London, April 30, 2026, 12:05 BST
Glencore plc reported a 19% jump in copper production for the first quarter, with 199,600 metric tons mined, up from 167,900 a year ago. Its trading division looks set to surpass the upper end of its long-term profit goal, offering a boost for the London-listed giant even as commodity markets remain turbulent.
The update lands at a time when copper is front and center for mining investors. The metal is critical for power infrastructure, EVs, and charging networks. Middle East energy turmoil is adding volatility—opportunities commodity giants tend to seize. “Early stages of a commodity supercycle,” is how BlackRock’s Evy Hambro put it to Reuters, noting the latest wave of capital shifting into hard assets. Reuters
Glencore attributed the rise in copper output mostly to richer ore grades at its African sites plus better throughput and grades at Peru’s Antamina mine. CEO Gary Nagle described first-quarter production as “largely in line with our expectations.” Guidance for 2026 stays put, with copper forecast at 810,000 to 870,000 tonnes. Glencore
Most of the action was in marketing, Glencore’s trading arm. CEO Gary Nagle told analysts that if Q1 trends carry through, adjusted EBIT for the year would “comfortably exceeding” the upper limit of Glencore’s $2.3 billion to $3.5 billion long-term guidance range. Glencore
Shares climbed 2% in London morning deals after the update, pushing the FTSE 100 up 0.9% to 10,307.19 at 0942 GMT. Oil moved above $122 a barrel, driven by fears the U.S.-Iran war may further squeeze Middle East supplies.
But the numbers on production disappointed. Cobalt output slid 39% to 5,800 tonnes, with Glencore shifting focus to copper at its Congo operations, where export quotas remain tight. Year-on-year, volumes also dipped in zinc, lead, nickel, gold, steelmaking coal and energy coal.
The DRC’s quota rules will govern cobalt exports at least through the end of 2027. Glencore said any cobalt output above those limits at its KCC and Mutanda mines would stay stored in the country, to be sold when conditions permit. On costs, Nagle pointed to higher usage of diesel and sulphuric acid and flagged the impact of a weaker dollar. Even so, he expects firmer commodity prices to more than make up for those cost pressures for now.
Competition is intense. Anglo American reported a 1% uptick in first-quarter copper output, reaching 170,400 tonnes this week. Rio Tinto logged 229,000 tonnes of mined copper last week. BHP’s copper output dropped 7% for the March quarter, but the company continues to project full-year production landing in the upper half of its guidance.
Glencore’s immediate challenge isn’t simply ramping up copper. The company is facing the task of translating pricier markets and ongoing trading disruptions into real cash, all while managing quotas, holding down costs, and dealing with softer output on other fronts.
