LONDON, June 20, 2026, 15:07 (BST)
- Glencore finished Friday at 557 pence, dropping 1.6% on the day and 5.4% for the week. The stock is still up 37% in 2026.
- Glencore and other miners in Congo want more time to meet a rule forcing them to have a 5% worker ownership stake by July 31.
- Iran’s top military officials said Saturday they will close the Strait of Hormuz to ships, creating new geopolitical risk for Monday.
Glencore starts the week down after finishing Friday at 557 pence, off 9 pence. That’s where the market left it with London closed for the weekend.
Investors seemed to care more about the read-through than the weak weekly numbers. Glencore shares fell much harder than copper prices, pointing to some profit-taking after the stock’s big 2026 run. The move also suggests they’re putting a steeper discount on political and rate risk.
Glencore wasn’t the only name hit. The FTSE 100 dropped 0.4% Friday and ended down 1% for the week. Rio Tinto and Anglo American closed off 2.6% each in the last session. Glencore slipped 1.6% on the day, but lost more over the week.
A separate issue for the company is in the Democratic Republic of Congo. The government told miners in January to award workers a 5% equity stake and to prove compliance by July 31. The Chamber of Mines is asking for a halt to the rule while the government explains if current shareholders must hand over shares and if the rule covers older mines. Glencore would not comment.
Glencore’s output got a boost from its African mines, with first-quarter own-sourced copper production up 19% to 199,600 tonnes. Cobalt production dropped 39% after Congo imposed export quotas. CEO Gary Nagle said “first quarter production was largely in line with our expectations,” and Glencore didn’t change its 2026 production guidance. Glencore
Copper prices eased, but didn’t fall sharply. Three-month copper on the London Metal Exchange settled Friday at $13,600 a metric ton. It traded at $13,685 Thursday and $13,655 last week. The metal lost about 0.4% over the week. That move doesn’t account for Glencore’s 5.4% slide.
The dollar and bonds keep weighing on metals. When the dollar climbs, metals cost more in other currencies. “Should U.S. bond markets remain unsettled, we could see further downside pressure on metals by virtue of a stronger dollar and rising rates,” Marex analyst Ed Meir said. Sahm
Positioning is set to boost the next move. Money managers were net long 71,127 CME copper contracts in early June, with more wagers on a price rise than a fall. On the London market, options leaned hard toward calls, which win if prices climb. That tilts the odds to a rebound, but bullish trades like these can snap back fast.
Glencore faces a double-edged risk from the weekend shipping threat. Its marketing unit could benefit if oil, freight and commodity prices get more volatile, but longer disruptions push up diesel, acid and logistics costs at its mines and smelters. The initial move in markets may help trading estimates but weigh on industrial margins.
But there’s an obvious risk. If copper keeps falling, Congo pushes ahead with the ownership rule and transport and fuel costs stay elevated on Hormuz issues, Glencore could give up more of its gains for the year. Relief could come if Congo holds off or metals steady, but neither is certain.
Glencore has nothing on its schedule next week. The company’s public calendar shows its next event is the half-year production report on July 28, then first-half results on August 4. Until then, shares are likely to move on copper and news out of Congo and the Middle East.
