London, May 1, 2026, 14:03 BST
Glencore reported a 19% jump in copper output for the first quarter. Its marketing division, which handles commodity trading and logistics, is now set to surpass the upper end of its long-term earnings guidance, driven by firmer prices and turmoil in energy markets.
The timing comes as pressure builds on miners to boost copper exposure, with the metal central to power grids, EVs, and data centres. BHP, Rio Tinto, and Anglo American have all been involved in copper-focused deals or takeover attempts. Earlier this year, Rio exited negotiations with Glencore after failing to settle on terms.
Glencore’s first-quarter numbers put the spotlight firmly on execution. Full-year production guidance stays where it was, leaving the company some leeway after reporting lower year-on-year volumes in coal, zinc, nickel and cobalt.
Glencore reported a jump in own-sourced copper production, hitting 199,600 tonnes—up from 167,900 tonnes this time last year. Gains were driven largely by improved grades in its African copper sites and increased throughput and grades at Peru’s Antamina. The boost was checked by the closure of copper mining at Mount Isa in Australia.
Chief Executive Gary Nagle described first-quarter output as “largely in line” with what the company had expected, adding that “full year 2026 production guidance remains unchanged”. Glencore is still forecasting copper production for the year in the 810,000 to 870,000 tonne range. Glencore
Trading could end up driving the larger move here. Nagle pointed out that with commodity prices where they are, higher costs should be covered, and if you run the numbers on first-quarter marketing, full-year EBIT — earnings before interest and tax — is tracking “comfortably” above Glencore’s usual adjusted EBIT range of $2.3 billion to $3.5 billion annually. Glencore
The path remains bumpy. According to Nagle, the Middle East conflict is already filtering through as higher input costs—diesel and acid use have both ticked up—and the weaker U.S. dollar isn’t helping. Should commodity prices slip, or if supply snags let up, that margin could shrink.
Cobalt is still the sticking point in this update. Glencore reported a 39% drop in own-sourced cobalt output, down to 5,800 tonnes, after operations in the Democratic Republic of Congo shifted focus to copper to meet export quotas. The quotas restrict the volume of cobalt allowed for export.
The company is looking for DRC cobalt exports to settle back to normal across the year, tracking with its 2026 quota. It’s working with a 22,800-tonne allocation for 2026, factoring in the carryover from 2025. The quota arrangement remains in place through at least the end of 2027.
Zinc output slid 17%, nickel lost 9%, and steelmaking coal slumped 22% across the rest of the portfolio. Energy coal, which continues to throw off significant cash for Glencore, landed close to flat year-on-year at 22.9 million tonnes.
The Baar, Switzerland-based company saw its shares climb 2.0% to 564.10 pence in Thursday morning trading in London, according to Alliance News. Reuters pointed to strong numbers from Rolls-Royce and Glencore as factors boosting the FTSE 100 that day.
