “significantly reduce” Asian LNG demand growth in 2026, pushing utilities back toward coal; Rio Tinto and BHP have been leaning harder into copper, which now makes up a bigger share of profits at both groups. 4
Glencore’s own latest results gave investors part of the case for sticking with the stock. The company said on February 18 that 2025 adjusted EBITDA, a measure of core operating profit, fell 6% to $13.51 billion but still beat the $13.3 billion analyst consensus, and it kept a $2 billion shareholder payout; Chief Executive Gary Nagle said the “underlying momentum in H2 was clear.” 5
Since Rio Tinto walked away from merger talks last month, attention has shifted back to disposals and portfolio reshaping. Iain Pyle, investment manager at Aberdeen, told Reuters Glencore may “sell off assets individually” to build a more focused copper and trading business, while George Cheveley of Ninety One said it can “tidy up” the portfolio and keep drawing on valuable coal cash flow; under British takeover rules, Rio cannot restart talks for six months. 6
But the setup can still turn fast. Craig Cameron of Templeton Global Equity Group said investors are trying to judge the “duration of the conflict,” while Swissquote Bank analyst Ipek Ozkardeskaya warned oil could spike again if Iran does not cooperate; with markets now pricing a strong chance of an ECB rate rise in April and two or three Bank of England hikes this year, high oil and softer metals could keep leaning on miners. 3
For now, Thursday’s drop looks like a sector reset rather than a Glencore-specific shock. Still, after a run that brought the stock back within sight of its high, Glencore is trading again on a blunt question: whether coal cash can keep offsetting weaker metals and tighter money. 2
