LONDON, June 22, 2026, 11:05 BST
- Glencore was up 0.61% at 560.40p while copper added 0.56% to $6.36 per pound.
- The shares did better than the FTSE 100 and large London miners, but still sat about 2.0% under their 50-day average.
- Glencore will put out its half-year production report on July 29. That’s the next big event on the company calendar.
Glencore plc (LSE: GLEN) was up 3.40p, or 0.61%, at 560.40p as of 10:55 BST Monday, tracking gains in copper. The FTSE 100 edged down 0.05%. Copper traded 0.56% higher at $6.36 a pound. Metals are driving the move, not the wider London market.
Glencore moved in a range of 556.40p to 562.70p early on. Among miners in the same snapshot, Rio Tinto rose 0.28%, Anglo American was up 0.21% and Antofagasta edged down 0.03%. GLEN outperformed the FTSE 100 by about 0.66 percentage points.
Here’s the quieter number. Glencore dropped nine pence on Friday, sliding from 566p to 557p. Monday’s 3.40p gain claws back just 37.8% of that loss. Friday’s London Stock Exchange tearsheet showed the 50-day average at 572p, so Glencore is still about 2.0% under that level. It’s a bounce, but the chart hasn’t healed.
An overlooked factor is the changing spread between what Glencore gets for its products and the costs it pays to run operations. Brent crude dropped 2.5% to below $79 a barrel as US-Iran talks made progress, Reuters said. Copper prices went up. Glencore pointed to diesel and acid as main drivers of higher input costs back in April. So a day with copper up and oil down works in favor of mining margins. But it’s just one day, and that won’t settle the final earnings result.
The operations data back up that copper exposure. Glencore reported 199,600 tonnes of copper in the first quarter, a 19% rise from a year ago, and kept its full-year guidance at 810,000–870,000 tonnes. Management sees 48% of annual copper coming in the first half and 52% in the second half, which means production is weighted a bit to the back of the year.
Chief executive Gary Nagle said in April that higher commodity prices should more than cover increased industrial costs, which “would result in margin expansion.” On the company’s Marketing side, Nagle said if you annualize the first-quarter result, EBIT is “comfortably exceeding” the $3.5 billion top end of Glencore’s long-term guidance. Glencore
There’s backing for that in the balance sheet. Glencore put out $13.51 billion of adjusted EBITDA for 2025. Net debt is $11.17 billion and the net-debt-to-EBITDA ratio is 0.83 times. The company proposed a cash distribution of $0.17-a-share, or about $2 billion, for 2026. CEO Nagle didn’t mince words: “Glencore’s standalone investment case is strong.” Glencore
The bear argument is short-term and technical. A move below 553.30p, Friday’s low, wipes out the recent bounce. Bulls face resistance at 562.70p first on Monday. The bigger test is still 572p, the 50-day line. Price stands at 560.40p. There’s about 2.1% to gain up to 572p, versus a 1.3% drop down to 553.30p. That’s a level-to-level risk/reward of about 1.6 to one before costs. Some upside, but not a large edge.
Glencore wants annual copper output to top one million tonnes by end of 2028 and reach about 1.6 million tonnes by 2035. That’s likely why the shares react faster than some rivals to small moves in copper; copper is taking up more of the future earnings outlook.
The next test for the stock is the July 29 half-year production report, with interim results set for August 5. Markets are focused on whether copper output holds in the 810,000–870,000-tonne range and if Marketing’s run rate keeps EBIT over guidance. Traders want to see this before calling 572p either support or a ceiling.
