LONDON, June 17, 2026, 10:04 BST
- Glencore traded near 591.6 pence, adding roughly 0.2%, while the FTSE 100 fell back in late London dealing, according to delayed data.
- Copper hovered near its June peak and coal stayed well above recent levels this month, giving the miner-trader a supportive commodity market.
- Glencore is said to be joining as a cornerstone investor for Merdeka Gold Resources as the Indonesian miner goes for a Hong Kong IPO, with the deal targeting over $300 million.
Glencore traded up in London Wednesday morning, holding above the FTSE 100 as copper and coal prices gave the miner and trader some lift.
The stock was quoted at 591.5 pence on the sell side and 591.6 pence to buy, up 1.1 pence, or 0.19%, based on delayed Hargreaves Lansdown data. Around 10:02 a.m. London time, Cboe Europe had the shares at 591.85 pence in real time on MarketScreener, a move of 0.21% higher.
Glencore’s stock still moves with copper, coal, and trading swings. Copper was about $6.50 a pound on Wednesday, not far from its June peak at $6.67. Coal slipped that day but is up more than 9% for the month.
The rest of the market was choppy. European stocks barely moved as traders looked for clues on a potential U.S.-Iran deal and the Fed’s policy stance. According to Reuters, the STOXX 600 edged up 0.05% at the open. FTSE 100 slipped 0.2% on lagged numbers.
Another deal hit the tape. The Edge, picking up Bloomberg, said Glencore, Mercuria Energy Group and Trafigura Group plan to buy shares in PT Merdeka Gold Resources’s Hong Kong IPO. The story described them as cornerstone investors, which refers to buyers with a locked-in allocation that must be held for a certain time.
Merdeka’s offering is targeting more than $300 million, The Edge Malaysia reported. The report also said that reps for Merdeka Gold, Trafigura and Mercuria declined to comment. Glencore didn’t respond right away to a request for comment.
Glencore stuck with its 2026 output guidance at the last update. The miner is aiming for 810,000 to 870,000 tonnes of copper and 95 million to 100 million tonnes of energy coal. The company expects output to tilt to the second half, with Collahuasi, Canadian steelmaking coal, and Australian coal mines to run better.
Peers didn’t follow with a strong miners rally. Google Finance had Glencore up 0.24%, Antofagasta in the green, Rio Tinto off by about 1.5%, and Anglo American flat. The move looked tied to Glencore’s commodity mix, not a clear sector trade.
Macro tailwinds may not last. Westpac economist Luka Belobrajdic told Reuters Iranian exports could hit levels near 2% of world demand, but any sanctions relief probably won’t come fast and hinges on peace. Oil prices dropping would cool inflation, but if commodities slide harder or Glencore misses its second-half production recovery, the stock’s gains could face pressure.
The question of a secondary listing is still out there. Luke Smith, a portfolio manager at AustralianSuper, told Reuters last month that listing in Australia would be “positive for Glencore and for the Australian stock exchange.” He said Australia’s mining-heavy market could give the shares “a better chance to reflect the company’s worth.” Glencore has said it’s open to a secondary listing on the ASX. Reuters
